STOCK TITAN

[Form 4] Carvana Co. Insider Trading Activity

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

Ernest C. Garcia III, who serves as Carvana's CEO, director and a reported 10% owner, disposed of a large block of Class A common stock on 08/12/2025 under a pre-established trading plan. The Form 4 shows aggregated disposals of 923,155 Class A shares executed in multiple trades and reported as sales. The filing states the trades were made pursuant to a Rule 10b5-1 plan adopted on December 13, 2024, and lists volume-weighted average sale prices for grouped trades with execution price ranges spanning about $336.03 to $353.92. The reporter retains indirect holdings through two trusts, with post-sale trusts' balances reported in the low- to mid-500,000s and low- to mid-600,000s per the filing.

Ernest C. Garcia III, che ricopre il ruolo di CEO di Carvana, è amministratore e segnalato come proprietario del 10%, ha ceduto un ampio blocco di azioni ordinarie di Classe A il 08/12/2025 nell'ambito di un piano di negoziazione predefinito. Il Form 4 mostra dismissioni aggregate di 923,155 azioni di Classe A eseguite in più operazioni e dichiarate come vendite. Il deposito afferma che le operazioni sono state effettuate ai sensi di un piano Rule 10b5-1 adottato il December 13, 2024, e riporta prezzi medi ponderati per volume per gruppi di operazioni con intervalli di esecuzione compresi approssimativamente tra $336.03 e $353.92. Il dichiarante mantiene partecipazioni indirette attraverso due trust, con saldi dei trust dopo la vendita riportati nella fascia bassa-media dei 500.000 e nella fascia bassa-media dei 600.000, secondo il deposito.

Ernest C. Garcia III, quien se desempeña como CEO de Carvana, director y según informes propietario del 10%, enajenó un bloque considerable de acciones ordinarias Clase A el 08/12/2025 bajo un plan de negociación preestablecido. El Form 4 muestra disposiciones agregadas de 923,155 acciones Clase A ejecutadas en múltiples operaciones y reportadas como ventas. La presentación indica que las operaciones se realizaron en virtud de un plan Rule 10b5-1 adoptado el December 13, 2024, y lista precios promedio ponderados por volumen para operaciones agrupadas con rangos de precios de ejecución que abarcan aproximadamente $336.03 a $353.92. El informante conserva participaciones indirectas a través de dos fideicomisos, con saldos de los fideicomisos posteriores a la venta reportados en el rango bajo a medio de los 500,000 y en el rango bajo a medio de los 600,000 según la presentación.

Ernest C. Garcia III는 Carvana의 CEO이자 이사이며 보도에 따르면 10%의 지분을 보유한 인물로, 사전 설정된 거래 계획에 따라 08/12/2025에 대규모의 Class A 보통주를 처분했습니다. Form 4는 여러 거래로 실행되어 매도로 보고된 923,155주의 Class A 집계 처분을 보여줍니다. 제출 서류에 따르면 해당 거래들은 December 13, 2024에 채택된 Rule 10b5-1 계획에 따라 이루어졌으며, 그룹 거래별로 실행 가격 범위가 대략 $336.03 ~ $353.92에 걸친 거래량 가중 평균 매각 가격을 기재하고 있습니다. 신고인은 두 개의 신탁을 통해 간접 보유를 유지하며, 제출서류에 따르면 매각 후 신탁의 잔액은 각각 50만대 초중반 및 60만대 초중반으로 보고되어 있습니다.

Ernest C. Garcia III, qui est CEO de Carvana, administrateur et, selon les rapports, détenteur d'environ 10% des parts, s'est départi d'un important bloc d'actions ordinaires de classe A le 08/12/2025 dans le cadre d'un plan de trading préétabli. Le Form 4 indique des cessions agrégées de 923,155 actions de Classe A exécutées en plusieurs opérations et déclarées comme des ventes. Le dépôt précise que les opérations ont été effectuées en vertu d'un plan Rule 10b5-1 adopté le December 13, 2024, et mentionne des prix de vente moyens pondérés par volume pour des transactions groupées avec des fourchettes de prix d'exécution couvrant environ $336.03 à $353.92. Le déclarant conserve des participations indirectes via deux trusts, les soldes des trusts après la vente étant indiqués dans les bas à moyens 500 000 et 600 000 d'après le dépôt.

