[Form 4] Carvana Co. Insider Trading Activity

Rhea-AI Filing Summary

Carvana Co. (CVNA) – Insider Form 4 filing dated 07/08/2025

Chief Product Officer Daniel J. Gill reported two same-day transactions on 07/07/2025 executed under a Rule 10b5-1 trading plan adopted on 12/13/2024:

• Option exercise (Code M): 7,100 Class A shares acquired at an exercise price of $10.07 per share.
• Open-market sale (Code S): 7,100 Class A shares sold at a reported price of $350 per share.

After the transactions Mr. Gill’s direct ownership stands at 197,832 Class A shares, down from 204,932. He retains 250,786 unexercised stock options following the filing.

The trade represents a 3.5 % reduction of his directly held shares and was carried out pursuant to a pre-arranged plan, limiting the informational value regarding current insider sentiment. No company-level financial metrics or operational updates are included in this filing.

Insights

Financial Analyst

TL;DR Small 3-4 % insider sale under 10b5-1; signals limited, unlikely to meaningfully affect CVNA valuation.

The filing discloses a modest sale equal to roughly 3.5 % of Mr. Gill’s direct equity stake. Because the transactions were executed under a pre-planned 10b5-1 program, they are less likely to reflect real-time views on Carvana’s fundamentals. The absolute dollar value (≈$2.5 million) is small relative to Carvana’s multi-billion-dollar market cap and to Mr. Gill’s remaining holdings. Investors typically view routine option exercises followed by sales as part of compensation diversification. I classify the impact as neutral; no indication of operational issues or bullish signals.

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^*

GILL DANIEL J.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Product Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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	07/07/2025		M		7,100(1)	A	$10.07	204,932	D
Class A Common Stock	07/07/2025		S		7,100(1)	D	$350	197,832	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
Stock Options (Right to Buy)	$10.07	07/07/2025		M(1)			7,100	04/01/2024(2)	02/22/2033	Class A Common Stock	7,100	$0	250,786	D

Explanation of Responses:

1. The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").

2. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Daniel J. Gill	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.

FAQ

How many Carvana (CVNA) shares did the insider sell?

Daniel J. Gill sold 7,100 Class A shares on 07/07/2025.

What was the sale price of the shares in this Form 4?

The reported sale price was $350 per share.

Did the insider exercise options before selling?

Yes. He exercised 7,100 options at $10.07 and immediately sold the resulting shares.

How many Carvana shares does the insider still own after the transaction?

Direct ownership is 197,832 shares after the sale.

Is the transaction under a 10b5-1 trading plan?

Yes. The filing states the trades were executed under a Rule 10b5-1 plan adopted on 12/13/2024.