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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 CEO, director and 10% owner, reported multiple sales of Class A common stock on 09/19/2025. The Form 4 shows aggregated dispositions of 921,926 shares executed in multiple trades at volume-weighted average prices reported in ranges from about $380.83 to $390.57. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024. Shares sold were held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where the reporting person serves as trustee.

Ernest C. Garcia III, CEO, direttore e titolare del 10% di Carvana, ha comunicato multiple vendite di azioni ordinarie Classe A il 19/09/2025. Il Form 4 mostra disposizioni aggregate di 921.926 azioni, eseguite in diverse operazioni al prezzo medio ponderato per volume tra circa 380,83 $ e 390,57 $. Le vendite sono state effettuate ai sensi di un piano di negoziazione Rule 10b5-1 adottato il 13 dicembre 2024. Le azioni vendute erano detenute indirettamente tramite l’ Ernest Irrevocable 2004 Trust III e l’ Ernest C. Garcia III Multi-Generational Trust III, di cui il dichiarante è trustee.
Ernest C. Garcia III, CEO de Carvana, director y titular del 10%, reportó múltiples ventas de acciones ordinarias Clase A el 19/09/2025. El Formulario 4 muestra disposiciones agregadas de 921.926 acciones ejecutadas en múltiples operaciones a precios medios ponderados por volumen reportados en rangos desde aproximadamente 380,83 a 390,57 USD. Las ventas se realizaron conforme a un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las acciones vendidas estaban detenidas indirectamente a través del Ernest Irrevocable 2004 Trust III y del Ernest C. Garcia III Multi-Generational Trust III, de los cuales la parte informante actúa como fiduciario.
Ernest C. Garcia III는 Carvana의 CEO이자 이사, 지분 10% 보유자로서 2025년 9월 19일 다수의 Class A 보통주 매도를 보고했습니다. Form 4에는 921,926주가 여러 거래로 체결되었으며, 거래량 가중 평균가로 약 380.83달러에서 390.57달러 사이의 범위로 보고되었습니다. 매도는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 이뤄졌습니다. 매도된 주식은 Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III를 통해 간접 보유되었고, 보고자는 수탁자로 활동하고 있습니다.
Ernest C. Garcia III, PDG de Carvana, administrateur et bénéficiaire de 10 %, a déclaré plusieurs ventes d’actions ordinaires de classe A le 19/09/2025. Le formulaire 4 fait état de dispositions agrégées de 921 926 actions réalisées lors de nombreuses transactions à des prix moyens pondérés par le volume, rapportés dans une fourchette d’environ 380,83 à 390,57 USD. Les ventes ont été effectuées en vertu d’un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les actions vendues étaient détenues indirectement par le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III, pour lesquels la personne déclarante agit en tant que fiduciaire.
Ernest C. Garcia III, CEO, Direktor und 10%-Eigentümer von Carvana, meldete am 19.09.2025 mehrere Verkäufe von Class-A-Stammaktien. Das Formular 4 weist aggregierte Veräußerungen von 921.926 Aktien aus, die in mehreren Trades zu volumengewichteten Durchschnittspreisen im Bereich von ca. 380,83 bis 390,57 USD durchgeführt wurden. Die Verkäufe erfolgten im Rahmen eines Rule 10b5-1-Handelsplans, der am 13. Dezember 2024 angenommen wurde. Die verkauften Aktien wurden indirekt über den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III gehalten, wobei der meldepflichtige Person als Treuhänder fungiert.
أعلن إرنست سي. غارسيا III، الرئيس التنفيذي لشركة كارفانا، والمدير ومالك 10% من الأسهم، عن عدة مبيعات لأسهم Class A العادية في 19/09/2025. يظهر النموذج 4 تصفية مجمّعة لـ 921,926 سهماً تمت في صفقات متعددة بأسعار متوسطة وزنية بالحجم تراوحت من نحو 380.83 دولار إلى 390.57 دولار. تمت المبيعات وفقاً لخطة تداول Rule 10b5-1 المعتمَدة في 13 ديسمبر 2024. الأسهم المباعة كانت مملوكة بشكل غير مباشر عبر الثقة Ernest Irrevocable 2004 Trust III و Ernest C. Garcia III Multi-Generational Trust III، حيث يشغل المُبلغ عنها منصب الوصي.
Ernest C. Garcia III，Carvana 的首席执行官、董事兼10%股东，已在2025年9月19日报告了多笔Class A普通股的出售。Form 4显示在多笔交易中总共处置了921,926股，按成交量加权平均价分布在约380.83美元至390.57美元之间。上述出售是根据于2024年12月13日通过的Rule 10b5-1交易计划实施。出售的股票通过Ernest Irrevocable 2004 Trust III与Ernest C. Garcia III Multi-Generational Trust III间接持有，报告人担任受托人。
Positive
  • Sales were executed under a Rule 10b5-1 trading plan, providing an affirmative defense and transparency about timing
  • Form 4 includes detailed trade price ranges and identifies indirect holding trusts, improving disclosure quality
Negative
  • Substantial disposition of shares: 921,926 Class A shares sold on 09/19/2025, reducing insider ownership
  • Transactions executed at prices between approximately $380.83 and $390.57, representing significant insider liquidity

