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[Form 4] CARVANA CO. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Ernest C. Garcia III, Chief Executive Officer, Director and >10% owner of Carvana Co. (CVNA), reported insider sales on 09/22/2025. The Form 4 shows dispositions executed pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024. The filings list multiple sales totaling 921,926 shares of Class A common stock at reported volume-weighted average prices ranging from $384.54 to $392.56 (individual trade ranges provided in the remarks). Transactions are reported as indirect holdings through two trusts for which Mr. Garcia serves as Investment Trustee and Co-Administrative Trustee.

Ernest C. Garcia III, Amministratore Delegato, Direttore e >10% proprietario di Carvana Co. (CVNA), ha riferito vendite di informazioni privilegiate il 22/09/2025. Il Form 4 mostra disposizioni eseguite ai sensi di un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024. Le comunicazioni indicano molteplici vendite per un totale di 921.926 azioni ordinarie di Classe A a prezzi medi ponderati per il volume riportati tra $384,54 e $392,56 (l'intervallo di ogni singola operazione è fornito nei remark). Le transazioni sono riportate come partecipazioni indirette tramite due trusts in cui il Signor Garcia svolge il ruolo di Investment Trustee e Co-Administrative Trustee.

Ernest C. Garcia III, Director Ejecutivo, Director y >10% dueño de Carvana Co. (CVNA), reportó ventas de insiders el 22/09/2025. El Form 4 muestra disposiciones ejecutadas conforme a un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las presentaciones detallan múltiples ventas por un total de 921,926 acciones ordinarias de Clase A a precios promedio ponderados por volumen reportados entre $384.54 y $392.56 (los rangos de cada operación se proporcionan en las observaciones). Las transacciones se reportan como participaciones indirectas a través de dos fideicomisos en los que el Sr. Garcia actúa como Investment Trustee y Co-Administrative Trustee.

Ernest C. Garcia III, Carvana Co.의 최고경영자이자 이사 및 회사의 >10% 소유주인, 2025년 9월 22일 내부자 매도를 보고했습니다. Form 4에는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 실행된 처분이 표시됩니다. 신고 내용은 보고된 거래량 가중 평균가가 $384.54에서 $392.56 사이인 다수의 매도가 921,926주의 Class A 보통주를 총계로 기록하고 있습니다(개별 거래 범위는 주석에 명시되어 있습니다). 거래는 Garcia 씨가 투자 수탁자 및 공동 관리 수탁자로 활동하는 두 신탁을 통해 간접 보유로 보고됩니다.

Ernest C. Garcia III, président-directeur général, administrateur et >10% propriétaire de Carvana Co. (CVNA), a signalé des ventes d'initiés le 22/09/2025. Le Form 4 montre des dispositions exécutées dans le cadre d'un plan de trading Rule 10b5-1 adopté le 13 décembre 2024. Les dépôts répertorient plusieurs ventes totalisant 921 926 actions ordinaires de classe A à des prix moyens pondérés par le volume affichés entre 384,54 $ et 392,56 $ (les fourchettes par transaction figurent dans les remarques). Les transactions sont indiquées comme des participations indirectes via deux trusts dont M. Garcia est investisseur fiduciaire et co-administrateur fiduciaire.

Ernest C. Garcia III, Chief Executive Officer, Director und >10% Eigentümer von Carvana Co. (CVNA), meldete am 22.09.2025 Insider-Verkäufe. Das Formular 4 zeigt Veräußerungen, die im Rahmen eines Rule 10b5-1-Handelsplans erfolgten, der am 13. Dezember 2024 angenommen wurde. Die Einreichungen listen mehrere Verkäufe mit insgesamt 921.926 Aktien der Class A Stammaktien zu berichtsgewichteten Durchschnittspreisen pro Volumen von $384,54 bis $392,56 (Einzelhandelsspannen werden in den Bemerkungen angegeben). Die Transaktionen werden als indirekte Beteiligungen über zwei Trusts gemeldet, bei denen Herr Garcia als Investment Trustee und Co-Administrative Trustee fungiert.

