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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, listed as Director, 10% owner and Chief Executive Officer of Carvana Co. (CVNA), reported multiple sales of Class A common stock on 09/23/2025. The Form 4 shows aggregated disposals of 921,926 shares executed in numerous trades at prices ranging from $376.69 to $391.63. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2024. Shares are held indirectly through two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where the reporting person serves as Investment Trustee and Co-Administrative Trustee. The filer offered to provide per-trade share counts on request.

Ernest C. Garcia III, elencato come Direttore, proprietario del 10% e Chief Executive Officer di Carvana Co. (CVNA), ha riportato molteplici liquidazioni di azioni ordinarie di Classe A in data 23/09/2025. Il Modulo 4 mostra dismissioni aggregate di 921.926 azioni eseguite in numerose operazioni ai prezzi che vanno da $376,69 a $391,63. Le vendite sono state effettuate ai sensi di un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024. Le azioni sono detenute indirettamente tramite due trust: l’Ernest Irrevocable 2004 Trust III e l’Ernest C. Garcia III Multi-Generational Trust III, dove la persona che segnala funge da Investment Trustee e Co-Administrative Trustee. Il dichiarante si è offerto di fornire, su richiesta, i conteggi per azione per ogni operazione.

Ernest C. Garcia III, listado como Director, propietario del 10% y Director Ejecutivo de Carvana Co. (CVNA), informó múltiples ventas de acciones ordinarias de Clase A en la fecha 23/09/2025. El Formulario 4 muestra desinversiones agregadas de 921.926 acciones ejecutadas en numerosas operaciones a precios que oscilan entre $376,69 y $391,63. Las ventas se realizaron de acuerdo con un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las acciones se mantienen indirectamente a través de dos fideicomisos: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III, donde la persona reportante actúa como Investment Trustee y Co-Administrative Trustee. El presentante se ofreció a proporcionar, a solicitud, recuentos de acciones por operación.

Ernest C. Garcia III는 Carvana Co. (CVNA)의 이사이자 10% 소유주 및 최고경영자로 기재되었으며, 2025년 9월 23일에 다수의 Class A 보통주 매도를 보고했습니다. Form 4에는 921,926주의 총 처분이 $376.69에서 $391.63까지의 가격으로 다수의 거래에서 실행된 것으로 요약되어 있습니다. 매도는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 이루어졌습니다. 주식은 Ernest Irrevocable 2004 Trust III와 Ernest C. Garcia III Multi-Generational Trust III 두 신탁을 통해 간접 보유되며, 보고자는 Investment Trustee와 Co-Administrative Trustee로 활동합니다. 신고자는 요청 시 거래별 주당 수량을 제공하겠다고 밝혔습니다.

Ernest C. Garcia III, indiqué comme Directeur, propriétaire à hauteur de 10% et Président-Directeur Général de Carvana Co. (CVNA), a signalé de multiples ventes d’actions ordinaires de classe A le 23/09/2025. Le Form 4 indique des cessions agrégées de 921 926 actions réalisées lors de nombreuses opérations à des prix allant de $376,69 à $391,63. Les ventes ont été effectuées conformément à un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les actions sont détenues indirectement par deux trusts : le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III, où la personne débitrice sert de Investment Trustee et Co-Administrative Trustee. Le déclarant a offert de fournir, sur demande, des décomptes par transaction.

Ernest C. Garcia III, aufgeführt als Director, 10%-Eigentümer und Chief Executive Officer von Carvana Co. (CVNA), meldete mehrere Verkäufe von Class-A-Stammaktien am 23.09.2025. Das Formular 4 zeigt aggregierte Veräußerungen von 921.926 Aktien, die in zahlreichen Trades zu Preisen von $376,69 bis $391,63 durchgeführt wurden. Die Verkäufe erfolgten gemäß einem Rule 10b5-1-Handelsplan, der am 13. Dezember 2024 angenommen wurde. Die Aktien werden indirekt durch zwei Trusts gehalten: den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III, wobei der meldende Person als Investment Trustee und Co-Administrative Trustee fungiert. Der Einreicher bot an, auf Anfrage die Stückzahl pro Handelsakt freizugeben.

إرنست سي. غارثيا الثالث، مدرج كمدير، ومالك 10% والرئيس التنفيذي لشركة Carvana Co. (CVNA)، أبلغ عن عدة مبيعات لأسهم العادي من الفئة أ في تاريخ 23/09/2025. يبيّن النموذج 4 صفقات التخلص المجمّعة من 921,926 سهمًا نفذت في عدد من التداولات بأسعار تتراوح من $376.69 إلى $391.63. جرت هذه المبيعات وفقاً لخطة تداول Rule 10b5-1 المعتمدة في 13 ديسمبر 2024. الأسهم مملوكة بشكل غير مباشر من خلال صندوقين ائتمانيين: Ernest Irrevocable 2004 Trust III و Ernest C. Garcia III Multi-Generational Trust III، حيث يعمل الشخص المُبلّغ كـ Investment Trustee وCo-Administrative Trustee. أبدى المُبلغ استعداده لتقديم عدد الأسهم لكل صفقة عند الطلب.

