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: 2025-07-08

Reporting Person: GARCIA ERNEST C. III (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-08	Class A Common Stock	S	48	$360.42	Disposed	676440	Indirect
2025-07-08	Class A Common Stock	S	48	$360.42	Disposed	776440	Indirect
2025-07-09	Class A Common Stock	S	216	$344.31	Disposed	676224	Indirect
2025-07-09	Class A Common Stock	S	216	$344.31	Disposed	776224	Indirect
2025-07-09	Class A Common Stock	S	935	$345.52	Disposed	675289	Indirect
2025-07-09	Class A Common Stock	S	935	$345.52	Disposed	775289	Indirect
2025-07-09	Class A Common Stock	S	427	$346.48	Disposed	674862	Indirect
2025-07-09	Class A Common Stock	S	427	$346.48	Disposed	774862	Indirect
2025-07-09	Class A Common Stock	S	319	$347.33	Disposed	674543	Indirect
2025-07-09	Class A Common Stock	S	318	$347.89	Disposed	774544	Indirect
2025-07-09	Class A Common Stock	S	346	$348.55	Disposed	674197	Indirect
2025-07-09	Class A Common Stock	S	346	$348.55	Disposed	774198	Indirect
2025-07-09	Class A Common Stock	S	1409	$349.39	Disposed	672788	Indirect
2025-07-09	Class A Common Stock	S	1410	$349.81	Disposed	772788	Indirect
2025-07-09	Class A Common Stock	S	598	$350.25	Disposed	672190	Indirect
2025-07-09	Class A Common Stock	S	597	$350.72	Disposed	772191	Indirect
2025-07-09	Class A Common Stock	S	336	$351.69	Disposed	671854	Indirect
2025-07-09	Class A Common Stock	S	336	$351.69	Disposed	771855	Indirect
2025-07-09	Class A Common Stock	S	208	$352.46	Disposed	671646	Indirect
2025-07-09	Class A Common Stock	S	209	$352.98	Disposed	771646	Indirect
2025-07-09	Class A Common Stock	S	206	$353.43	Disposed	671440	Indirect
2025-07-09	Class A Common Stock	S	206	$353.43	Disposed	771440	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	924384	Direct

Footnotes

F1: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

F2: These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

F3: These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee
and Co-Administrative Trustee of the Multi-Generational Trust.

F4: This transaction was executed in multiple trades at prices ranging from $343.95 to $344.83 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F5: This transaction was executed in multiple trades at prices ranging from $344.98 to $345.98 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F6: This transaction was executed in multiple trades at prices ranging from $345.99 to $346.99 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F7: This transaction was executed in multiple trades at prices ranging from $347.00 to $347.72 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F8: This transaction was executed in multiple trades at prices ranging from $347.72 to $348.00 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F9: This transaction was executed in multiple trades at prices ranging from $348.01 to $349.01 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F10: This transaction was executed in multiple trades at prices ranging from $349.02 to $349.61 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F11: This transaction was executed in multiple trades at prices ranging from $349.61 to $350.02 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F12: This transaction was executed in multiple trades at prices ranging from $350.03 to $350.50 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F13: This transaction was executed in multiple trades at prices ranging from $350.50 to $351.00 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F14: This transaction was executed in multiple trades at prices ranging from $351.13 to $352.00 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F15: This transaction was executed in multiple trades at prices ranging from $352.15 to $352.85 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F16: This transaction was executed in multiple trades at prices ranging from $352.85 to $353.05 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F17: This transaction was executed in multiple trades at prices ranging from $353.19 to $353.80 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.