كان إرنست سي. غارسا الثالث، الرئيس التنفيذي، والعضو والمدير >10% من ملكية شركة كارفانا (CVNA)، قد أبلغ عن مبيعات داخلية في 22/09/2025. يوضح نموذج Form 4 صفقات تم تنفيذها وفقاً لخطة تداول Rule 10b5-1 التي تم اعتمادها في 13 ديسمبر 2024. تشير التسجيلات إلى عدة مبيعات بإجمالي 921,926 سهمًا من أسهم Class A العادية بسعر متوسط مرجح بالحجم بين $384.54 و$392.56 (مدى كل صفقة موضح في الملاحظات). تُسجل المعاملات كملكيات غير مباشرة عبر صندوقين ائتمانيين يعملان فيهما السيد غارسا كوصي استثماري ووصي إداري مشارك.

Ernest C. Garcia III，Carvana Co.（CVNA）的首席执行官、董事及>10%的所有者，于2025年9月22日报告了内部人出售。 Form 4显示根据2024年12月13日通过的Rule 10b5-1交易计划执行的处置。申报列出多笔出售，总计921,926股 A 级普通股，按成交量加权平均价格报告，介于$384.54至$392.56之间（单笔交易区间在备注中给出）。交易以通过两项信托进行的间接持有形式报告，Garcia先生在这两项信托中担任投资受托人及共同行政受托人。

Positive
  • None.
Negative
  • Reported sale of 921,926 Class A shares by the CEO/Director/10% owner on 09/22/2025
  • Sales executed at prices between $384.54 and $392.56 as indicated by volume-weighted averages and trade ranges

Insights

TL;DR: Insider sales of 921,926 CVNA shares were executed under a pre-established 10b5-1 plan; amounts and price ranges are disclosed.

The Form 4 discloses substantial dispositions by the CEO and >10% owner on a single date, executed under a Rule 10b5-1 plan adopted December 13, 2024. The filing provides volume-weighted average prices and per-trade price ranges for multiple blocks, allowing verification of execution prices. While the transactions reduce the reporter’s indirect holdings through two trusts, the filing does not state reasons beyond the trading plan. From a liquidity and signaling perspective, these are documented, preplanned sales rather than open-market ad hoc disposals.

TL;DR: CEO/Director sales followed a 10b5-1 program; disclosures identify trust ownership and trustee roles.

The filing clearly identifies the reporting person’s roles and the two trusts holding the shares, and it states the reporter’s fiduciary titles for each trust. Use of a 10b5-1 plan is explicitly checked and dated, which supports compliance with Section 16 timing rules. The form provides detailed execution price ranges and commits to supply per-trade allocation if requested by regulators or shareholders. No amendments or additional explanations beyond the standard 10b5-1 disclosure are included.

Ernest C. Garcia III, Amministratore Delegato, Direttore e >10% proprietario di Carvana Co. (CVNA), ha riferito vendite di informazioni privilegiate il 22/09/2025. Il Form 4 mostra disposizioni eseguite ai sensi di un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024. Le comunicazioni indicano molteplici vendite per un totale di 921.926 azioni ordinarie di Classe A a prezzi medi ponderati per il volume riportati tra $384,54 e $392,56 (l'intervallo di ogni singola operazione è fornito nei remark). Le transazioni sono riportate come partecipazioni indirette tramite due trusts in cui il Signor Garcia svolge il ruolo di Investment Trustee e Co-Administrative Trustee.

Ernest C. Garcia III, Director Ejecutivo, Director y >10% dueño de Carvana Co. (CVNA), reportó ventas de insiders el 22/09/2025. El Form 4 muestra disposiciones ejecutadas conforme a un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las presentaciones detallan múltiples ventas por un total de 921,926 acciones ordinarias de Clase A a precios promedio ponderados por volumen reportados entre $384.54 y $392.56 (los rangos de cada operación se proporcionan en las observaciones). Las transacciones se reportan como participaciones indirectas a través de dos fideicomisos en los que el Sr. Garcia actúa como Investment Trustee y Co-Administrative Trustee.

Ernest C. Garcia III, Carvana Co.의 최고경영자이자 이사 및 회사의 >10% 소유주인, 2025년 9월 22일 내부자 매도를 보고했습니다. Form 4에는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 실행된 처분이 표시됩니다. 신고 내용은 보고된 거래량 가중 평균가가 $384.54에서 $392.56 사이인 다수의 매도가 921,926주의 Class A 보통주를 총계로 기록하고 있습니다(개별 거래 범위는 주석에 명시되어 있습니다). 거래는 Garcia 씨가 투자 수탁자 및 공동 관리 수탁자로 활동하는 두 신탁을 통해 간접 보유로 보고됩니다.

