CARVANA CO. — Director's Dealing 2025

Jul 11, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-09

Reporting Person: GARCIA ERNEST C. II (N/A)
Reporting Person: ECG II SPE, LLC (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-09	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-07-09	Class A Common Stock	S	1316	$343.9162	Disposed	98684	Direct
2025-07-09	Class A Common Stock	S	4744	$345.1028	Disposed	93940	Direct
2025-07-09	Class A Common Stock	S	7105	$346.0306	Disposed	86835	Direct
2025-07-09	Class A Common Stock	S	2859	$347.0188	Disposed	83976	Direct
2025-07-09	Class A Common Stock	S	4170	$348.0097	Disposed	79806	Direct
2025-07-09	Class A Common Stock	S	11813	$349.3313	Disposed	67993	Direct
2025-07-09	Class A Common Stock	S	22425	$350.1696	Disposed	45568	Direct
2025-07-09	Class A Common Stock	S	17126	$350.9708	Disposed	28442	Direct
2025-07-09	Class A Common Stock	S	16211	$352.0871	Disposed	12231	Direct
2025-07-09	Class A Common Stock	S	11906	$353.1363	Disposed	325	Direct
2025-07-09	Class A Common Stock	S	325	$353.7408	Disposed	0	Direct
2025-07-10	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-07-10	Class A Common Stock	S	3500	$346.3764	Disposed	96500	Direct
2025-07-10	Class A Common Stock	S	7061	$347.4724	Disposed	89439	Direct
2025-07-10	Class A Common Stock	S	10127	$348.5177	Disposed	79312	Direct
2025-07-10	Class A Common Stock	S	6427	$349.4560	Disposed	72885	Direct
2025-07-10	Class A Common Stock	S	6515	$350.3657	Disposed	66370	Direct
2025-07-10	Class A Common Stock	S	9170	$351.5785	Disposed	57200	Direct
2025-07-10	Class A Common Stock	S	9241	$352.5309	Disposed	47959	Direct
2025-07-10	Class A Common Stock	S	9963	$353.7225	Disposed	37996	Direct
2025-07-10	Class A Common Stock	S	15916	$354.6469	Disposed	22080	Direct
2025-07-10	Class A Common Stock	S	12792	$355.5716	Disposed	9288	Direct
2025-07-10	Class A Common Stock	S	8588	$356.6488	Disposed	700	Direct
2025-07-10	Class A Common Stock	S	700	$357.2114	Disposed	0	Direct
2025-07-09	Class B Common Stock	J	100000	—	Disposed	36337346	Direct
2025-07-10	Class B Common Stock	J	100000	—	Disposed	36237346	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-09	Class A Units	$	C	125000	Disposed		Class A Common Stock (100000)	Direct
2025-07-10	Class A Units	$	C	125000	Disposed		Class A Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	8000000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Units	$0		Class A Common Stock (10000000)	10000000	Indirect

Footnotes

F1: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").

F2: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024.

F3: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $343.40-$344.28, inclusive (weighted average of $343.9162); $344.55-$345.54, inclusive (weighted average of $345.1028); $345.55-$346.53, inclusive (weighted average of $346.0306); $346.58-$347.49, inclusive (weighted average of $347.0188); $347.63-$348.62, inclusive (weighted average of $348.0097); $348.63-$349.62, inclusive (weighted average of $349.3313); $349.63-$350.62, inclusive (weighted average of $350.1696); $350.63-$351.62, inclusive (weighted average of $350.9708); $351.64-$352.635, inclusive (weighted average of $352.0871); $352.64-$353.63, inclusive (weighted average of $353.1363); and $353.67-$353.79, inclusive (weighted average of $353.7408), respectively.

F4: The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within ranges set forth herein.

F5: Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $345.99-$346.89, inclusive (weighted average of $346.3764); $346.99-$347.98, inclusive (weighted average of $347.4724); $348.01-$349.00, inclusive (weighted average of $348.5177); $349.01-$350.00, inclusive (weighted average of $349.456); $350.025-$351.00, inclusive (weighted average of $350.3657); $351.03-$352.00, inclusive (weighted average of $351.5785); $352.04-$353.00, inclusive (weighted average of $352.5309); $353.08-$354.065, inclusive (weighted average of $353.7225); $354.10-$355.09, inclusive (weighted average of $354.6469); $355.10-$356.09, inclusive (weighted average of $355.5716); $356.12-$357.115, inclusive (weighted average of $356.6488); and $357.145-$357.29, inclusive (weighted average of $357.2114), respectively.

F6: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.

F7: These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

F8: These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.