[Form 4] Carvana Co. Insider Trading Activity

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

A total of 13,756 Class A shares were sold across two family trusts.

Q: What was the price range of the insider sales reported in the Form 4?

Volume-weighted average prices reported ranged from $339.35 to $352.75 per share.

Q: Were the Carvana insider sales part of a 10b5-1 trading plan?

Yes. The transactions were executed under a Rule 10b5-1 plan adopted on 13 Dec 2024 .

Q: How many Carvana shares does the CEO still own after these transactions?

The two trusts continue to hold 1,469,124 Class A shares after the reported sales.

Q: Does the Form 4 report any derivative security activity?

No. Table II shows no derivative securities acquired or disposed of.

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Carvana Co. (CVNA) – Form 4 insider transaction

Chief Executive Officer, Director and >10% shareholder Ernest C. Garcia III reported two days of pre-scheduled share sales executed under a Rule 10b5-1 trading plan adopted on 13 Dec 2024.

Transaction dates: 3 Jul 2025 and 7 Jul 2025
Total shares sold: 13,756 Class A common shares across two family trusts (6,878 shares each)
Price range (VWAPs reported): US$339.35 – US$352.75, with detailed volume-weighted averages disclosed for each tranche
Entities selling: Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III, for which Garcia serves as Investment & Co-Administrative Trustee
Post-sale holdings: 684,562 shares in the Irrevocable Trust and 784,562 shares in the Multi-Generational Trust – an aggregate of 1,469,124 shares that continue to be held indirectly

The filing contains no derivative security activity, and no other changes in beneficial ownership were reported. Garcia remains Carvana’s CEO, Director, and substantial shareholder. The disposition represents a small fraction of his indirect holdings and was carried out through an established trading plan, suggesting routine liquidity or portfolio diversification rather than an exceptional change in insider sentiment.

Positive

Sales executed under a pre-arranged Rule 10b5-1 plan, providing transparency and reducing concerns of opportunistic trading.
CEO retains a significant 1.47 million-share stake, maintaining alignment with shareholder interests.

Negative

Insider selling by the CEO can be perceived negatively, even if small relative to holdings.
No explanatory commentary on use of proceeds or future share-sale intentions, leaving uncertainty for investors.

Insights

TL;DR – Small, pre-planned insider sale; negligible dilution, limited signalling impact.

The 13,756-share sale equates to less than 1% of Garcia’s reported indirect stake and an even smaller percentage of Carvana’s 105 m outstanding shares. Execution through a 10b5-1 plan reduces information-asymmetry concerns and signals no immediate change in strategic outlook. While insider selling typically leans negative, the modest size and retention of 1.47 m shares suggests neutral investment relevance. No operational, financial, or capital-structure data accompanies the filing.

TL;DR – Governance-friendly disclosure; limited risk despite optics of CEO selling.

Use of a 10b5-1 plan adopted months before the trades demonstrates adherence to evolving SEC guidance on insider trading defenses, limiting appearance of opportunistic timing. Continued material ownership aligns management with shareholders. Nevertheless, boards should monitor cumulative dispositions to ensure executive incentives remain robust. From a governance standpoint, impact is neutral; there is no evidence of control changes or pledge activities.

07/08/2025 - 06:49 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)
07/03/2025

