CARVANA CO. — Director's Dealing 2025

Jul 8, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-02

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
2025-07-02	Class A Common Stock	C	50000	—	Acquired	50000	Direct
2025-07-02	Class A Common Stock	S	6439	$337.5630	Disposed	43561	Direct
2025-07-02	Class A Common Stock	S	4728	$338.5551	Disposed	38833	Direct
2025-07-02	Class A Common Stock	S	10483	$339.6543	Disposed	28350	Direct
2025-07-02	Class A Common Stock	S	18695	$340.6935	Disposed	9655	Direct
2025-07-02	Class A Common Stock	S	7057	$341.4375	Disposed	2598	Direct
2025-07-02	Class A Common Stock	S	2598	$342.4272	Disposed	0	Direct
2025-07-03	Class A Common Stock	C	50000	—	Acquired	50000	Direct
2025-07-03	Class A Common Stock	S	2639	$339.1182	Disposed	47361	Direct
2025-07-03	Class A Common Stock	S	8678	$340.2508	Disposed	38683	Direct
2025-07-03	Class A Common Stock	S	13835	$341.1566	Disposed	24848	Direct
2025-07-03	Class A Common Stock	S	8627	$342.3384	Disposed	16221	Direct
2025-07-03	Class A Common Stock	S	9433	$343.1229	Disposed	6788	Direct
2025-07-03	Class A Common Stock	S	3900	$344.1207	Disposed	2888	Direct
2025-07-03	Class A Common Stock	S	2888	$345.1281	Disposed	0	Direct
2025-07-02	Class B Common Stock	J	50000	—	Disposed	36687346	Direct
2025-07-03	Class B Common Stock	J	50000	—	Disposed	36637346	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-02	Class A Units	$	C	62500	Disposed		Class A Common Stock (50000)	Direct
2025-07-03	Class A Units	$	C	62500	Disposed		Class A Common Stock (50000)	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 $337.08-$338.06, inclusive (weighted average of $337.563); $338.13-$339.12, inclusive (weighted average of $338.5551); $339.14-$340.12, inclusive (weighted average of $339.6543); $340.145-$341.14, inclusive (weighted average of $340.6935); $341.15-$342.145, inclusive (weighted average of $341.4375); and $342.15-$342.71, inclusive (weighted average of $342.4272), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F4: Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $338.62-$339.60, inclusive (weighted average of $339.1182); $339.64-$340.63, inclusive (weighted average of $340.2508); $340.645-$341.61, inclusive (weighted average of $341.1566); $341.68-$342.66, inclusive (weighted average of $342.3384); $342.68-$343.64, inclusive (weighted average of $343.1229); $343.75-$344.545, inclusive (weighted average of $344.1207); and $344.82-$345.58, inclusive (weighted average of $345.1281), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the 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.