Ernest C. Garcia III, président-directeur général, administrateur et >10% propriétaire de Carvana Co. (CVNA), a signalé des ventes d'initiés le 22/09/2025. Le Form 4 montre des dispositions exécutées dans le cadre d'un plan de trading Rule 10b5-1 adopté le 13 décembre 2024. Les dépôts répertorient plusieurs ventes totalisant 921 926 actions ordinaires de classe A à des prix moyens pondérés par le volume affichés entre 384,54 $ et 392,56 $ (les fourchettes par transaction figurent dans les remarques). Les transactions sont indiquées comme des participations indirectes via deux trusts dont M. Garcia est investisseur fiduciaire et co-administrateur fiduciaire.

Ernest C. Garcia III, Chief Executive Officer, Director und >10% Eigentümer von Carvana Co. (CVNA), meldete am 22.09.2025 Insider-Verkäufe. Das Formular 4 zeigt Veräußerungen, die im Rahmen eines Rule 10b5-1-Handelsplans erfolgten, der am 13. Dezember 2024 angenommen wurde. Die Einreichungen listen mehrere Verkäufe mit insgesamt 921.926 Aktien der Class A Stammaktien zu berichtsgewichteten Durchschnittspreisen pro Volumen von $384,54 bis $392,56 (Einzelhandelsspannen werden in den Bemerkungen angegeben). Die Transaktionen werden als indirekte Beteiligungen über zwei Trusts gemeldet, bei denen Herr Garcia als Investment Trustee und Co-Administrative Trustee fungiert.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
GARCIA ERNEST C. III
(Last) (First) (Middle)
C/O CARVANA CO.
300 E. RIO SALADO PARKWAY
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 09/22/2025 S 50(1) D $384.54 416,390 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 50(1) D $384.54 516,390 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 300(1) D $385.45(4)(5) 416,090 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 300(1) D $385.45(4)(5) 516,090 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 350(1) D $387.29(4)(6) 415,740 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 350(1) D $387.29(4)(6) 515,740 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 400(1) D $388.2(4)(7) 415,340 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 400(1) D $388.2(4)(7) 515,340 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 325(1) D $389.31(4)(8) 415,015 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 325(1) D $389.31(4)(8) 515,015 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 913(1) D $390.26(4)(9) 414,102 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 912(1) D $390.84(4)(10) 514,103 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 2,562(1) D $391.36(4)(11) 411,540 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 2,562(1) D $391.36(4)(11) 511,541 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/22/2025 S 100(1) D $392.29 411,440 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/22/2025 S 101(1) D $392.56(4)(12) 511,440 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 921,926 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.
2. 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.
3. 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.
4. 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.
5. This transaction was executed in multiple trades at prices ranging from $385.07 to $385.94, inclusive.
6. This transaction was executed in multiple trades at prices ranging from $386.72 to $387.69, inclusive.
7. This transaction was executed in multiple trades at prices ranging from $387.87 to $388.74, inclusive.
8. This transaction was executed in multiple trades at prices ranging from $388.96 to $389.93, inclusive.
9. This transaction was executed in multiple trades at prices ranging from $389.98 to $390.59, inclusive.
10. This transaction was executed in multiple trades at prices ranging from $390.59 to $390.94, inclusive.
11. This transaction was executed in multiple trades at prices ranging from $391.00 to $391.99, inclusive.
12. This transaction was executed in multiple trades at prices ranging from $392.29 to $392.56, inclusive.
Remarks:
/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III 09/23/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Ernest C. Garcia III report on Form 4 for CVNA?

He reported dispositions of Class A common stock totaling 921,926 shares under a Rule 10b5-1 plan adopted December 13, 2024.

When were the transactions executed according to the Form 4 for CVNA?

The transactions occurred on 09/22/2025 and were reported on the Form 4 dated 09/23/2025.

At what prices were the CVNA shares sold in the reported transactions?

Volume-weighted average prices reported range from $384.54 to $392.56; the filing lists specific per-trade price ranges in the remarks.

Were the sales part of a prearranged plan?

Yes. The Form 4 checks the box indicating the sales were made pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2024.

Through what entities were the shares held?

The shares were held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III; Mr. Garcia is Investment Trustee and Co-Administrative Trustee of both.
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