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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, Carvana Co. (CVNA) director, 10% owner and CEO, reported multiple open-market sales of Class A common stock effected under a Rule 10b5-1 trading plan on 09/10/2025. The Form 4 lists a series of dispositions executed in multiple trades at prices ranging from about $363.23 up to $379.41, with volume-weighted average prices reported for each block. The filing shows a total of 921,926 shares disposed across transactions and reports resulting beneficial ownership balances for two trusts (the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III). The sales were made pursuant to a 10b5-1 plan adopted on 12/13/2024, and the filer offers to provide trade-level detail to the SEC, the issuer, or security holders upon request.

Ernest C. Garcia III, direttore di Carvana Co. (CVNA), proprietario del 10% e CEO, ha riportato multiple vendite sul mercato aperto di azioni ordinarie di Classe A effettuate nell’ambito di un piano di trading Rule 10b5-1 in data 09/10/2025. Il Form 4 elenca una serie di cessioni eseguite in diverse operazioni a prezzi che vanno da circa $363.23 a $379.41, con i prezzi medi ponderati per volume riportati per ciascun blocco. La dichiarazione mostra un totale di 921,926 azioni cedute distribuite tra le transazioni e riporta i bilanci di proprietà beneficiaria risultanti per due trust (l’Ernest Irrevocable 2004 Trust III e l’Ernest C. Garcia III Multi-Generational Trust III). Le vendite sono state effettuate ai sensi di un piano 10b5-1 adottato il 12/13/2024, e il dichiarante si offre di fornire dettagli a livello di operazione alla SEC, all’emittente o agli azionisti interessati su richiesta.

Ernest C. Garcia III, director de Carvana Co. (CVNA), propietario del 10% y CEO, ha informado de múltiples ventas en mercado abierto de acciones comunes clase A realizadas bajo un plan de negociación Rule 10b5-1 el 09/10/2025. El Formulario 4 enumera una serie de dispositiones ejecutadas en varias operaciones a precios que oscilan desde aproximadamente $363.23 hasta $379.41, con precios promedio ponderados por volumen reportados para cada bloque. La declaración muestra un total de 921,926 acciones vendidas en varias transacciones y reporta saldos de propiedad beneficiosa resultantes para dos fideicomisos (el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III). Las ventas se realizaron conforme a un plan 10b5-1 adoptado el 12/13/2024, y el presentante ofrece proporcionar detalles a nivel de operación a la SEC, al emisor o a los accionistas interesados a solicitud.

Ernest C. Garcia III, Carvana Co. (CVNA) 이사이자 10% 지분 보유자 및 CEO는 2025/09/10에 규정된 Rule 10b5-1 거래 계획에 따라 실행된 다수의 공개시장 매매를 보고했습니다. Form 4에는 대략 $363.23에서 $379.41 사이의 가격으로 여러 건의 거래가 수행되었고, 각 블록마다 거래량가중평균가가 보고되었습니다. 신고서는 총 921,926주의 매도주문이 여러 거래에 걸쳐 이루어졌으며 두 신탁(Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III)에서 유효 소유주 잔액이 보고됩니다. 매매는 2024년 12월 13일에 채택된 10b5-1 계획에 따라 이루어졌으며, 제출자는 SEC, 발행사 또는 이해관계자 요청 시 거래별 세부 정보를 제공하겠다고 밝힙니다.

Ernest C. Garcia III, administrateur de Carvana Co. (CVNA), propriétaire de 10% et PDG, a signalé plusieurs ventes sur le marché libre d’actions ordinaires de classe A effectuées dans le cadre d’un plan de trading Rule 10b5-1 le 09/10/2025. Le Formulaire 4 répertorie une série de cessions exécutées lors de plusieurs transactions à des prix compris entre environ $363.23 et $379.41, avec les prix moyens pondérés par le volume rapportés pour chaque bloc. Le dépôt montre un total de 921,926 actions cédées à travers les transactions et indique les soldes de propriété bénéficiaire résultants pour deux trusts (l’Ernest Irrevocable 2004 Trust III et l’Ernest C. Garcia III Multi-Generational Trust III). Les ventes ont été réalisées conformément à un plan 10b5-1 adopté le 12/13/2024, et le déposant propose de fournir des détails au niveau des transactions à la SEC, à l’émetteur ou aux porteurs de valeurs sur demande.