Insights

TL;DR: Large, preplanned insider sale totaling 921,926 shares executed under a 10b5-1 plan; procedural, not an ad-hoc trade.

The Form 4 documents a sizable, single-day disposition by the CEO and significant stockholder via multiple executed trades. The filing explicitly states the sales were made under a Rule 10b5-1 plan, which provides an affirmative defense for trading while in possession of material nonpublic information when the plan was adopted. From an investor-monitoring standpoint, the sale reduces insider-held Class A shares by the reported amount, but the plan status reduces concerns about opportunistic timing. The filing does not disclose proceeds, intent for proceeds, or any change in ownership control beyond the reported post-transaction holdings.

TL;DR: Governance disclosure is complete for the reported transactions and confirms use of a documented 10b5-1 plan.

The Form 4 provides required details: transaction date, codes, share counts, and price ranges by trade batch, plus the trustee relationships for indirect holdings. The inclusion of explanatory notes and the 10b5-1 plan adoption date improves transparency. The filing does not indicate any amendment or other unusual arrangements. Material governance implication is the decrease in insider stake, disclosed as held indirectly through two named trusts where the reporting person serves as trustee.

Ernest C. Garcia III, CEO, direttore e titolare del 10% di Carvana, ha comunicato multiple vendite di azioni ordinarie Classe A il 19/09/2025. Il Form 4 mostra disposizioni aggregate di 921.926 azioni, eseguite in diverse operazioni al prezzo medio ponderato per volume tra circa 380,83 $ e 390,57 $. Le vendite sono state effettuate ai sensi di un piano di negoziazione Rule 10b5-1 adottato il 13 dicembre 2024. Le azioni vendute erano detenute indirettamente tramite l’ Ernest Irrevocable 2004 Trust III e l’ Ernest C. Garcia III Multi-Generational Trust III, di cui il dichiarante è trustee.
Ernest C. Garcia III, CEO de Carvana, director y titular del 10%, reportó múltiples ventas de acciones ordinarias Clase A el 19/09/2025. El Formulario 4 muestra disposiciones agregadas de 921.926 acciones ejecutadas en múltiples operaciones a precios medios ponderados por volumen reportados en rangos desde aproximadamente 380,83 a 390,57 USD. Las ventas se realizaron conforme a un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las acciones vendidas estaban detenidas indirectamente a través del Ernest Irrevocable 2004 Trust III y del Ernest C. Garcia III Multi-Generational Trust III, de los cuales la parte informante actúa como fiduciario.
Ernest C. Garcia III는 Carvana의 CEO이자 이사, 지분 10% 보유자로서 2025년 9월 19일 다수의 Class A 보통주 매도를 보고했습니다. Form 4에는 921,926주가 여러 거래로 체결되었으며, 거래량 가중 평균가로 약 380.83달러에서 390.57달러 사이의 범위로 보고되었습니다. 매도는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 이뤄졌습니다. 매도된 주식은 Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III를 통해 간접 보유되었고, 보고자는 수탁자로 활동하고 있습니다.
Ernest C. Garcia III, PDG de Carvana, administrateur et bénéficiaire de 10 %, a déclaré plusieurs ventes d’actions ordinaires de classe A le 19/09/2025. Le formulaire 4 fait état de dispositions agrégées de 921 926 actions réalisées lors de nombreuses transactions à des prix moyens pondérés par le volume, rapportés dans une fourchette d’environ 380,83 à 390,57 USD. Les ventes ont été effectuées en vertu d’un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les actions vendues étaient détenues indirectement par le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III, pour lesquels la personne déclarante agit en tant que fiduciaire.
Ernest C. Garcia III, CEO, Direktor und 10%-Eigentümer von Carvana, meldete am 19.09.2025 mehrere Verkäufe von Class-A-Stammaktien. Das Formular 4 weist aggregierte Veräußerungen von 921.926 Aktien aus, die in mehreren Trades zu volumengewichteten Durchschnittspreisen im Bereich von ca. 380,83 bis 390,57 USD durchgeführt wurden. Die Verkäufe erfolgten im Rahmen eines Rule 10b5-1-Handelsplans, der am 13. Dezember 2024 angenommen wurde. Die verkauften Aktien wurden indirekt über den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III gehalten, wobei der meldepflichtige Person als Treuhänder 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)
09/19/2025
