Carvana (NYSE: CVNA) CEO Garcia discloses RSU tax share withholding, holdings

Rhea-AI Filing Summary

Carvana Co. insider activity: Chief Executive Officer and director Ernest C. Garcia III reported an automatic share withholding related to equity compensation. On 12/01/2025, 1,229 shares of Carvana Class A common stock were withheld at a price of $375.26 per share to cover taxes upon the vesting of restricted stock units, coded as an "F" transaction.

After this transaction, Garcia directly beneficially owns 918,238 shares of Class A common stock. In addition, 450,000 shares are held indirectly through the Ernest C. Garcia III Multi-Generational Trust III, where he serves as Investment Trustee and Co-Administrative Trustee, and 350,000 shares are held indirectly through the Ernest Irrevocable 2004 Trust III in similar roles.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)
12/01/2025

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	12/01/2025		F		1,229(1)	D	$375.26	918,238	D
Class A Common Stock								450,000	I	Ernest C. Garcia III Multi-Generational Trust III(2)
Class A Common Stock								350,000	I	Ernest Irrevocable 2004 Trust III(3)

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. Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

2. 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.

3. 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.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	12/02/2025
	** 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.
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FAQ

What insider transaction did Carvana (CVNA) report for Ernest C. Garcia III?

Ernest C. Garcia III reported an "F" code transaction in which 1,229 shares of Carvana Class A common stock were withheld on 12/01/2025 to satisfy tax obligations upon vesting of restricted stock units.

At what price were the Carvana (CVNA) shares withheld for Ernest C. Garcia III?

The 1,229 withheld shares of Carvana Class A common stock were valued at $375.26 per share for the tax withholding related to restricted stock unit vesting.

How many Carvana (CVNA) shares does Ernest C. Garcia III own directly after this Form 4?

Following the reported transaction, Ernest C. Garcia III directly beneficially owns 918,238 shares of Carvana Class A common stock.

What indirect Carvana (CVNA) holdings are reported for Ernest C. Garcia III?

The filing shows 450,000 shares held through the Ernest C. Garcia III Multi-Generational Trust III and 350,000 shares held through the Ernest Irrevocable 2004 Trust III, where he serves as Investment Trustee and Co-Administrative Trustee.

What does an "F" transaction code mean in this Carvana (CVNA) Form 4?

The "F" transaction code indicates shares withheld for payment of tax liability upon the vesting of equity awards, in this case restricted stock units, rather than an open-market purchase or sale.

What roles does Ernest C. Garcia III hold at Carvana (CVNA)?

Ernest C. Garcia III is reported as a Director, a 10% Owner, and an Officer of Carvana Co., serving as its Chief Executive Officer.