Ernest C. Garcia III，被列为董事、10%股东及 Carvana Co.（CVNA）的首席执行官，已在 2025-09-23 报告多笔 Class A 普通股的处置。 Form 4 显示在多笔交易中总计处置了 921,926 股，价格范围为 $376.69 至 $391.63。这些出售是根据于 2024-12-13 采用的 Rule 10b5-1 交易计划进行的。股票通过两个信托间接持有：Ernest Irrevocable 2004 Trust III 与 Ernest C. Garcia III Multi-Generational Trust III，汇报人担任 Investment Trustee 与 Co-Administrative Trustee。申报人愿在请求时提供每笔交易的每股计数。

Positive
  • Sales executed under a Rule 10b5-1 plan, with the plan adoption date (12/13/2024) disclosed
  • Total reported disposals of 921,926 shares are itemized with execution price ranges
  • Clear disclosure of indirect ownership through two trusts and the reporting persons trustee roles
  • Filer offers to provide per-trade share counts and prices upon request
Negative
  • Large insider sale of 921,926 shares could materially reduce insider-held Class A stock
  • Single-day concentrated disposals may attract investor attention despite being pre-planned

Insights

TL;DR Significant insider sales of 921,926 shares executed under a documented 10b5-1 plan at $376.69–$391.63.

The Form 4 documents a material, single-day disposal by a Company insider totaling 921,926 Class A shares on 09/23/2025. The trades spanned a range of execution prices and were implemented under a pre-established 10b5-1 plan adopted 12/13/2024, which indicates pre-planned timing rather than opportunistic market trades. Reported post-transaction holdings remain with two trusts for which the reporting person is trustee; per-trade breakdowns are available upon request per the filer.

TL;DR Insider disposed a large block under an adopted trading plan; disclosure is thorough and indicates trustee-managed holdings.

The filing provides clear disclosure of the insider's relationship to the issuer and the indirect ownership structure via two trusts. Use of a Rule 10b5-1 plan, adoption date disclosed, and an explicit offer to provide detailed trade-level data reflect strong procedural compliance. The form evidences transparency around timing and execution price ranges, with signatures executed by power of attorney.

Ernest C. Garcia III, elencato come Direttore, proprietario del 10% e Chief Executive Officer di Carvana Co. (CVNA), ha riportato molteplici liquidazioni di azioni ordinarie di Classe A in data 23/09/2025. Il Modulo 4 mostra dismissioni aggregate di 921.926 azioni eseguite in numerose operazioni ai prezzi che vanno da $376,69 a $391,63. Le vendite sono state effettuate ai sensi di un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024. Le azioni sono detenute indirettamente tramite due trust: l’Ernest Irrevocable 2004 Trust III e l’Ernest C. Garcia III Multi-Generational Trust III, dove la persona che segnala funge da Investment Trustee e Co-Administrative Trustee. Il dichiarante si è offerto di fornire, su richiesta, i conteggi per azione per ogni operazione.

Ernest C. Garcia III, listado como Director, propietario del 10% y Director Ejecutivo de Carvana Co. (CVNA), informó múltiples ventas de acciones ordinarias de Clase A en la fecha 23/09/2025. El Formulario 4 muestra desinversiones agregadas de 921.926 acciones ejecutadas en numerosas operaciones a precios que oscilan entre $376,69 y $391,63. Las ventas se realizaron de acuerdo con un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las acciones se mantienen indirectamente a través de dos fideicomisos: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III, donde la persona reportante actúa como Investment Trustee y Co-Administrative Trustee. El presentante se ofreció a proporcionar, a solicitud, recuentos de acciones por operación.

Ernest C. Garcia III는 Carvana Co. (CVNA)의 이사이자 10% 소유주 및 최고경영자로 기재되었으며, 2025년 9월 23일에 다수의 Class A 보통주 매도를 보고했습니다. Form 4에는 921,926주의 총 처분이 $376.69에서 $391.63까지의 가격으로 다수의 거래에서 실행된 것으로 요약되어 있습니다. 매도는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 이루어졌습니다. 주식은 Ernest Irrevocable 2004 Trust III와 Ernest C. Garcia III Multi-Generational Trust III 두 신탁을 통해 간접 보유되며, 보고자는 Investment Trustee와 Co-Administrative Trustee로 활동합니다. 신고자는 요청 시 거래별 주당 수량을 제공하겠다고 밝혔습니다.

Ernest C. Garcia III, indiqué comme Directeur, propriétaire à hauteur de 10% et Président-Directeur Général de Carvana Co. (CVNA), a signalé de multiples ventes d’actions ordinaires de classe A le 23/09/2025. Le Form 4 indique des cessions agrégées de 921 926 actions réalisées lors de nombreuses opérations à des prix allant de $376,69 à $391,63. Les ventes ont été effectuées conformément à un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les actions sont détenues indirectement par deux trusts : le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III, où la personne débitrice sert de Investment Trustee et Co-Administrative Trustee. Le déclarant a offert de fournir, sur demande, des décomptes par transaction.