Ernest C. Garcia III, der als CEO von Carvana sowie als Direktor tätig ist und laut Berichten rund 10% besitzt, veräußerte am 08/12/2025 einen größeren Block von Class-A-Stammaktien im Rahmen eines vorab festgelegten Handelsplans. Das Form 4 weist aggregierte Veräußerungen von 923,155 Class-A-Aktien aus, die in mehreren Geschäften ausgeführt und als Verkäufe gemeldet wurden. Die Einreichung gibt an, dass die Transaktionen gemäß einem Rule-10b5-1-Plan getätigt wurden, der am December 13, 2024 angenommen wurde, und nennt volumengewichtete Durchschnittsverkaufspreise für gruppierte Geschäfte mit Ausführungspreisbereichen von etwa $336.03 bis $353.92. Der Melder behält indirekte Beteiligungen über zwei Trusts, wobei laut Einreichung die Trust-Salden nach dem Verkauf in den unteren bis mittleren 500.000er bzw. 600.000er Bereichen liegen.

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Substantial insider sale but executed under a pre-set 10b5-1 plan; transaction transparency is high.

The filing documents the disposition of 923,155 Class A shares by Ernest C. Garcia III on 08/12/2025. Sales were carried out in multiple trades and reported with volume-weighted average prices and execution ranges (approximately $336.03–$353.92), which helps price transparency. Because the sales were made under a Rule 10b5-1 plan adopted on 12/13/2024, they reflect pre-authorized activity rather than an ad hoc sale. For investors, the item is informational: it updates ownership and shows liquidity events but does not, by itself, disclose changes to company operations or financial performance.

TL;DR: Insider is a CEO/director/10% owner selling via a documented 10b5-1 plan; governance disclosure appears compliant.

The Form 4 identifies Garcia as Reporting Person and lists his roles as Chief Executive Officer, Director, and 10% owner. The filing specifies that the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2024, and the signer commits to provide detailed trade-level information on request. The clear disclosure of the plan adoption date, VWAPs, and trust holdings supports regulatory compliance and shareholder transparency. There are no statements in the filing indicating any change in control or governance structure.

Ernest C. Garcia III, che ricopre il ruolo di CEO di Carvana, è amministratore e segnalato come proprietario del 10%, ha ceduto un ampio blocco di azioni ordinarie di Classe A il 08/12/2025 nell'ambito di un piano di negoziazione predefinito. Il Form 4 mostra dismissioni aggregate di 923,155 azioni di Classe A eseguite in più operazioni e dichiarate come vendite. Il deposito afferma che le operazioni sono state effettuate ai sensi di un piano Rule 10b5-1 adottato il December 13, 2024, e riporta prezzi medi ponderati per volume per gruppi di operazioni con intervalli di esecuzione compresi approssimativamente tra $336.03 e $353.92. Il dichiarante mantiene partecipazioni indirette attraverso due trust, con saldi dei trust dopo la vendita riportati nella fascia bassa-media dei 500.000 e nella fascia bassa-media dei 600.000, secondo il deposito.

Ernest C. Garcia III, quien se desempeña como CEO de Carvana, director y según informes propietario del 10%, enajenó un bloque considerable de acciones ordinarias Clase A el 08/12/2025 bajo un plan de negociación preestablecido. El Form 4 muestra disposiciones agregadas de 923,155 acciones Clase A ejecutadas en múltiples operaciones y reportadas como ventas. La presentación indica que las operaciones se realizaron en virtud de un plan Rule 10b5-1 adoptado el December 13, 2024, y lista precios promedio ponderados por volumen para operaciones agrupadas con rangos de precios de ejecución que abarcan aproximadamente $336.03 a $353.92. El informante conserva participaciones indirectas a través de dos fideicomisos, con saldos de los fideicomisos posteriores a la venta reportados en el rango bajo a medio de los 500,000 y en el rango bajo a medio de los 600,000 según la presentación.

Ernest C. Garcia III는 Carvana의 CEO이자 이사이며 보도에 따르면 10%의 지분을 보유한 인물로, 사전 설정된 거래 계획에 따라 08/12/2025에 대규모의 Class A 보통주를 처분했습니다. Form 4는 여러 거래로 실행되어 매도로 보고된 923,155주의 Class A 집계 처분을 보여줍니다. 제출 서류에 따르면 해당 거래들은 December 13, 2024에 채택된 Rule 10b5-1 계획에 따라 이루어졌으며, 그룹 거래별로 실행 가격 범위가 대략 $336.03 ~ $353.92에 걸친 거래량 가중 평균 매각 가격을 기재하고 있습니다. 신고인은 두 개의 신탁을 통해 간접 보유를 유지하며, 제출서류에 따르면 매각 후 신탁의 잔액은 각각 50만대 초중반 및 60만대 초중반으로 보고되어 있습니다.

