STOCK TITAN

[Form 4] Carvana Co. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Ernest C. Garcia III sold a total of 923,155 shares of Carvana Co. Class A common stock on August 20, 2025. The sales were effected in multiple transactions at prices ranging from about $318.54 to $332.62 per share and were executed pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024. The shares disposed of were held indirectly through two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, for which the reporting person serves as Investment Trustee and Co-Administrative Trustee. The Form 4 was signed by Paul Breaux by power of attorney for Mr. Garcia on August 22, 2025.

Ernest C. Garcia III ha venduto in totale 923.155 azioni ordinarie di classe A di Carvana Co. il 20 agosto 2025. Le cessioni sono state effettuate in più transazioni a prezzi compresi indicativamente tra $318,54 e $332,62 per azione e sono state eseguite ai sensi di un piano di negoziazione Rule 10b5-1 adottato il 13 dicembre 2024. Le azioni cedute erano detenute indirettamente attraverso due trust: l'Ernest Irrevocable 2004 Trust III e l'Ernest C. Garcia III Multi-Generational Trust III, per i quali la persona che presenta la segnalazione ricopre il ruolo di fiduciario responsabile degli investimenti e di co-amministratore fiduciario. Il Form 4 è stato firmato da Paul Breaux per procura a nome del sig. Garcia il 22 agosto 2025.

Ernest C. Garcia III vendió un total de 923.155 acciones ordinarias Clase A de Carvana Co. el 20 de agosto de 2025. Las ventas se realizaron en varias transacciones a precios que oscilaron aproximadamente entre $318,54 y $332,62 por acción y se ejecutaron en virtud de un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las acciones vendidas se tenían de forma indirecta a través de dos fideicomisos: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III, de los cuales la persona que informa actúa como fiduciario de inversiones y coadministrador fiduciario. El Form 4 fue firmado por Paul Breaux por poder notarial en nombre del Sr. Garcia el 22 de agosto de 2025.

Ernest C. Garcia III는 2025년 8월 20일 Carvana Co. 클래스 A 보통주 총 923,155주를 매도했습니다. 해당 매도는 여러 거래에 걸쳐 주당 약 $318.54에서 $332.62 사이의 가격으로 이루어졌으며, 2024년 12월 13일 채택된 Rule 10b5-1 거래 계획에 따라 실행되었습니다. 처분된 주식은 Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III라는 두 신탁을 통해 간접적으로 보유되어 있었으며, 보고인은 그 신탁들의 투자 신탁관리자(Investment Trustee) 및 공동 관리 신탁 관리자(Co-Administrative Trustee)로서 역할을 하고 있습니다. Form 4는 2025년 8월 22일 Paul Breaux가 Garcia 씨의 위임장에 따라 서명했습니다.

Ernest C. Garcia III a vendu au total 923 155 actions ordinaires de catégorie A de Carvana Co. le 20 août 2025. Les ventes ont été réalisées au cours de plusieurs opérations à des prix compris approximativement entre 318,54 $ et 332,62 $ par action et ont été exécutées conformément à un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les actions cédées étaient détenues indirectement par l'intermédiaire de deux trusts : l'Ernest Irrevocable 2004 Trust III et l'Ernest C. Garcia III Multi-Generational Trust III, pour lesquels la personne déclarante exerce les fonctions de fiduciaire d'investissement et de co-administrateur fiduciaire. Le Form 4 a été signé par Paul Breaux par procuration pour M. Garcia le 22 août 2025.

Ernest C. Garcia III veräußerte am 20. August 2025 insgesamt 923.155 Aktien der Klasse A von Carvana Co. Die Verkäufe erfolgten in mehreren Transaktionen zu Preisen von etwa $318,54 bis $332,62 je Aktie und wurden im Rahmen eines am 13. Dezember 2024 angenommenen Rule-10b5-1-Handelsplans ausgeführt. Die veräußerten Aktien wurden indirekt über zwei Trusts gehalten: den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III, für die die meldepflichtige Person als Treuhänder für Investitionen und als mitverwaltender Treuhänder (Co-Administrative Trustee) fungiert. Das Formular Form 4 wurde am 22. August 2025 von Paul Breaux per Vollmacht für Herrn Garcia unterzeichnet.

