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[Form 4] Carvana Co. Insider Trading Activity

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

Form 4 overview: On 11 July 2025, Carvana Co. (CVNA) Chief Executive Officer, director, and 10 % owner Ernest C. Garcia III reported a series of open-market sales totalling 10,000 Class A shares, executed through two family trusts under a Rule 10b5-1 trading plan adopted on 13 Dec 2024.

  • Trade details: Twenty individual sale lots were executed at volume-weighted average prices between $342.78 and $351.64, generating roughly $3.4 million in gross proceeds.
  • Remaining ownership: Post-transaction, the Ernest Irrevocable 2004 Trust III holds ≈661 k shares and the Ernest C. Garcia III Multi-Generational Trust III holds ≈761 k shares, leaving Garcia with indirect beneficial ownership exceeding 1.4 million shares.
  • Form of sales: All sales were executed pursuant to a pre-arranged Rule 10b5-1 plan, signalling advance commitment rather than discretionary timing.

Investor takeaway: While insider disposals can be interpreted as a negative sentiment signal, the volume represents less than 1 % of Garcia’s indirect holdings and was carried out under an established trading plan, limiting concerns of opportunistic selling. The filing does not disclose any derivative activity nor changes in direct ownership.

Panoramica del Modulo 4: L'11 luglio 2025, Ernest C. Garcia III, Amministratore Delegato, direttore e proprietario del 10% di Carvana Co. (CVNA), ha segnalato una serie di vendite sul mercato aperto per un totale di 10.000 azioni di Classe A, eseguite tramite due trust familiari secondo un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024.

  • Dettagli delle operazioni: Ventuno lotti di vendita individuali sono stati eseguiti a prezzi medi ponderati per volume compresi tra $342,78 e $351,64, generando circa 3,4 milioni di dollari di ricavi lordi.
  • Quota residua di proprietà: Dopo la transazione, il Trust irrevocabile Ernest 2004 III detiene circa 661.000 azioni e il Trust multi-generazionale Ernest C. Garcia III III circa 761.000 azioni, lasciando a Garcia una proprietà indiretta di oltre 1,4 milioni di azioni.
  • Modalità delle vendite: Tutte le vendite sono state effettuate secondo un piano predefinito Rule 10b5-1, indicando un impegno anticipato piuttosto che una tempistica discrezionale.

Considerazioni per gli investitori: Sebbene le cessioni interne possano essere interpretate come un segnale negativo, il volume rappresenta meno dell’1% delle partecipazioni indirette di Garcia ed è stato eseguito nell’ambito di un piano di trading stabilito, riducendo le preoccupazioni su vendite opportunistiche. La dichiarazione non evidenzia attività su derivati né variazioni nella proprietà diretta.

Resumen del Formulario 4: El 11 de julio de 2025, Ernest C. Garcia III, Director Ejecutivo, director y propietario del 10 % de Carvana Co. (CVNA), reportó una serie de ventas en el mercado abierto por un total de 10,000 acciones Clase A, ejecutadas a través de dos fideicomisos familiares bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024.

  • Detalles de la operación: Se realizaron veinte lotes individuales de venta a precios promedio ponderados por volumen entre $342.78 y $351.64, generando aproximadamente $3.4 millones en ingresos brutos.
  • Propiedad restante: Tras la transacción, el Ernest Irrevocable 2004 Trust III posee aproximadamente 661,000 acciones y el Ernest C. Garcia III Multi-Generational Trust III alrededor de 761,000 acciones, dejando a Garcia con una propiedad indirecta que supera las 1.4 millones de acciones.
  • Forma de las ventas: Todas las ventas se ejecutaron conforme a un plan preestablecido Rule 10b5-1, indicando un compromiso anticipado en lugar de un momento discrecional.

Conclusión para inversores: Aunque las disposiciones internas pueden interpretarse como una señal negativa, el volumen representa menos del 1 % de las participaciones indirectas de Garcia y se realizó bajo un plan de negociación establecido, limitando preocupaciones sobre ventas oportunistas. La presentación no revela actividad derivada ni cambios en la propiedad directa.

Form 4 개요: 2025년 7월 11일, Carvana Co.(CVNA) 최고경영자이자 이사, 10% 지분 보유자인 Ernest C. Garcia III가 2024년 12월 13일 채택된 Rule 10b5-1 거래 계획에 따라 두 개의 가족 신탁을 통해 총 10,000주 클래스 A 주식에 대한 공개 시장 매도를 보고했습니다.

