CARVANA CO. — Director's Dealing 2025

Jul 10, 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. II (N/A)
Reporting Person: ECG II SPE, LLC (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-08	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-07-08	Class A Common Stock	S	1570	$343.4711	Disposed	98430	Direct
2025-07-08	Class A Common Stock	S	5143	$345.0812	Disposed	93287	Direct
2025-07-08	Class A Common Stock	S	12520	$345.7456	Disposed	80767	Direct
2025-07-08	Class A Common Stock	S	8075	$346.7874	Disposed	72692	Direct
2025-07-08	Class A Common Stock	S	3513	$347.5779	Disposed	69179	Direct
2025-07-08	Class A Common Stock	S	2775	$348.5827	Disposed	66404	Direct
2025-07-08	Class A Common Stock	S	2914	$349.8362	Disposed	63490	Direct
2025-07-08	Class A Common Stock	S	2271	$350.7636	Disposed	61219	Direct
2025-07-08	Class A Common Stock	S	389	$351.6159	Disposed	60830	Direct
2025-07-08	Class A Common Stock	S	646	$352.9522	Disposed	60184	Direct
2025-07-08	Class A Common Stock	S	1153	$354.3761	Disposed	59031	Direct
2025-07-08	Class A Common Stock	S	9325	$355.5224	Disposed	49706	Direct
2025-07-08	Class A Common Stock	S	7467	$356.5439	Disposed	42239	Direct
2025-07-08	Class A Common Stock	S	8672	$357.547	Disposed	33567	Direct
2025-07-08	Class A Common Stock	S	12705	$358.61	Disposed	20862	Direct
2025-07-08	Class A Common Stock	S	7804	$359.6239	Disposed	13058	Direct
2025-07-08	Class A Common Stock	S	7734	$360.5807	Disposed	5324	Direct
2025-07-08	Class A Common Stock	S	4230	$361.255	Disposed	1094	Direct
2025-07-08	Class A Common Stock	S	504	$362.7917	Disposed	590	Direct
2025-07-08	Class A Common Stock	S	590	$363.50	Disposed	0	Direct
2025-07-08	Class B Common Stock	J	100000	—	Disposed	36437346	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-08	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: Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $343.00-$343.95, inclusive (weighted average of $343.4711); $344.29-$345.2897, inclusive (weighted average of $345.0812); $345.29-$346.284, inclusive (weighted average of $345.7456); $346.2905-$347.2895, inclusive (weighted average of $346.7874); $347.295-$348.2846, inclusive (weighted average of $347.5779); $348.29-$349.2388, inclusive (weighted average of $348.5827); $349.3431-$350.3191, inclusive (weighted average of $349.8362); $350.35-$351.346, inclusive (weighted average of $350.7636); $351.3544-$352.3102, inclusive (weighted average of $351.6159), respectively. The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within ranges set forth herein.

F4: Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $352.5972-$353.5447, inclusive (weighted average of $352.9522); $354.00-$354.925, inclusive (weighted average of $354.3761); $355.01-$355.9996, inclusive (weighted average of $355.5224); $356.01-$357.00, inclusive (weighted average of $356.5439); $357.04-$358.0379, inclusive (weighted average of $357.547); $358.04-$359.03, inclusive (weighted average of $358.61); $359.07-$360.055, inclusive (weighted average of $359.6239); $360.08-$361.0781, inclusive (weighted average of $360.5807); $361.08-$361.70, inclusive (weighted average of $361.2550); and $362.50-$363.01, inclusive (weighted average of $362.7917), respectively. 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: 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.

F6: These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

F7: These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.