Positive
  • Sales executed under a Rule 10b5-1 trading plan, indicating pre-planned, compliant dispositions
  • Reporting identifies trustee roles and trusts (Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III), providing clarity on indirect ownership
Negative
  • Material aggregate disposition of 923,155 Class A shares reduces insider-held shares held indirectly through the trusts
  • Wide price range of executions ($318.54 to $332.62) reflects multiple trades across varying levels, which may complicate simple valuation interpretation

Insights

TL;DR Insider sold 923,155 Class A shares via a pre-established 10b5-1 plan; transactions spanned ~$318.5–$332.6 per share.

The filing shows a sizeable, systematic disposal of shares by an insider through multiple trades under a Rule 10b5-1 plan adopted December 13, 2024. The sales were executed across a range of prices, producing a volume-weighted average price for each reported block. For investors, the key facts are the aggregate share count sold (923,155) and the broad price band, which together indicate a material reduction in indirectly held Class A stock via the two named trusts. This is a straightforward disclosure of disposition rather than an operational performance signal; no derivatives or other compensatory transactions are reported.

TL;DR Transactions conform to an explicit 10b5-1 plan; reporting identifies trust holdings and trustee roles.

The Form 4 documents compliant insider sales: the reporting person is identified as Investment Trustee and Co-Administrative Trustee for the two trusts holding the sold shares, and the filing discloses that sales were executed under a Rule 10b5-1 plan adopted December 13, 2024. The filing includes granular volume-weighted average prices for multiple trade blocks and provides the signature via power of attorney. From a governance and disclosure perspective, the filing supplies the necessary elements for transparency about the nature, authority and mechanics of the disposals.

Ernest C. Garcia III ha venduto in totale 923.155 azioni ordinarie di classe A di Carvana Co. il 20 agosto 2025. Le cessioni sono state effettuate in più transazioni a prezzi compresi indicativamente tra $318,54 e $332,62 per azione e sono state eseguite ai sensi di un piano di negoziazione Rule 10b5-1 adottato il 13 dicembre 2024. Le azioni cedute erano detenute indirettamente attraverso due trust: l'Ernest Irrevocable 2004 Trust III e l'Ernest C. Garcia III Multi-Generational Trust III, per i quali la persona che presenta la segnalazione ricopre il ruolo di fiduciario responsabile degli investimenti e di co-amministratore fiduciario. Il Form 4 è stato firmato da Paul Breaux per procura a nome del sig. Garcia il 22 agosto 2025.

Ernest C. Garcia III vendió un total de 923.155 acciones ordinarias Clase A de Carvana Co. el 20 de agosto de 2025. Las ventas se realizaron en varias transacciones a precios que oscilaron aproximadamente entre $318,54 y $332,62 por acción y se ejecutaron en virtud de un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las acciones vendidas se tenían de forma indirecta a través de dos fideicomisos: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III, de los cuales la persona que informa actúa como fiduciario de inversiones y coadministrador fiduciario. El Form 4 fue firmado por Paul Breaux por poder notarial en nombre del Sr. Garcia el 22 de agosto de 2025.

Ernest C. Garcia III는 2025년 8월 20일 Carvana Co. 클래스 A 보통주 총 923,155주를 매도했습니다. 해당 매도는 여러 거래에 걸쳐 주당 약 $318.54에서 $332.62 사이의 가격으로 이루어졌으며, 2024년 12월 13일 채택된 Rule 10b5-1 거래 계획에 따라 실행되었습니다. 처분된 주식은 Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III라는 두 신탁을 통해 간접적으로 보유되어 있었으며, 보고인은 그 신탁들의 투자 신탁관리자(Investment Trustee) 및 공동 관리 신탁 관리자(Co-Administrative Trustee)로서 역할을 하고 있습니다. Form 4는 2025년 8월 22일 Paul Breaux가 Garcia 씨의 위임장에 따라 서명했습니다.

