[Form 4] Carvana Co. Insider Trading Activity

Rhea-AI Filing Summary

Carvana Co. (CVNA) insider transaction summary: Officer Thomas Taira reported a transaction dated 09/01/2025 in which 675 shares of Class A Common Stock were disposed of under transaction code F at a price of $371.92 per share. The filing states these 675 shares were withheld to satisfy taxes upon vesting of restricted stock units. After the withholding, Mr. Taira beneficially owns 118,809 shares of Class A Common Stock in a direct capacity. The Form 4 was signed on behalf of the reporting person by power of attorney on 09/03/2025.

Positive

• Reporting person retains substantial ownership with 118,809 Class A shares held directly, indicating continued alignment with shareholders
• Transaction is tax withholding from RSU vesting, not an open-market sale, which reduces signal of active selling by the officer

Negative

• 675 shares were disposed, reducing the reporting person's share count (withholding executed at $371.92 per share)
• Form executed by power of attorney, which is procedural but means the reporting person did not personally sign the filing

Insights

Securities Analyst

TL;DR: This is a routine tax-withholding disposition related to RSU vesting; ownership remains material with 118,809 shares retained.

The Form 4 documents a small, non-sale disposition: 675 shares were withheld to cover taxes when restricted stock units vested, recorded as transaction code F on 09/01/2025 at $371.92 per share. This type of entry typically has limited informational content about trading intent because it reflects employer tax withholding rather than an active sale. The reporting person remains a significant direct holder with 118,809 shares, so the event is unlikely to meaningfully alter control or voting dynamics.

Corporate Governance Expert

TL;DR: Administrative withholding for tax obligations on RSU vesting; governance implications are minimal given continued substantial ownership.

The filing explicitly indicates the disposition resulted from tax withholding upon vesting of restricted stock units, not a voluntary open-market sale. The use of a power of attorney for the signature is procedural and acceptable. From a governance perspective, the transaction does not indicate a change in executive role or a shift in alignment with shareholders; the reporting person still holds 118,809 shares directly.

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
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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^*

Taira Thomas

(Last) (First) (Middle)

300 E. RIO SALADO PKWY

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Special Projects

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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	09/01/2025		F		675(1)	D	$371.92	118,809	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. Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Thomas Taira	09/03/2025
	** 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.

FAQ

What did the Form 4 for CVNA report on 09/01/2025?

It reported that 675 shares of Class A Common Stock were disposed (withheld for taxes) at $371.92 per share related to RSU vesting.

Who is the reporting person on the Form 4 for CVNA?

The reporting person is Thomas Taira, identified as an officer (President, Special Projects) of Carvana Co.

How many CVNA shares does the reporting person own after the transaction?

Following the reported transaction, the Form 4 states the reporting person beneficially owns 118,809 shares of Class A Common Stock (direct ownership).

Why were the 675 CVNA shares disposed of?

The filing explains the 675 shares were withheld for taxes upon vesting of restricted stock units.

When was the Form 4 signed and by whom?

The Form 4 was signed on behalf of Thomas Taira by Paul Breaux, by Power of Attorney on 09/03/2025.