Carvana's Garcia III Offloads Shares at $300+ as Stock Hits New Highs

Rhea-AI Filing Summary

Carvana CEO Ernest Garcia III reported multiple insider sales transactions executed through a pre-planned Rule 10b5-1 trading plan established on December 13, 2024. The transactions occurred on June 18 and June 20, 2025.

Key transaction details:

• Total shares sold: 20,000 Class A Common Stock
• Sale prices ranged from $300.23 to $313.46 per share
• Transactions split equally between two trusts: Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III
• Garcia serves as Investment Trustee and Co-Administrative Trustee for both trusts

Following these transactions, Garcia maintains 925,613 shares in direct ownership, while the trusts hold 731,440 and 831,440 shares respectively. Garcia's positions as Director, 10% Owner, and CEO indicate his continued significant stake in the company despite these sales.

Positive

• None.

Negative

• CEO Ernest Garcia III sold a total of 20,000 shares across multiple transactions at prices ranging from $300-$314 per share, with a total value of approximately $6.1 million, executed through a pre-planned 10b5-1 trading 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)
06/18/2025

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	06/18/2025		S		3,182(1)	D	$300.23(2)	738,258	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	06/18/2025		S		3,182(1)	D	$30.23(2)	838,258	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	06/18/2025		S		1,818(1)	D	$301.28(5)	736,440	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	06/18/2025		S		1,818(1)	D	$301.28(5)	836,440	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	06/20/2025		S		3,570(1)	D	$312.76(6)	732,870	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	06/20/2025		S		3,570(1)	D	$312.76(6)	832,870	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	06/20/2025		S		1,430(1)	D	$313.46(7)	731,440	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	06/20/2025		S		1,430(1)	D	$313.46(7)	831,440	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock								925,613	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 $300.00 to $300.99, 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.

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 $301.02 to $301.63 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.

6. This transaction was executed in multiple trades at prices ranging from $312.25 to $313.19, 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 $313.30 to $313.77 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	06/23/2025
	** 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 CVNA shares did CEO Ernest Garcia III sell in June 2025?

CEO Ernest Garcia III sold a total of 20,000 shares across multiple transactions on June 18 and June 20, 2025. The sales were split between two trusts - the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, with each trust selling 10,000 shares.

What was the price range of CVNA stock sales by Garcia on June 18, 2025?

On June 18, 2025, Garcia sold shares in two price ranges: 6,364 shares at prices ranging from $300.00 to $300.99 (average $300.23), and 3,636 shares at prices ranging from $301.02 to $301.63 (average $301.28).

Was CVNA CEO Garcia's stock sale planned in advance?

Yes, according to the filing, the sales were executed pursuant to a Rule 10b5-1 trading plan that was adopted by Garcia on December 13, 2024. This indicates the sales were pre-planned rather than spontaneous transactions.

How many CVNA shares does Ernest Garcia III still own directly after these sales?

After these transactions, Ernest Garcia III directly owned 925,613 shares of Class A Common Stock. Additionally, he indirectly owned 731,440 shares through the Ernest Irrevocable 2004 Trust III and 831,440 shares through the Ernest C. Garcia III Multi-Generational Trust III.

What positions does Ernest Garcia III hold at CVNA according to the Form 4?

According to the Form 4, Ernest Garcia III holds multiple positions at Carvana: he serves as the Chief Executive Officer, Director, and is also a 10% Owner of the company.