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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, CEO and director of Carvana Co. (CVNA), reported multiple open-market sales of Class A common stock on 08/29/2025 executed under a Rule 10b5-1 trading plan. The Form 4 shows numerous block sales at progressively higher volume-weighted average prices ranging from approximately $366.82 to $376.52 per share, and several individual reported prices between $366.33 and $376.97 across multiple trades. The total number of Class A shares disposed of on the reporting lines sums to 923,155 shares. The shares sold were held indirectly through two trusts for which Mr. Garcia serves as Investment Trustee and Co-Administrative Trustee: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III. The filing is signed by Paul Breaux by power of attorney on behalf of Mr. Garcia.

Ernest C. Garcia III, amministratore delegato e membro del consiglio di Carvana Co. (CVNA), ha effettuato il 29/08/2025 diverse vendite in mercato aperto di azioni ordinarie di Classe A nell'ambito di un piano di trading conforme alla Rule 10b5-1. Il Form 4 riporta numerose vendite a blocchi a prezzi medi ponderati per volume progressivamente più alti, approssimativamente tra $366,82 e $376,52 per azione, oltre a singoli prezzi segnalati compresi tra $366,33 e $376,97 su più operazioni. Il totale delle azioni di Classe A cedute nelle righe di segnalazione ammonta a 923.155 azioni. Le azioni erano detenute indirettamente tramite due trust per i quali il sig. Garcia è Investment Trustee e Co-Administrative Trustee: l'Ernest Irrevocable 2004 Trust III e l'Ernest C. Garcia III Multi-Generational Trust III. La comunicazione è firmata da Paul Breaux per procura in rappresentanza del sig. Garcia.

Ernest C. Garcia III, director ejecutivo y miembro del consejo de Carvana Co. (CVNA), realizó el 29/08/2025 múltiples ventas en el mercado abierto de acciones ordinarias Clase A bajo un plan de negociación conforme a la Regla 10b5-1. El Formulario 4 muestra numerosas ventas por bloques con precios promedio ponderados por volumen que aumentan progresivamente, aproximadamente entre $366.82 y $376.52 por acción, y varios precios individuales reportados entre $366.33 y $376.97 en distintas transacciones. El número total de acciones Clase A en las líneas reportadas suma 923,155 acciones. Las acciones se mantenían de forma indirecta a través de dos fideicomisos en los que el Sr. Garcia actúa como Investment Trustee y Co-Administrative Trustee: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III. La presentación está firmada por Paul Breaux por poder en nombre del Sr. Garcia.

Ernest C. Garcia III는 Carvana Co.(CVNA)의 최고경영자 겸 이사로서 2025년 8월 29일 Rule 10b5-1 거래계획에 따라 다수의 공개시장상 매도거래를 실행했습니다. Form 4에는 거래량가중평균가격이 약 $366.82에서 $376.52까지 점진적으로 상승하는 여러 블록 매도가 기재되어 있으며, 여러 거래에서 보고된 개별 가격은 $366.33에서 $376.97 사이입니다. 보고된 라인들에 기재된 클래스 A 보통주의 총 처분 수는 923,155주입니다. 해당 주식들은 Mr. Garcia가 Investment Trustee 및 Co-Administrative Trustee로 활동하는 두 신탁, Ernest Irrevocable 2004 Trust III와 Ernest C. Garcia III Multi-Generational Trust III를 통해 간접 보유되어 있었습니다. 제출서류는 Mr. Garcia를 대리하여 Paul Breaux가 위임장으로 서명했습니다.

Ernest C. Garcia III, PDG et administrateur de Carvana Co. (CVNA), a déclaré le 29/08/2025 plusieurs ventes en marché ouvert d'actions ordinaires de catégorie A effectuées dans le cadre d'un plan de transaction Rule 10b5‑1. Le formulaire 4 indique de nombreuses ventes par blocs à des prix moyens pondérés par le volume en hausse progressive, d'environ $366,82 à $376,52 par action, ainsi que plusieurs prix individuels déclarés entre $366,33 et $376,97 sur plusieurs transactions. Le nombre total d'actions de catégorie A cédées figurant sur les lignes déclarées s'élève à 923 155 actions. Les actions étaient détenues indirectement via deux trusts dont M. Garcia est Investment Trustee et Co-Administrative Trustee : l'Ernest Irrevocable 2004 Trust III et l'Ernest C. Garcia III Multi-Generational Trust III. Le dépôt est signé par Paul Breaux par procuration au nom de M. Garcia.