Ernest C. Garcia III, Director von Carvana Co. (CVNA), 10%-Eigentümer und CEO, meldete mehrere Offenmarktverkäufe von Class-A-Stammaktien, die unter einem Rule 10b5-1-Handelsplan am 09/10/2025 durchgeführt wurden. Das Formular 4 listet eine Serie von Veräußerungen auf, die in mehreren Trades zu Preisen von etwa $363.23 bis $379.41 erfolgten, mit volumengewichteten Durchschnittspreisen, die für jeden Block angegeben wurden. Die Einreichung zeigt insgesamt 921.926 Aktien verkauft über die Transaktionen hinweg und berichtet über resultierende Beneficial Ownership-Bilanzen für zwei Trusts (den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III). Die Verkäufe erfolgten gemäß einem am 13.12.2024 angenommenen 10b5-1-Plan, und der Einreicher bietet an, handelsspezifische Details der SEC, dem Emittenten oder den Anteilseignern auf Anfrage zur Verfügung zu stellen.

Ernest C. Garcia III، مدير شركة Carvana Co. (CVNA)، ومالك 10% والمدير التنفيذي، أبلغ عن عدة مبيعات في السوق المفتوحة للأسهم من فئة Class A وفق خطة تداول Rule 10b5-1 في تاريخ 09/10/2025. يسرد النموذج 4 سلسلة من التصفيات المُنفذة في عدة صفقات بأسعار تتراوح من نحو $363.23 إلى $379.41، مع الإحصاءات المرجحة حسب الحجم للسلسلة. تُظهر الإيداعة إجمالي 921,926 سهماً مبيعة عبر المعاملات وتعرض أرصدة الملكية المستفيدة الناتجة عن ثـَـوّمين (trusts) اثنين هما Ernest Irrevocable 2004 Trust III و Ernest C. Garcia III Multi-Generational Trust III. تمت المبيعات وفق خطة 10b5-1 المعتمدة في 12/13/2024، ويعرض المقدم تقديم تفاصيل التجارة على مستوى الصفقة إلى لجنة الأوراق المالية SEC، أو إلى المصدر أو إلى حاملي الأوراق على الطلب.

Ernest C. Garcia III，Carvana Co.（CVNA）董事、10%所有者兼首席执行官，报告在 09/10/2025 通过规则 10b5-1 交易计划在公开市场出售多笔A类普通股。Form 4 列出在多笔交易中执行的处置，价格区间大致为 $363.23 至 $379.41，每个交易块均报告了按成交量加权的平均价格。申报显示共计在交易中处置了 921,926 股，并报告了两个信托（Ernest Irrevocable 2004 Trust III 和 Ernest C. Garcia III Multi-Generational Trust III）的受益所有权余额。上述销售是根据于 2024/12/13 日设定的 10b5-1 计划进行，申报人愿在请求时向美国证交会（SEC）、发行人或证券持有者提供交易级别的详细信息。

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Significant insider sales executed under a pre-established 10b5-1 plan; market impact depends on context and total float.

The Form 4 documents sizable, systematic dispositions totaling 921,926 shares by a top insider executed in multiple tranches at prices between roughly $363 and $379. Because the sales were made under a Rule 10b5-1 plan adopted in December 2024, they reflect pre-authorized trading rather than ad-hoc dispositions. For investors, the key data points are the aggregate shares sold and the realized price range; assessing material market impact requires comparing the sold amount to Carvana's public float and recent average daily volume, which are not provided in this filing.

TL;DR: Use of a documented 10b5-1 plan demonstrates procedural compliance, though large sales by a CEO/10% owner merit governance attention.