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 09/19/2025 S 149(1) D $380.9(2)(3) 421,291 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 148(1) D $380.96(2)(5) 521,292 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 267(1) D $382.25(2)(7) 421,024 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 267(1) D $382.25(2)(7) 521,025 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 180(1) D $383.27(2)(8) 420,844 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 180(1) D $383.27(2)(8) 520,845 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 346(1) D $384.29(2)(9) 420,498 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 347(1) D $384.67(2)(10) 520,498 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 624(1) D $385.39(2)(11) 419,874 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 624(1) D $385.39(2)(11) 519,874 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 973(1) D $386.48(2)(12) 418,901 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 973(1) D $386.48(2)(12) 518,901 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 819(1) D $387.5(2)(13) 418,082 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 819(1) D $387.5(2)(13) 518,082 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 889(1) D $388.5(2)(14) 417,193 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 889(1) D $388.5(2)(14) 517,193 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 648(1) D $389.54(2)(15) 416,545 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 648(1) D $389.54(2)(15) 516,545 I Ernest C. Garcia III Multi-Generational Trust III(6)
Class A Common Stock 09/19/2025 S 105(1) D $390.18(2)(16) 416,440 I Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock 09/19/2025 S 105(1) D $390.18(2)(16) 516,440 I Ernest C. Garcia III Multi-Generational Trust III(6)
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. 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. This transaction was executed in multiple trades at prices ranging from $380.83 to $380.91 inclusive.
4. 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.
5. This transaction was executed in multiple trades at prices ranging from $380.91 to $381.64, inclusive.
6. 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.
7. This transaction was executed in multiple trades at prices ranging from $381.84 to $382.84, inclusive.
8. This transaction was executed in multiple trades at prices ranging from $382.87 to $383.84, inclusive.
9. This transaction was executed in multiple trades at prices ranging from $383.93 to $384.52, inclusive.
10. This transaction was executed in multiple trades at prices ranging from $384.52 to $384.90, inclusive.
11. This transaction was executed in multiple trades at prices ranging from $384.96 to $385.94, inclusive.
12. This transaction was executed in multiple trades at prices ranging from $385.99 to $386.98, inclusive.
13. This transaction was executed in multiple trades at prices ranging from $386.99 to $387.99, inclusive.
14. This transaction was executed in multiple trades at prices ranging from $387.99 to $388.99, inclusive.
15. This transaction was executed in multiple trades at prices ranging from $389.00 to $389.99, inclusive.
16. This transaction was executed in multiple trades at prices ranging from $390.00 to $390.57, 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 multiple sales of Class A common stock totaling 921,926 shares on 09/19/2025, with trades executed under a 10b5-1 plan.

Were the sales by Ernest C. Garcia III preplanned or ad hoc?

The sales were effected pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024, as stated in the filing.

At what prices were the CVNA shares sold?

Reported trade price ranges spanned approximately $380.83 to $390.57, and volume-weighted average prices are referenced in the filing.

How were the sold shares held prior to sale?

Shares were held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where the reporting person is trustee.

Does the Form 4 disclose the proceeds or purpose of the sales?

No; the filing reports share counts, prices, and plan adoption date but does not state proceeds or use of proceeds.
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Carvana

NYSE:CVNA

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#276 Ranked by Market Cap
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CVNA Stock Data

53.97B
134.91M
2.28%
96.33%
9.94%
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