Ernest C. Garcia III, CEO und Direktor von Carvana Co. (CVNA), meldete am 29.08.2025 mehrere Verkäufe von Class-A-Stammaktien am freien Markt, ausgeführt im Rahmen eines Rule-10b5‑1-Handelsplans. Das Form 4 verzeichnet zahlreiche Blockverkäufe zu progressiv höheren volumen‑gewichteten Durchschnittspreisen, etwa zwischen $366,82 und $376,52 je Aktie, sowie einzelne gemeldete Preise zwischen $366,33 und $376,97 in mehreren Trades. Die insgesamt auf den Meldezeilen angegebenen veräußerten Class-A-Anteile belaufen sich auf 923.155 Aktien. Die Aktien wurden indirekt über zwei Trusts gehalten, bei denen Herr Garcia als Investment Trustee und Co-Administrative Trustee fungiert: den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III. Die Einreichung ist von Paul Breaux per Vollmacht im Namen von Herrn Garcia unterzeichnet.

Positive
  • None.
Negative
  • 923,155 Class A shares were disposed of on 08/29/2025, reducing the reporting person’s indirect holdings through two trusts.
  • Sales were executed at prices with volume-weighted averages reported between approximately $366.82 and $376.52 per tranche, indicating substantial realized dispositions.
  • The Form 4 does not disclose post-sale ownership percentage relative to total outstanding shares, limiting assessment of control or dilution effects.

Insights

TL;DR: CEO sold a sizable block of shares under a pre-existing 10b5-1 plan, reducing trust holdings by 923,155 shares.

The filing indicates disciplined disposition via a Rule 10b5-1 plan adopted December 13, 2024, which reduces concerns about opportunistic timing. Sales occurred across a range of prices producing volume-weighted average prices reported per tranche. Materiality depends on Mr. Garcia's total ownership stake and the company's float; the filing alone documents a meaningful decrease in indirect holdings through two family trusts but does not show whether control thresholds were affected. This is a routine, structured liquidity event rather than an ad hoc sale.

TL;DR: Multiple executed trades on one day under a 10b5-1 plan produced significant reported dispositions, which may modestly increase free float.

The recorded transactions total 923,155 Class A shares sold at VWAPs ranging roughly $366.82 to $376.52 per reported tranche, with execution price ranges detailed in the explanations. These sales were effected from two trusts for which Mr. Garcia is trustee, indicating personal/family liquidity rather than company-directed sales. The filing provides no information on proceeds use or remaining total ownership percentage relative to outstanding shares, limiting assessment of valuation impact.

Ernest C. Garcia III, amministratore delegato e membro del consiglio di Carvana Co. (CVNA), ha effettuato il 29/08/2025 diverse vendite in mercato aperto di azioni ordinarie di Classe A nell'ambito di un piano di trading conforme alla Rule 10b5-1. Il Form 4 riporta numerose vendite a blocchi a prezzi medi ponderati per volume progressivamente più alti, approssimativamente tra $366,82 e $376,52 per azione, oltre a singoli prezzi segnalati compresi tra $366,33 e $376,97 su più operazioni. Il totale delle azioni di Classe A cedute nelle righe di segnalazione ammonta a 923.155 azioni. Le azioni erano detenute indirettamente tramite due trust per i quali il sig. Garcia è Investment Trustee e Co-Administrative Trustee: l'Ernest Irrevocable 2004 Trust III e l'Ernest C. Garcia III Multi-Generational Trust III. La comunicazione è firmata da Paul Breaux per procura in rappresentanza del sig. Garcia.

Ernest C. Garcia III, director ejecutivo y miembro del consejo de Carvana Co. (CVNA), realizó el 29/08/2025 múltiples ventas en el mercado abierto de acciones ordinarias Clase A bajo un plan de negociación conforme a la Regla 10b5-1. El Formulario 4 muestra numerosas ventas por bloques con precios promedio ponderados por volumen que aumentan progresivamente, aproximadamente entre $366.82 y $376.52 por acción, y varios precios individuales reportados entre $366.33 y $376.97 en distintas transacciones. El número total de acciones Clase A en las líneas reportadas suma 923,155 acciones. Las acciones se mantenían de forma indirecta a través de dos fideicomisos en los que el Sr. Garcia actúa como Investment Trustee y Co-Administrative Trustee: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III. La presentación está firmada por Paul Breaux por poder en nombre del Sr. Garcia.

Ernest C. Garcia III는 Carvana Co.(CVNA)의 최고경영자 겸 이사로서 2025년 8월 29일 Rule 10b5-1 거래계획에 따라 다수의 공개시장상 매도거래를 실행했습니다. Form 4에는 거래량가중평균가격이 약 $366.82에서 $376.52까지 점진적으로 상승하는 여러 블록 매도가 기재되어 있으며, 여러 거래에서 보고된 개별 가격은 $366.33에서 $376.97 사이입니다. 보고된 라인들에 기재된 클래스 A 보통주의 총 처분 수는 923,155주입니다. 해당 주식들은 Mr. Garcia가 Investment Trustee 및 Co-Administrative Trustee로 활동하는 두 신탁, Ernest Irrevocable 2004 Trust III와 Ernest C. Garcia III Multi-Generational Trust III를 통해 간접 보유되어 있었습니다. 제출서류는 Mr. Garcia를 대리하여 Paul Breaux가 위임장으로 서명했습니다.