Ernest C. Garcia III, aufgeführt als Director, 10%-Eigentümer und Chief Executive Officer von Carvana Co. (CVNA), meldete mehrere Verkäufe von Class-A-Stammaktien am 23.09.2025. Das Formular 4 zeigt aggregierte Veräußerungen von 921.926 Aktien, die in zahlreichen Trades zu Preisen von $376,69 bis $391,63 durchgeführt wurden. Die Verkäufe erfolgten gemäß einem Rule 10b5-1-Handelsplan, der am 13. Dezember 2024 angenommen wurde. Die Aktien werden indirekt durch zwei Trusts gehalten: den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III, wobei der meldende Person als Investment Trustee und Co-Administrative Trustee fungiert. Der Einreicher bot an, auf Anfrage die Stückzahl pro Handelsakt freizugeben.

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).
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)
09/23/2025
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 09/23/2025 S 192(1) D $377.24(2) 411,248 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 192(1) D $377.24(2) 511,248 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 895(1) D $378.2(5)(6) 410,353 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 895(1) D $378.2(5)(6) 510,353 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 412(1) D $379.2(5)(7) 409,941 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 412(1) D $379.2(5)(7) 509,941 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 274(1) D $380.19(5)(8) 409,667 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 274(1) D $380.19(5)(8) 509,667 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 18(1) D $381.61(5)(9) 409,649 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 18(1) D $381.61(5)(9) 509,649 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 148(1) D $382.2(5)(10) 409,501 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 148(1) D $382.2(5)(10) 509,501 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 154(1) D $383.12(5)(11) 409,347 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 154(1) D $383.12(5)(11) 509,347 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 49(1) D $384.09(5)(12) 409,298 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 48(1) D $384.29(5)(13) 509,299 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 386(1) D $385.96(5)(14) 408,912 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 386(1) D $385.96(5)(14) 508,913 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 824(1) D $386.86(5)(15) 408,088 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 824(1) D $386.86(5)(15) 508,089 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 311(1) D $387.67(5)(16) 407,777 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 311(1) D $387.67(5)(16) 507,778 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 51(1) D $388.81(5)(17) 407,726 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 51(1) D $388.81(5)(17) 507,727 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 306(1) D $390.15(5)(18) 407,420 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 306(1) D $390.15(5)(18) 507,421 I Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock 09/23/2025 S 330(1) D $391.14(5)(19) 407,090 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 09/23/2025 S 330(1) D $391.14(5)(19) 507,091 I Ernest C. Garcia III Multi-Generational Trust III(4)
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 $376.69 to $377.66, inclusive.
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. 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 $377.67 to $378.66, inclusive.
7. This transaction was executed in multiple trades at prices ranging from $378.69 to $379.69, inclusive.
8. This transaction was executed in multiple trades at prices ranging from $379.73 to $380.70, inclusive.
9. This transaction was executed in multiple trades at prices ranging from $380.80 to $381.79, inclusive.
10. This transaction was executed in multiple trades at prices ranging from $381.80 to $382.75, inclusive.
11. This transaction was executed in multiple trades at prices ranging from $382.85 to $383.44, inclusive.
12. This transaction was executed in multiple trades at prices ranging from $383.96 to $384.17, inclusive.
13. This transaction was executed in multiple trades at prices ranging from $384.17 to $384.42, inclusive.
14. This transaction was executed in multiple trades at prices ranging from $385.33 to $386.31, inclusive.
15. This transaction was executed in multiple trades at prices ranging from $386.31 to $387.30, inclusive.
16. This transaction was executed in multiple trades at prices ranging from $387.33 to $388.24, inclusive.
17. This transaction was executed in multiple trades at prices ranging from $388.32 to $389.01, inclusive.
18. This transaction was executed in multiple trades at prices ranging from $389.82 to $390.55, inclusive.
19. This transaction was executed in multiple trades at prices ranging from $390.73 to $391.63, inclusive.
Remarks:
/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III 09/25/2025
** 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 sales of Class A common stock totaling 921,926 shares on 09/23/2025.

Were the sales part of an insider trading plan for CVNA?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 12/13/2024.

What price range did the reported CVNA sales occur at?

Reported execution prices ranged from $376.69 to $391.63 per share.

Through what entities were the CVNA shares held?

Shares were held indirectly via the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III.

Who signed the Form 4 filing for Ernest C. Garcia III?

The Form 4 was signed by Paul Breaux by Power of Attorney for Ernest C. Garcia, III, on 09/25/2025.
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CVNA Latest SEC Filings

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[Form 4] CARVANA CO. Insider Trading Activity
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[Form 4] CARVANA CO. Insider Trading Activity
Sep 23, 2025
[Form 4] CARVANA CO. Insider Trading Activity
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[Form 4] CARVANA CO. Insider Trading Activity

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