The filing shows the reporting person acting as trustee of two trusts and disclosing indirect holdings and dispositions, which aligns with Section 16 transparency obligations. The explicit statement that the trades were executed pursuant to a 10b5-1 plan and the offer to provide trade-level detail are governance-positive disclosures. Nevertheless, stakeholders may view the magnitude of the sales—especially by an insider who is also CEO and a 10% owner—as noteworthy; the filing itself contains no explanations beyond plan adoption and trade ranges.

Ernest C. Garcia III, direttore di Carvana Co. (CVNA), proprietario del 10% e CEO, ha riportato multiple vendite sul mercato aperto di azioni ordinarie di Classe A effettuate nell’ambito di un piano di trading Rule 10b5-1 in data 09/10/2025. Il Form 4 elenca una serie di cessioni eseguite in diverse operazioni a prezzi che vanno da circa $363.23 a $379.41, con i prezzi medi ponderati per volume riportati per ciascun blocco. La dichiarazione mostra un totale di 921,926 azioni cedute distribuite tra le transazioni e riporta i bilanci di proprietà beneficiaria risultanti per due trust (l’Ernest Irrevocable 2004 Trust III e l’Ernest C. Garcia III Multi-Generational Trust III). Le vendite sono state effettuate ai sensi di un piano 10b5-1 adottato il 12/13/2024, e il dichiarante si offre di fornire dettagli a livello di operazione alla SEC, all’emittente o agli azionisti interessati su richiesta.

Ernest C. Garcia III, director de Carvana Co. (CVNA), propietario del 10% y CEO, ha informado de múltiples ventas en mercado abierto de acciones comunes clase A realizadas bajo un plan de negociación Rule 10b5-1 el 09/10/2025. El Formulario 4 enumera una serie de dispositiones ejecutadas en varias operaciones a precios que oscilan desde aproximadamente $363.23 hasta $379.41, con precios promedio ponderados por volumen reportados para cada bloque. La declaración muestra un total de 921,926 acciones vendidas en varias transacciones y reporta saldos de propiedad beneficiosa resultantes para dos fideicomisos (el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III). Las ventas se realizaron conforme a un plan 10b5-1 adoptado el 12/13/2024, y el presentante ofrece proporcionar detalles a nivel de operación a la SEC, al emisor o a los accionistas interesados a solicitud.

Ernest C. Garcia III, Carvana Co. (CVNA) 이사이자 10% 지분 보유자 및 CEO는 2025/09/10에 규정된 Rule 10b5-1 거래 계획에 따라 실행된 다수의 공개시장 매매를 보고했습니다. Form 4에는 대략 $363.23에서 $379.41 사이의 가격으로 여러 건의 거래가 수행되었고, 각 블록마다 거래량가중평균가가 보고되었습니다. 신고서는 총 921,926주의 매도주문이 여러 거래에 걸쳐 이루어졌으며 두 신탁(Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III)에서 유효 소유주 잔액이 보고됩니다. 매매는 2024년 12월 13일에 채택된 10b5-1 계획에 따라 이루어졌으며, 제출자는 SEC, 발행사 또는 이해관계자 요청 시 거래별 세부 정보를 제공하겠다고 밝힙니다.

Ernest C. Garcia III, administrateur de Carvana Co. (CVNA), propriétaire de 10% et PDG, a signalé plusieurs ventes sur le marché libre d’actions ordinaires de classe A effectuées dans le cadre d’un plan de trading Rule 10b5-1 le 09/10/2025. Le Formulaire 4 répertorie une série de cessions exécutées lors de plusieurs transactions à des prix compris entre environ $363.23 et $379.41, avec les prix moyens pondérés par le volume rapportés pour chaque bloc. Le dépôt montre un total de 921,926 actions cédées à travers les transactions et indique les soldes de propriété bénéficiaire résultants pour deux trusts (l’Ernest Irrevocable 2004 Trust III et l’Ernest C. Garcia III Multi-Generational Trust III). Les ventes ont été réalisées conformément à un plan 10b5-1 adopté le 12/13/2024, et le déposant propose de fournir des détails au niveau des transactions à la SEC, à l’émetteur ou aux porteurs de valeurs sur demande.