Ernest C. Garcia III, PDG et administrateur de Carvana Co. (CVNA), a déclaré le 29/08/2025 plusieurs ventes en marché ouvert d'actions ordinaires de catégorie A effectuées dans le cadre d'un plan de transaction Rule 10b5‑1. Le formulaire 4 indique de nombreuses ventes par blocs à des prix moyens pondérés par le volume en hausse progressive, d'environ $366,82 à $376,52 par action, ainsi que plusieurs prix individuels déclarés entre $366,33 et $376,97 sur plusieurs transactions. Le nombre total d'actions de catégorie A cédées figurant sur les lignes déclarées s'élève à 923 155 actions. Les actions étaient détenues indirectement via deux trusts dont M. Garcia est Investment Trustee et Co-Administrative Trustee : l'Ernest Irrevocable 2004 Trust III et l'Ernest C. Garcia III Multi-Generational Trust III. Le dépôt est signé par Paul Breaux par procuration au nom de M. Garcia.

Ernest C. Garcia III, CEO und Direktor von Carvana Co. (CVNA), meldete am 29.08.2025 mehrere Verkäufe von Class-A-Stammaktien am freien Markt, ausgeführt im Rahmen eines Rule-10b5‑1-Handelsplans. Das Form 4 verzeichnet zahlreiche Blockverkäufe zu progressiv höheren volumen‑gewichteten Durchschnittspreisen, etwa zwischen $366,82 und $376,52 je Aktie, sowie einzelne gemeldete Preise zwischen $366,33 und $376,97 in mehreren Trades. Die insgesamt auf den Meldezeilen angegebenen veräußerten Class-A-Anteile belaufen sich auf 923.155 Aktien. Die Aktien wurden indirekt über zwei Trusts gehalten, bei denen Herr Garcia als Investment Trustee und Co-Administrative Trustee fungiert: den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III. Die Einreichung ist von Paul Breaux per Vollmacht im Namen von Herrn Garcia unterzeichnet.

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)
08/29/2025
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 08/29/2025 S 150(1) D $366.82(2) 491,290 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 150(1) D $366.82(2) 591,290 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 1,350(1) D $367.92(5) 489,940 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 1,350(1) D $367.92(5) 589,940 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 900(1) D $369.02(6) 489,040 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 900(1) D $369.02(6) 589,040 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 700(1) D $370.27(7) 488,340 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 700(1) D $370.27(7) 588,340 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 750(1) D $371.2(8) 487,590 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 750(1) D $371.2(8) 587,590 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 629(1) D $372.17(9) 486,961 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 628(1) D $372.47(10) 586,962 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 271(1) D $373.86(11) 486,690 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 272(1) D $374.28(12) 586,690 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 50(1) D $374.99 486,640 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 50(1) D $374.99 586,640 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 150(1) D $376.52(13) 486,490 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 150(1) D $376.52(13) 586,490 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 08/29/2025 S 50(1) D $378.25 486,440 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/29/2025 S 50(1) D $378.25 586,440 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 $366.33 to $367.24 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 $367.39 to $368.34 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 $368.49 to $369.33 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 $369.81 to $370.64, 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.
8. This transaction was executed in multiple trades at prices ranging from $370.87 to $371.79, 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 $372.07 to $372.23, 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 $372.23 to $372.88, 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 $373.80 to $373.99, 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 $373.99 to $374.60, 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.
13. This transaction was executed in multiple trades at prices ranging from $376.06 to $376.97, 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 09/02/2025
** 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 the Form 4 filed for CVNA report?

The Form 4 reports multiple sales by Ernest C. Garcia III of Class A common stock executed on 08/29/2025 under a Rule 10b5-1 plan.

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

The reported dispositions sum to 923,155 Class A shares sold on 08/29/2025 across multiple trades.

At what prices were the CVNA shares sold?

Reported volume-weighted average prices for tranches range from about $366.82 to $376.52, with execution price ranges for individual trades noted in the filing.

Were these sales part of a pre-arranged plan?

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

From which accounts or entities were the CVNA shares sold?

Shares were held indirectly and sold from the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where Mr. Garcia is Investment Trustee and Co-Administrative Trustee.
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CVNA Latest SEC Filings

Sep 3, 2025
[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 3, 2025
[Form 4] Carvana Co. Insider Trading Activity
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[Form 4] Carvana Co. Insider Trading Activity

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