Ernest C. Garcia III, qui est CEO de Carvana, administrateur et, selon les rapports, détenteur d'environ 10% des parts, s'est départi d'un important bloc d'actions ordinaires de classe A le 08/12/2025 dans le cadre d'un plan de trading préétabli. Le Form 4 indique des cessions agrégées de 923,155 actions de Classe A exécutées en plusieurs opérations et déclarées comme des ventes. Le dépôt précise que les opérations ont été effectuées en vertu d'un plan Rule 10b5-1 adopté le December 13, 2024, et mentionne des prix de vente moyens pondérés par volume pour des transactions groupées avec des fourchettes de prix d'exécution couvrant environ $336.03 à $353.92. Le déclarant conserve des participations indirectes via deux trusts, les soldes des trusts après la vente étant indiqués dans les bas à moyens 500 000 et 600 000 d'après le dépôt.

Ernest C. Garcia III, der als CEO von Carvana sowie als Direktor tätig ist und laut Berichten rund 10% besitzt, veräußerte am 08/12/2025 einen größeren Block von Class-A-Stammaktien im Rahmen eines vorab festgelegten Handelsplans. Das Form 4 weist aggregierte Veräußerungen von 923,155 Class-A-Aktien aus, die in mehreren Geschäften ausgeführt und als Verkäufe gemeldet wurden. Die Einreichung gibt an, dass die Transaktionen gemäß einem Rule-10b5-1-Plan getätigt wurden, der am December 13, 2024 angenommen wurde, und nennt volumengewichtete Durchschnittsverkaufspreise für gruppierte Geschäfte mit Ausführungspreisbereichen von etwa $336.03 bis $353.92. Der Melder behält indirekte Beteiligungen über zwei Trusts, wobei laut Einreichung die Trust-Salden nach dem Verkauf in den unteren bis mittleren 500.000er bzw. 600.000er Bereichen liegen.

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)
08/12/2025
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 08/12/2025 S 276(1) D $336.71(2) 556,164 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 276(1) D $336.71(2) 656,164 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 392(1) D $337.8(5) 555,772 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 391(1) D $338.37(6) 655,773 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 462(1) D $339.17(7) 555,310 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 462(1) D $339.17(7) 655,311 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 948(1) D $340.23(8) 554,362 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 948(1) D $340.23(8) 654,363 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 748(1) D $341.28(9) 553,614 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 748(1) D $341.28(9) 653,615 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 381(1) D $342.15(10) 553,233 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 381(1) D $342.15(10) 653,234 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 1,004(1) D $343.04(11) 552,229 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 1,005(1) D $343.55(12) 652,229 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 240(1) D $344.59(13) 551,989 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 240(1) D $344.59(13) 651,989 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 48(1) D $346.42 551,941 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 48(1) D $346.42 651,941 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 128(1) D $348.78(14) 551,813 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 128(1) D $348.78(14) 651,813 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 138(1) D $350.88(15) 551,675 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 138(1) D $350.88(15) 651,675 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 92(1) D $352.08(16) 551,583 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 92(1) D $352.08(16) 651,583 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/12/2025 S 143(1) D $353.56(17) 551,440 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/12/2025 S 143(1) D $353.56(17) 651,440 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 923,155 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 $336.03 to $337.01 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 $337.53 to $338.17 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.
6. This transaction was executed in multiple trades at prices ranging from $338.17 to $338.53 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 $338.65 to $339.62, 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 $339.68 to $340.60 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 $340.74 to $341.74 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 $341.77 to $342.64 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 $342.78 to $343.21 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 $343.21 to $343.77 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 $344.08 to $344.93 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 $348.70 to $348.92 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.
15. This transaction was executed in multiple trades at prices ranging from $350.42 to $351.12 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 $351.60 to $352.48 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 $353.25 to $353.92 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.
Remarks:
/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III 08/13/2025
** 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.

FAQ

How many Carvana (CVNA) shares did Ernest C. Garcia III sell on 08/12/2025?

923,155 Class A shares were reported as disposed on 08/12/2025.

Were the sales by the CVNA reporting person part of a 10b5-1 plan?

Yes. The Form 4 states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2024.

What price range is reported for the CVNA trades?

The filing lists execution price ranges across multiple trades of approximately $336.03 to $353.92, with volume-weighted average prices reported for grouped trades.

What positions does the reporting person hold at Carvana (CVNA)?

The Form 4 identifies Ernest C. Garcia III as Chief Executive Officer, a Director, and a 10% owner.

Are the sold shares held directly or indirectly?

The filing shows the reported holdings are indirect, held through two trusts named in the Form 4 (Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III).
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