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	07/03/2025		S		100⁽¹⁾	D	$339.35⁽²⁾	691,340	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		100⁽¹⁾	D	$339.35⁽²⁾	791,340	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		450⁽¹⁾	D	$341.09⁽⁵⁾	690,890	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		450⁽¹⁾	D	$341.09⁽⁵⁾	790,890	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		345⁽¹⁾	D	$342.82⁽⁶⁾	690,545	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		345⁽¹⁾	D	$342.82⁽⁶⁾	790,545	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		205⁽¹⁾	D	$344.08⁽⁷⁾	690,340	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		205⁽¹⁾	D	$344.08⁽⁷⁾	790,340	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		258⁽¹⁾	D	$344.97⁽⁸⁾	690,082	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		257⁽¹⁾	D	$345.44⁽⁹⁾	790,083	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		1,202⁽¹⁾	D	$346.43⁽¹⁰⁾	688,880	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		1,203⁽¹⁾	D	$346.7⁽¹¹⁾	788,880	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		1,317⁽¹⁾	D	$347.46⁽¹²⁾	687,563	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		1,317⁽¹⁾	D	$347.46⁽¹²⁾	787,563	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		973⁽¹⁾	D	$348.29⁽¹³⁾	686,590	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		973⁽¹⁾	D	$348.29⁽¹³⁾	786,590	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/03/2025		S		150⁽¹⁾	D	$349.31⁽¹⁴⁾	686,440	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/03/2025		S		150⁽¹⁾	D	$349.31⁽¹⁴⁾	786,440	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/07/2025		S		203⁽¹⁾	D	$347.77⁽¹⁵⁾	686,237	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/07/2025		S		203⁽¹⁾	D	$347.77⁽¹⁵⁾	786,237	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/07/2025		S		97⁽¹⁾	D	$348.75⁽¹⁶⁾	686,140	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/07/2025		S		97⁽¹⁾	D	$348.75⁽¹⁶⁾	786,140	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/07/2025		S		849⁽¹⁾	D	$350.24⁽¹⁷⁾	685,291	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/07/2025		S		848⁽¹⁾	D	$350.81⁽¹⁸⁾	785,292	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/07/2025		S		500⁽¹⁾	D	$351.45⁽¹⁹⁾	684,791	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/07/2025		S		500⁽¹⁾	D	$351.45⁽¹⁹⁾	784,792	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/07/2025		S		229⁽¹⁾	D	$352.23⁽²⁰⁾	684,562	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/07/2025		S		230⁽¹⁾	D	$352.75⁽²¹⁾	784,562	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock								924,384	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 $339.06 to $339.63 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 $340.78 to $341.43 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 $342.59 to $343.50, 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 $343.60 to $344.49 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 $344.84 to $345.07 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 $345.07 to $345.84 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 $345.91 to $346.58, 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 $346.58 to $346.86 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 $346.95 to $347.88 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.

13. This transaction was executed in multiple trades at prices ranging from $347.96 to $348.71, 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 $348.99 to $349.56, 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 $347.25 to $348.02, 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 $348.50 to $348.99, 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.

17. This transaction was executed in multiple trades at prices ranging from $350.13 to $350.48, 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.

18. This transaction was executed in multiple trades at prices ranging from $350.48 to $351.11, 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.

19. This transaction was executed in multiple trades at prices ranging from $351.16 to $351.86, 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.

20. This transaction was executed in multiple trades at prices ranging from $352.21 to $352.25, 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.

21. This transaction was executed in multiple trades at prices ranging from $352.25 to $353.15, 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	07/08/2025
	** 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 CEO Ernest C. Garcia III sell?

A total of 13,756 Class A shares were sold across two family trusts.

What was the price range of the insider sales reported in the Form 4?

Volume-weighted average prices reported ranged from $339.35 to $352.75 per share.

Were the Carvana insider sales part of a 10b5-1 trading plan?

Yes. The transactions were executed under a Rule 10b5-1 plan adopted on 13 Dec 2024.

How many Carvana shares does the CEO still own after these transactions?

The two trusts continue to hold 1,469,124 Class A shares after the reported sales.

Does the Form 4 report any derivative security activity?

No. Table II shows no derivative securities acquired or disposed of.

[Form 4] Carvana Co. Insider Trading Activity

Insights

FAQ

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

What was the price range of the insider sales reported in the Form 4?

Were the Carvana insider sales part of a 10b5-1 trading plan?

How many Carvana shares does the CEO still own after these transactions?

Does the Form 4 report any derivative security activity?

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Trending News

[Form 4] Carvana Co. Insider Trading Activity

Insights

Securities Analyst neutral

Corporate Governance Expert neutral

FAQ

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

What was the price range of the insider sales reported in the Form 4?

Were the Carvana insider sales part of a 10b5-1 trading plan?

How many Carvana shares does the CEO still own after these transactions?

Does the Form 4 report any derivative security activity?

NYSE:CVNA

CVNA Rankings

CVNA Latest News

CVNA Latest SEC Filings

CVNA Stock Data