[Form 4] Carvana Co. Insider Trading Activity

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Insider Trade Summary

Net Seller: 10,000 shares ($3,472,810)

Net Sell 21 txns

Insider GARCIA ERNEST C. III

Role Chief Executive Officer

Sold 10,000 shs ($3.47M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	571	$342.78	$196K
Sale	Class A Common Stock	571	$342.78	$196K
Sale	Class A Common Stock	494	$343.43	$170K
Sale	Class A Common Stock	493	$343.96	$170K
Sale	Class A Common Stock	232	$344.79	$80K
Sale	Class A Common Stock	232	$344.79	$80K
Sale	Class A Common Stock	705	$345.62	$244K
Sale	Class A Common Stock	705	$345.62	$244K
Sale	Class A Common Stock	128	$346.93	$44K
Sale	Class A Common Stock	128	$346.93	$44K
Sale	Class A Common Stock	663	$348.02	$231K
Sale	Class A Common Stock	663	$348.02	$231K
Sale	Class A Common Stock	632	$349.04	$221K
Sale	Class A Common Stock	632	$349.04	$221K
Sale	Class A Common Stock	1,160	$349.70	$406K
Sale	Class A Common Stock	1,161	$350.10	$406K
Sale	Class A Common Stock	348	$350.58	$122K
Sale	Class A Common Stock	347	$350.90	$122K
Sale	Class A Common Stock	67	$351.54	$24K
Sale	Class A Common Stock	68	$351.64	$24K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 665,869 shares (Indirect, Ernest Irrevocable 2004 Trust III); Class A Common Stock — 924,384 shares (Direct)

Footnotes (1)

The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024. This transaction was executed in multiple trades at prices ranging from $342.13 to $343.13 inclusive. 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. 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. 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. This transaction was executed in multiple trades at prices ranging from $343.14 to $343.78 inclusive. 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. This transaction was executed in multiple trades at prices ranging from $343.78 to $344.13 inclusive. 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. This transaction was executed in multiple trades at prices ranging from $344.15 to $345.13, inclusive. 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. This transaction was executed in multiple trades at prices ranging from $345.17 to $346.13 inclusive. 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. This transaction was executed in multiple trades at prices ranging from $346.18 to $347.17 inclusive. 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. This transaction was executed in multiple trades at prices ranging from $347.41 to $348.39 inclusive. 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. This transaction was executed in multiple trades at prices ranging from $348.43 to $349.42 inclusive. 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. This transaction was executed in multiple trades at prices ranging from $349.45 to $349.91, inclusive. 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. This transaction was executed in multiple trades at prices ranging from $349.91 to $350.42, inclusive. 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. This transaction was executed in multiple trades at prices ranging from $350.46 to $350.70, inclusive. 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. This transaction was executed in multiple trades at prices ranging from $350.70 to $351.43, inclusive. 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. This transaction was executed in multiple trades at prices ranging from $351.52 to $351.63, inclusive. 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. This transaction was executed in multiple trades at prices ranging from $351.63 to $351.68, inclusive. 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.

Form 4 Insider Transactions: What Each Field Means →

07/14/2025 - 05:56 PM

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).

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

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)
07/11/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/11/2025		S		571⁽¹⁾	D	$342.78⁽²⁾	665,869	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		571⁽¹⁾	D	$342.78⁽²⁾	765,869	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		494⁽¹⁾	D	$343.43⁽⁵⁾	665,375	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		493⁽¹⁾	D	$343.96⁽⁶⁾	765,376	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		232⁽¹⁾	D	$344.79⁽⁷⁾	665,143	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		232⁽¹⁾	D	$344.79⁽⁷⁾	765,144	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		705⁽¹⁾	D	$345.62⁽⁸⁾	664,438	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		705⁽¹⁾	D	$345.62⁽⁸⁾	764,439	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		128⁽¹⁾	D	$346.93⁽⁹⁾	664,310	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		128⁽¹⁾	D	$346.93⁽⁹⁾	764,311	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		663⁽¹⁾	D	$348.02⁽¹⁰⁾	663,647	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		663⁽¹⁾	D	$348.02⁽¹⁰⁾	763,648	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		632⁽¹⁾	D	$349.04⁽¹¹⁾	663,015	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		632⁽¹⁾	D	$349.04⁽¹¹⁾	763,016	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		1,160⁽¹⁾	D	$349.7⁽¹²⁾	661,855	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		1,161⁽¹⁾	D	$350.1⁽¹³⁾	761,855	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		348⁽¹⁾	D	$350.58⁽¹⁴⁾	661,507	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		347⁽¹⁾	D	$350.9⁽¹⁵⁾	761,508	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/11/2025		S		67⁽¹⁾	D	$351.54⁽¹⁶⁾	661,440	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/11/2025		S		68⁽¹⁾	D	$351.64⁽¹⁷⁾	761,440	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock								924,384	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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. This transaction was executed in multiple trades at prices ranging from $342.13 to $343.13 inclusive. 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.

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.

4. 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.

5. This transaction was executed in multiple trades at prices ranging from $343.14 to $343.78 inclusive. 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.

6. This transaction was executed in multiple trades at prices ranging from $343.78 to $344.13 inclusive. 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.

7. This transaction was executed in multiple trades at prices ranging from $344.15 to $345.13, inclusive. 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.

8. This transaction was executed in multiple trades at prices ranging from $345.17 to $346.13 inclusive. 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.

9. This transaction was executed in multiple trades at prices ranging from $346.18 to $347.17 inclusive. 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.

10. This transaction was executed in multiple trades at prices ranging from $347.41 to $348.39 inclusive. 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.

11. This transaction was executed in multiple trades at prices ranging from $348.43 to $349.42 inclusive. 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.

12. This transaction was executed in multiple trades at prices ranging from $349.45 to $349.91, inclusive. 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.

13. This transaction was executed in multiple trades at prices ranging from $349.91 to $350.42, inclusive. 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.

14. This transaction was executed in multiple trades at prices ranging from $350.46 to $350.70, inclusive. 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.

15. This transaction was executed in multiple trades at prices ranging from $350.70 to $351.43, inclusive. 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.

16. This transaction was executed in multiple trades at prices ranging from $351.52 to $351.63, inclusive. 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.

17. This transaction was executed in multiple trades at prices ranging from $351.63 to $351.68, inclusive. 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.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	07/14/2025
	** 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