Ernest C. Garcia III, Director von Carvana Co. (CVNA), 10%-Eigentümer und CEO, meldete mehrere Offenmarktverkäufe von Class-A-Stammaktien, die unter einem Rule 10b5-1-Handelsplan am 09/10/2025 durchgeführt wurden. Das Formular 4 listet eine Serie von Veräußerungen auf, die in mehreren Trades zu Preisen von etwa $363.23 bis $379.41 erfolgten, mit volumengewichteten Durchschnittspreisen, die für jeden Block angegeben wurden. Die Einreichung zeigt insgesamt 921.926 Aktien verkauft über die Transaktionen hinweg und berichtet über resultierende Beneficial Ownership-Bilanzen für zwei Trusts (den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III). Die Verkäufe erfolgten gemäß einem am 13.12.2024 angenommenen 10b5-1-Plan, und der Einreicher bietet an, handelsspezifische Details der SEC, dem Emittenten oder den Anteilseignern auf Anfrage zur Verfügung zu stellen.

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)
09/10/2025
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 09/10/2025 S 252(1) D $363.46(2) 456,188 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 251(1) D $363.87(4) 556,189 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 705(1) D $365.21(6) 455,483 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 705(1) D $365.21(6) 555,484 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 1,614(1) D $365.82(7) 453,869 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 1,615(1) D $366.22(8) 553,869 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 1,279(1) D $366.98(9) 452,590 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 1,279(1) D $366.98(9) 552,590 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 349(1) D $368.39(10) 452,241 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 349(1) D $368.39(10) 552,241 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 416(1) D $369.34(11) 451,825 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 416(1) D $369.34(11) 551,825 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 50(1) D $370.05 451,775 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 50(1) D $370.05 551,775 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 175(1) D $372.34(12) 451,600 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 175(1) D $372.34(12) 551,600 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 50(1) D $373.6 451,550 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 50(1) D $373.6 551,550 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 50(1) D $374.81 451,500 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 50(1) D $374.81 551,500 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 09/10/2025 S 60(1) D $379.18(13) 451,440 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/10/2025 S 60(1) D $379.18(13) 551,440 I Ernest C. Garcia III Multi-Generational Trust III(5)
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. This transaction was executed in multiple trades at prices ranging from $363.23 to $363.84 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. This transaction was executed in multiple trades at prices ranging from $363.84 to $363.92 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.
5. 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.
6. This transaction was executed in multiple trades at prices ranging from $364.57 to $365.55 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 $365.59 to $366.05 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 $366.05 to $366.59 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 $366.61 to $367.58, 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 $368.00 to $368.75, 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 $369.03 to $369.95, 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 $372.28 to $372.40, 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 $379.14 to $379.41, 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 09/11/2025
** 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 the Form 4 for CVNA?

The Form 4 reports multiple dispositions of Class A common stock executed on 09/10/2025 under a Rule 10b5-1 plan, totaling 921,926 shares sold at volume-weighted average prices from approximately $363.23 to $379.41.

Were the insider sales pre-authorized or ad-hoc?

The filing states the sales were effected pursuant to a 10b5-1 trading plan adopted on 12/13/2024, indicating pre-authorization.

Which entities held the shares sold by the reporting person?

The sold shares were held indirectly by the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III; the reporting person serves as investment trustee and co-administrative trustee for those trusts.

Does the Form 4 explain the per-trade prices?

Yes. For each transaction block the filer reports a volume-weighted average sale price and discloses the range of execution prices for the trades underlying that average.

When was the Form 4 signed and filed?

The filing includes a signature dated 09/11/2025 executed by Paul Breaux by power of attorney for Ernest C. Garcia, III.
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[Form 4] Carvana Co. Insider Trading Activity
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[Form 4] Carvana Co. Insider Trading Activity
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[Form 4] Carvana Co. Insider Trading Activity
Sep 10, 2025
[144] Carvana Co. SEC Filing
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[Form 4] Carvana Co. Insider Trading Activity

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134.91M
2.28%
96.33%
9.94%
Auto & Truck Dealerships
Retail-auto Dealers & Gasoline Stations
Link
United States
TEMPE