  • 거래 세부사항: 20개의 개별 매도 물량이 거래량 가중 평균 가격 $342.78에서 $351.64 사이에서 실행되어 약 340만 달러의 총 수익을 창출했습니다.
  • 잔여 소유권: 거래 후 Ernest Irrevocable 2004 Trust III는 약 661,000주를, Ernest C. Garcia III Multi-Generational Trust III는 약 761,000주를 보유하여 Garcia의 간접적 실질 소유권이 140만 주 이상임을 나타냅니다.
  • 매도 형태: 모든 매도는 사전에 정해진 Rule 10b5-1 계획에 따라 실행되어 임의 시점이 아닌 사전 약속된 거래임을 시사합니다.

투자자 시사점: 내부자 매도는 부정적 신호로 해석될 수 있으나, 매도량은 Garcia 간접 보유 지분의 1% 미만이며 확립된 거래 계획 하에 이루어져 기회주의적 매도에 대한 우려를 제한합니다. 신고서에는 파생상품 활동이나 직접 소유권 변동 내용이 포함되어 있지 않습니다.

Présentation du formulaire 4 : Le 11 juillet 2025, Ernest C. Garcia III, Directeur général, administrateur et détenteur de 10 % de Carvana Co. (CVNA), a déclaré une série de ventes sur le marché libre totalisant 10 000 actions de classe A, réalisées via deux trusts familiaux dans le cadre d’un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024.

  • Détails des transactions : Vingt lots de vente individuels ont été exécutés à des prix moyens pondérés par volume compris entre 342,78 $ et 351,64 $, générant environ 3,4 millions de dollars de produits bruts.
  • Participation restante : Après la transaction, le Ernest Irrevocable 2004 Trust III détient environ 661 000 actions et le Ernest C. Garcia III Multi-Generational Trust III environ 761 000 actions, laissant à Garcia une propriété bénéficiaire indirecte de plus de 1,4 million d’actions.
  • Forme des ventes : Toutes les ventes ont été réalisées conformément à un plan Rule 10b5-1 préétabli, indiquant un engagement anticipé plutôt qu’un timing discrétionnaire.

Message aux investisseurs : Bien que les cessions d’initiés puissent être perçues comme un signal négatif, le volume représente moins de 1 % des avoirs indirects de Garcia et a été réalisé dans le cadre d’un plan de négociation établi, limitant les inquiétudes liées à des ventes opportunistes. Le dépôt ne révèle aucune activité sur dérivés ni changement de propriété directe.

Überblick zu Formular 4: Am 11. Juli 2025 meldete Ernest C. Garcia III, CEO, Direktor und 10%-Eigentümer von Carvana Co. (CVNA), eine Reihe von Verkäufen am offenen Markt über insgesamt 10.000 Class A Aktien, ausgeführt durch zwei Familientrusts gemäß einem am 13. Dezember 2024 angenommenen Rule 10b5-1 Handelsplan.

  • Handelsdetails: Zwanzig einzelne Verkaufslose wurden zu volumengewichteten Durchschnittspreisen zwischen 342,78 $ und 351,64 $ ausgeführt, was rund 3,4 Millionen $ Bruttoerlös generierte.
  • Verbleibendes Eigentum: Nach der Transaktion hält der Ernest Irrevocable 2004 Trust III etwa 661.000 Aktien und der Ernest C. Garcia III Multi-Generational Trust III etwa 761.000 Aktien, womit Garcia eine indirekte wirtschaftliche Eigentümerschaft von über 1,4 Millionen Aktien besitzt.
  • Art der Verkäufe: Alle Verkäufe wurden gemäß eines vorab vereinbarten Rule 10b5-1 Plans durchgeführt, was auf eine vorab festgelegte Verpflichtung und nicht auf eine diskretionäre Timing-Entscheidung hinweist.

Fazit für Investoren: Obwohl Insider-Verkäufe als negatives Signal interpretiert werden können, stellt das Volumen weniger als 1 % von Garcias indirektem Bestand dar und erfolgte im Rahmen eines etablierten Handelsplans, was Bedenken hinsichtlich opportunistischer Verkäufe mindert. Die Meldung enthält keine Angaben zu Derivataktivitäten oder Änderungen der direkten Eigentümerschaft.

Positive
  • Sales carried out under a Rule 10b5-1 plan, suggesting the timing was pre-scheduled and not based on undisclosed information.
  • Disposal represents less than 1 % of Garcia’s indirect holdings, leaving insider ownership levels largely intact.
Negative
  • CEO, director and 10 % owner sold 10,000 shares (~$3.4 million), which may be perceived as a bearish signal despite limited size.

Insights

TL;DR – CEO sold 10k shares (< 1 % stake) via 10b5-1, modest negative sentiment but limited impact.