Ernest C. Garcia III a vendu au total 923 155 actions ordinaires de catégorie A de Carvana Co. le 20 août 2025. Les ventes ont été réalisées au cours de plusieurs opérations à des prix compris approximativement entre 318,54 $ et 332,62 $ par action et ont été exécutées conformément à un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les actions cédées étaient détenues indirectement par l'intermédiaire de deux trusts : l'Ernest Irrevocable 2004 Trust III et l'Ernest C. Garcia III Multi-Generational Trust III, pour lesquels la personne déclarante exerce les fonctions de fiduciaire d'investissement et de co-administrateur fiduciaire. Le Form 4 a été signé par Paul Breaux par procuration pour M. Garcia le 22 août 2025.

Ernest C. Garcia III veräußerte am 20. August 2025 insgesamt 923.155 Aktien der Klasse A von Carvana Co. Die Verkäufe erfolgten in mehreren Transaktionen zu Preisen von etwa $318,54 bis $332,62 je Aktie und wurden im Rahmen eines am 13. Dezember 2024 angenommenen Rule-10b5-1-Handelsplans ausgeführt. Die veräußerten Aktien wurden indirekt über zwei Trusts gehalten: den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III, für die die meldepflichtige Person als Treuhänder für Investitionen und als mitverwaltender Treuhänder (Co-Administrative Trustee) fungiert. Das Formular Form 4 wurde am 22. August 2025 von Paul Breaux per Vollmacht für Herrn Garcia unterzeichnet.

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)
08/20/2025
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 08/20/2025 S 55(1) D $319.23(2) 526,385 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 54(1) D $319.25(4) 626,386 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 86(1) D $319.72(6) 526,299 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 87(1) D $319.81(7) 626,299 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 69(1) D $320.84(8) 526,230 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 69(1) D $320.84(8) 626,230 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 459(1) D $322.65(9) 525,771 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 458(1) D $323.02(10) 625,772 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 547(1) D $323.74(11) 525,224 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 548(1) D $324.13(12) 625,224 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 89(1) D $324.88(13) 525,135 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 89(1) D $324.88(13) 625,135 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 50(1) D $326.2 525,085 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 50(1) D $326.2 625,085 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 104(1) D $327.83(14) 524,981 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 103(1) D $328.19(15) 624,982 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 152(1) D $328.66(16) 524,829 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 152(1) D $328.66(16) 624,830 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 302(1) D $330.13(17) 524,527 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 303(1) D $330.36(18) 624,527 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 532(1) D $331.29(19) 523,995 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 532(1) D $331.29(19) 623,995 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 08/20/2025 S 665(1) D $332.19(20) 523,330 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 08/20/2025 S 665(1) D $332.19(20) 623,330 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 923,155 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 $318.54 to $319.24 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. This transaction was executed in multiple trades at prices ranging from $319.24 to $319.45 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.
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 $319.64 to $319.72 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 $319.72 to $320.50 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.
8. This transaction was executed in multiple trades at prices ranging from $320.71 to $320.89, 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 $322.35 to $322.95 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 $322.95 to $323.08 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 $323.43 to $323.98 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 $323.98 to $324.41 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 $324.55 to $325.16, 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 $327.25 to $327.87 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 $327.87 to $328.20 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 $328.46 to $329.46 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 $329.55 to $330.22 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 $330.22 to $330.55 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 $330.63 to $331.60 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 $331.65 to $332.62 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 08/22/2025
** 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 disclose on August 20, 2025?

The Form 4 discloses that Ernest C. Garcia III sold 923,155 Class A shares of Carvana on August 20, 2025, pursuant to a Rule 10b5-1 plan.

Were the sales made under a trading plan for CVNA insider Garcia?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024.

At what prices were the CVNA shares sold?

The trades were executed in multiple blocks with prices ranging approximately from $318.54 to $332.62 per share, with volume-weighted averages reported for each block.

Through what vehicles were the CVNA shares held?

The sold shares were held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III.

Who signed the Form 4 filing for CVNA?

The Form 4 was signed by Paul Breaux, by Power of Attorney for Ernest C. Garcia, III on August 22, 2025.
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