Ernest Garcia III Disposes 923,155 Carvana Shares; VWAPs ~$336–$354

Q: 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.

Q: 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 .

Q: 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).

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

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.

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.

Insider Trade Summary

Net Seller: 10,000 shares ($3,420,697)

Net Sell 27 txns

Insider GARCIA ERNEST C. III

Role Chief Executive Officer

Sold 10,000 shs ($3.42M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	276	$336.71	$93K
Sale	Class A Common Stock	276	$336.71	$93K
Sale	Class A Common Stock	392	$337.80	$132K
Sale	Class A Common Stock	391	$338.37	$132K
Sale	Class A Common Stock	462	$339.17	$157K
Sale	Class A Common Stock	462	$339.17	$157K
Sale	Class A Common Stock	948	$340.23	$323K
Sale	Class A Common Stock	948	$340.23	$323K
Sale	Class A Common Stock	748	$341.28	$255K
Sale	Class A Common Stock	748	$341.28	$255K
Sale	Class A Common Stock	381	$342.15	$130K
Sale	Class A Common Stock	381	$342.15	$130K
Sale	Class A Common Stock	1,004	$343.04	$344K
Sale	Class A Common Stock	1,005	$343.55	$345K
Sale	Class A Common Stock	240	$344.59	$83K
Sale	Class A Common Stock	240	$344.59	$83K
Sale	Class A Common Stock	48	$346.42	$17K
Sale	Class A Common Stock	48	$346.42	$17K
Sale	Class A Common Stock	128	$348.78	$45K
Sale	Class A Common Stock	128	$348.78	$45K
Sale	Class A Common Stock	138	$350.88	$48K
Sale	Class A Common Stock	138	$350.88	$48K
Sale	Class A Common Stock	92	$352.08	$32K
Sale	Class A Common Stock	92	$352.08	$32K
Sale	Class A Common Stock	143	$353.56	$51K
Sale	Class A Common Stock	143	$353.56	$51K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 556,164 shares (Indirect, Ernest Irrevocable 2004 Trust III); Class A Common Stock — 923,155 shares (Direct)

Footnotes (1)

The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024. This transaction was executed in multiple trades at prices ranging from $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. These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust. These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Multi-Generational Trust. This transaction was executed in multiple trades at prices ranging from $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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

08/13/2025 - 06:27 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GARCIA ERNEST C. III

(Last)

(First)

(Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE

85281

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	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)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

2. This transaction was executed in multiple trades at prices ranging from $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.

Source: View Original Filing on SEC EDGAR

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).

Ernest Garcia III Disposes 923,155 Carvana Shares; VWAPs ~$336–$354

Rhea-AI Filing Summary

Positive

Negative