The disposal equates to roughly $3.4 million and represents a fractional reduction in Garcia’s >1.4 million-share indirect position. Execution under a Rule 10b5-1 plan mitigates signalling risk because the sale schedule was predetermined. Still, any sale by a founder-CEO and 10 % owner generally draws attention and can weigh on short-term sentiment, particularly after CVNA’s sizeable year-to-date rally. From a valuation standpoint, the sale is immaterial to share count and does not alter fundamentals. I view the filing as marginally negative but not materially impactful.

Panoramica del Modulo 4: L'11 luglio 2025, Ernest C. Garcia III, Amministratore Delegato, direttore e proprietario del 10% di Carvana Co. (CVNA), ha segnalato una serie di vendite sul mercato aperto per un totale di 10.000 azioni di Classe A, eseguite tramite due trust familiari secondo un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024.

  • Dettagli delle operazioni: Ventuno lotti di vendita individuali sono stati eseguiti a prezzi medi ponderati per volume compresi tra $342,78 e $351,64, generando circa 3,4 milioni di dollari di ricavi lordi.
  • Quota residua di proprietà: Dopo la transazione, il Trust irrevocabile Ernest 2004 III detiene circa 661.000 azioni e il Trust multi-generazionale Ernest C. Garcia III III circa 761.000 azioni, lasciando a Garcia una proprietà indiretta di oltre 1,4 milioni di azioni.
  • Modalità delle vendite: Tutte le vendite sono state effettuate secondo un piano predefinito Rule 10b5-1, indicando un impegno anticipato piuttosto che una tempistica discrezionale.

Considerazioni per gli investitori: Sebbene le cessioni interne possano essere interpretate come un segnale negativo, il volume rappresenta meno dell’1% delle partecipazioni indirette di Garcia ed è stato eseguito nell’ambito di un piano di trading stabilito, riducendo le preoccupazioni su vendite opportunistiche. La dichiarazione non evidenzia attività su derivati né variazioni nella proprietà diretta.

Resumen del Formulario 4: El 11 de julio de 2025, Ernest C. Garcia III, Director Ejecutivo, director y propietario del 10 % de Carvana Co. (CVNA), reportó una serie de ventas en el mercado abierto por un total de 10,000 acciones Clase A, ejecutadas a través de dos fideicomisos familiares bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024.

  • Detalles de la operación: Se realizaron veinte lotes individuales de venta a precios promedio ponderados por volumen entre $342.78 y $351.64, generando aproximadamente $3.4 millones en ingresos brutos.
  • Propiedad restante: Tras la transacción, el Ernest Irrevocable 2004 Trust III posee aproximadamente 661,000 acciones y el Ernest C. Garcia III Multi-Generational Trust III alrededor de 761,000 acciones, dejando a Garcia con una propiedad indirecta que supera las 1.4 millones de acciones.
  • Forma de las ventas: Todas las ventas se ejecutaron conforme a un plan preestablecido Rule 10b5-1, indicando un compromiso anticipado en lugar de un momento discrecional.

Conclusión para inversores: Aunque las disposiciones internas pueden interpretarse como una señal negativa, el volumen representa menos del 1 % de las participaciones indirectas de Garcia y se realizó bajo un plan de negociación establecido, limitando preocupaciones sobre ventas oportunistas. La presentación no revela actividad derivada ni cambios en la propiedad directa.

Form 4 개요: 2025년 7월 11일, Carvana Co.(CVNA) 최고경영자이자 이사, 10% 지분 보유자인 Ernest C. Garcia III가 2024년 12월 13일 채택된 Rule 10b5-1 거래 계획에 따라 두 개의 가족 신탁을 통해 총 10,000주 클래스 A 주식에 대한 공개 시장 매도를 보고했습니다.

  • 거래 세부사항: 20개의 개별 매도 물량이 거래량 가중 평균 가격 $342.78에서 $351.64 사이에서 실행되어 약 340만 달러의 총 수익을 창출했습니다.
  • 잔여 소유권: 거래 후 Ernest Irrevocable 2004 Trust III는 약 661,000주를, Ernest C. Garcia III Multi-Generational Trust III는 약 761,000주를 보유하여 Garcia의 간접적 실질 소유권이 140만 주 이상임을 나타냅니다.
  • 매도 형태: 모든 매도는 사전에 정해진 Rule 10b5-1 계획에 따라 실행되어 임의 시점이 아닌 사전 약속된 거래임을 시사합니다.

투자자 시사점: 내부자 매도는 부정적 신호로 해석될 수 있으나, 매도량은 Garcia 간접 보유 지분의 1% 미만이며 확립된 거래 계획 하에 이루어져 기회주의적 매도에 대한 우려를 제한합니다. 신고서에는 파생상품 활동이나 직접 소유권 변동 내용이 포함되어 있지 않습니다.

