[Form 4] CARVANA CO. Insider Trading Activity

Rhea-AI Filing Summary

Ernest C. Garcia III, listed as CEO, Director and a >10% owner of Carvana Co. (CVNA), reported multiple sales of Class A common stock effected under a Rule 10b5-1 trading plan. The transactions on 10/03/2025 show aggregate reported disposals of 920,696 shares across several blocks at volume‑weighted prices in the roughly $387.33 to $393.22 range. The shares sold were held indirectly by two trusts for which he serves as Investment Trustee and Co‑Administrative Trustee. The filing was signed by a power of attorney on 10/06/2025. The filer states availability to provide trade‑by‑trade details to regulators or the issuer.

Insights

Corporate Governance Analyst

TL;DR: Large, preplanned trustee sales under a 10b5‑1 plan reduce insider holdings but follow an approved program.

The reporting person executed multiple sales totaling 920,696 shares on 10/03/2025 under a Rule 10b5-1 plan adopted on 12/13/2024. Sales were made from shares held in two trusts where the reporting person is named Investment Trustee and Co‑Administrative Trustee, indicating the disposals were indirect trust transactions rather than direct open‑market sales from a personal brokerage account.

Dependence on the 10b5‑1 plan reduces questions about timing, but investors will often compare the sale size and price range ($387.33–$393.22) to holding levels and recent trading to assess potential signaling. Expect continued routine disclosures if the plan remains active.

Equity Markets Specialist

TL;DR: Multiple executions across a narrow price band suggest systematic liquidation rather than opportunistic trading.

The filing details multiple trades executed at volume‑weighted prices clustered between $387.66 and $392.54, with additional disclosed intra‑trade ranges. That pattern is consistent with plan‑driven executions to limit market impact. The filer offers to provide per‑trade quantities on request, which supports transparency for market participants.

Market impact depends on average daily volume around 10/03/2025; if 920,696 shares represent a meaningful fraction of daily liquidity, short‑term price pressure could occur. Watch subsequent Form 4s for further disposals or expirations of the 10b5‑1 plan.

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)
10/03/2025

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/03/2025		S		250(1)	D	$387.66(2)(3)	367,240	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	10/03/2025		S		250(1)	D	$387.66(2)(3)	467,240	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	10/03/2025		S		100(1)	D	$388.66	367,140	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	10/03/2025		S		100(1)	D	$389.27	467,140	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	10/03/2025		S		150(1)	D	$390.52(2)(6)	366,990	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	10/03/2025		S		150(1)	D	$390.52(2)(6)	466,990	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	10/03/2025		S		399(1)	D	$391.51(2)(7)	366,591	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	10/03/2025		S		398(1)	D	$392.05(2)(8)	466,592	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	10/03/2025		S		151(1)	D	$392.54(2)(9)	366,440	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	10/03/2025		S		152(1)	D	$393.05(2)(10)	466,440	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock								920,696	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. 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. This transaction was executed in multiple trades at prices ranging from $387.33 to $388.26 inclusive.

4. 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.

5. 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.

6. This transaction was executed in multiple trades at prices ranging from $390.19 to $390.92 inclusive.

7. This transaction was executed in multiple trades at prices ranging from $391.28 to $391.89, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $391.89 to $392.23, inclusive.

9. This transaction was executed in multiple trades at prices ranging from $392.30 to $392.88, inclusive.

10. This transaction was executed in multiple trades at prices ranging from $392.88 to $393.22, inclusive.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	10/06/2025
	** 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.