CVNA insider sale notice: 15,000 shares via Morgan Stanley ($5.58M)

Rhea-AI Filing Summary

Carvana Co. (CVNA) Form 144 notice reports a proposed sale of 15,000 common shares through Morgan Stanley Smith Barney LLC on the NYSE with an aggregate market value of $5,583,150 and the company listing 138,083,496 shares outstanding. The securities were acquired as restricted and performance stock units on 09/01/2022. The filer also disclosed sales in the past three months: 15,000 shares on 08/05/2025 for $5,429,458.08, 15,000 shares on 08/04/2025 for $5,510,100.00, and 18,000 shares on 08/01/2025 for $6,750,720.00. The filing includes the standard representation that the seller does not possess undisclosed material adverse information and references Rule 10b5-1 plan adoption language if applicable.

Positive

• Disclosure completeness: The filing specifies share counts, acquisition date, acquisition type, broker, exchange, and aggregate values.
• Recent transaction transparency: Past three months' sale dates, amounts, and gross proceeds are itemized.

Negative

• Insider selling activity: The filer disclosed recent sales totaling 48,000 shares in August 2025 and a proposed additional sale of 15,000 shares.
• Concentration of proceeds: Individual transactions show multi-million dollar gross proceeds, which may be viewed as material by some investors.

Insights

Securities Analyst

TL;DR: Insider sales disclosed; routine Form 144 filing with specific share counts and proceeds.

The notice documents a proposed sale of 15,000 common shares valued at $5,583,150 to be executed via Morgan Stanley Smith Barney on the NYSE. The securities were originally granted as restricted and performance stock units on 09/01/2022. Recent dispositions by the same person total 48,000 shares across three trades in August 2025 with combined gross proceeds of $17,690,278.08. This filing is a disclosure of intent to sell and does not by itself indicate any undisclosed corporate development.

Corporate Governance Expert

TL;DR: Filing follows Rule 144 reporting requirements; includes standard signer representation and Rule 10b5-1 note.

The form identifies the nature of acquisition as restricted and performance stock units and reports prior open-market sales in the last three months. The document contains the signer representation that no material nonpublic information is known and references the date-of-adoption field for any Rule 10b5-1 trading plan. The filing appears procedural and compliant with Form 144 content expectations based on the information provided.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	15000	5583150.00	138083496	09/09/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/01/2022	Restricted and Performance Stock Units	Issuer			15000	09/01/2022	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
PAUL BREAUX 300 E. Rio Salado Parkway Tempe AZ 85281	Common	08/05/2025	15000	5429458.08
PAUL BREAUX 300 E. Rio Salado Parkway Tempe AZ 85281	Common	08/04/2025	15000	5510100.00
PAUL BREAUX 300 E. Rio Salado Parkway Tempe AZ 85281	Common	08/01/2025	18000	6750720.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Carvana's (CVNA) Form 144 report?

The Form 144 reports a proposed sale of 15,000 common shares via Morgan Stanley Smith Barney on the NYSE with an aggregate market value of $5,583,150.

When were the securities to be sold originally acquired?

The securities were acquired on 09/01/2022 as restricted and performance stock units.

What insider sales by the same person occurred in the past three months?

The filer sold 18,000 shares on 08/01/2025, 15,000 shares on 08/04/2025, and 15,000 shares on 08/05/2025, with combined gross proceeds of $17,690,278.08.

Which broker and exchange are involved in the proposed sale?

The proposed sale is through Morgan Stanley Smith Barney LLC on the NYSE.

Does the filing state whether a Rule 10b5-1 trading plan is being used?

The form includes the field for the date of plan adoption or instruction under Rule 10b5-1 but does not provide a specific adoption date in the supplied content.