Présentation du formulaire 4 : Le 11 juillet 2025, Ernest C. Garcia III, Directeur général, administrateur et détenteur de 10 % de Carvana Co. (CVNA), a déclaré une série de ventes sur le marché libre totalisant 10 000 actions de classe A, réalisées via deux trusts familiaux dans le cadre d’un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024.

  • Détails des transactions : Vingt lots de vente individuels ont été exécutés à des prix moyens pondérés par volume compris entre 342,78 $ et 351,64 $, générant environ 3,4 millions de dollars de produits bruts.
  • Participation restante : Après la transaction, le Ernest Irrevocable 2004 Trust III détient environ 661 000 actions et le Ernest C. Garcia III Multi-Generational Trust III environ 761 000 actions, laissant à Garcia une propriété bénéficiaire indirecte de plus de 1,4 million d’actions.
  • Forme des ventes : Toutes les ventes ont été réalisées conformément à un plan Rule 10b5-1 préétabli, indiquant un engagement anticipé plutôt qu’un timing discrétionnaire.

Message aux investisseurs : Bien que les cessions d’initiés puissent être perçues comme un signal négatif, le volume représente moins de 1 % des avoirs indirects de Garcia et a été réalisé dans le cadre d’un plan de négociation établi, limitant les inquiétudes liées à des ventes opportunistes. Le dépôt ne révèle aucune activité sur dérivés ni changement de propriété directe.

Überblick zu Formular 4: Am 11. Juli 2025 meldete Ernest C. Garcia III, CEO, Direktor und 10%-Eigentümer von Carvana Co. (CVNA), eine Reihe von Verkäufen am offenen Markt über insgesamt 10.000 Class A Aktien, ausgeführt durch zwei Familientrusts gemäß einem am 13. Dezember 2024 angenommenen Rule 10b5-1 Handelsplan.

  • Handelsdetails: Zwanzig einzelne Verkaufslose wurden zu volumengewichteten Durchschnittspreisen zwischen 342,78 $ und 351,64 $ ausgeführt, was rund 3,4 Millionen $ Bruttoerlös generierte.
  • Verbleibendes Eigentum: Nach der Transaktion hält der Ernest Irrevocable 2004 Trust III etwa 661.000 Aktien und der Ernest C. Garcia III Multi-Generational Trust III etwa 761.000 Aktien, womit Garcia eine indirekte wirtschaftliche Eigentümerschaft von über 1,4 Millionen Aktien besitzt.
  • Art der Verkäufe: Alle Verkäufe wurden gemäß eines vorab vereinbarten Rule 10b5-1 Plans durchgeführt, was auf eine vorab festgelegte Verpflichtung und nicht auf eine diskretionäre Timing-Entscheidung hinweist.

Fazit für Investoren: Obwohl Insider-Verkäufe als negatives Signal interpretiert werden können, stellt das Volumen weniger als 1 % von Garcias indirektem Bestand dar und erfolgte im Rahmen eines etablierten Handelsplans, was Bedenken hinsichtlich opportunistischer Verkäufe mindert. Die Meldung enthält keine Angaben zu Derivataktivitäten oder Änderungen der direkten Eigentümerschaft.

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)
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)
Code V Amount (A) or (D) Price
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)
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. 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

FAQ

How many Carvana (CVNA) shares did CEO Ernest C. Garcia III sell?

The Form 4 reports the sale of 10,000 Class A shares on 11 July 2025.

At what prices were the CVNA shares sold?

Sales were executed in multiple lots with average prices ranging from $342.78 to $351.64 per share.

Was the insider sale part of a pre-arranged plan?

Yes. All transactions were effected under a Rule 10b5-1 trading plan adopted on 13 Dec 2024.

How many shares does Ernest C. Garcia III still own after the sale?

The two family trusts still hold a combined ≈1.4 million CVNA shares after the reported transactions.

Does the Form 4 disclose any derivative transactions?

No derivative securities were acquired or disposed of in this filing.

Is this insider sale considered material to Carvana investors?

Given the small percentage of total holdings (<1 %), the sale is generally viewed as not materially impactful to the company’s fundamentals.
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Carvana

NYSE:CVNA

CVNA Rankings

#721 Ranked by Market Cap
N/A Ranked by Dividends

CVNA Latest News

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CVNA Latest SEC Filings

Jul 15, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 14, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 11, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jul 10, 2025
[Form 4/A] Carvana Co. Amended Insider Trading Activity
Jul 10, 2025
[Form 4] Carvana Co. Insider Trading Activity

CVNA Stock Data

48.25B
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94.21%
6.9%
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