[Form 4] CARVANA CO. Insider Trading Activity

Rhea-AI Filing Summary

Carvana insider sales by CEO Ernest C. Garcia III — This Form 4 reports multiple sales of Class A common stock by Ernest C. Garcia III on 09/30/2025, executed under a Rule 10b5-1 trading plan adopted on December 13, 2024. The filing lists aggregated disposals across many trades totaling 921,926 shares sold at volume-weighted average prices in the $374.60–$386.49 range, with individual trade price ranges provided for each lot. Shares are held indirectly through two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where the reporting person serves as trustee. The Form is signed by Paul Breaux by power of attorney on 10/01/2025.

Positive

• Sales executed under a Rule 10b5-1 trading plan, which is disclosed in the filing
• Detailed pricing ranges and volume-weighted average prices are provided for transparency
• Indirect ownership and trustee roles are clearly stated, identifying the Irrevocable Trust and Multi-Generational Trust

Negative

• Large aggregate disposition of 921,926 shares could be material to holders but the filing does not quantify percent ownership impact
• Transactions executed by power of attorney (signed by Paul Breaux) — the filing does not include additional context about authorization beyond the signature

Insights

Securities Analyst

TL;DR: CEO sold 921,926 shares under a pre-existing 10b5-1 plan; transaction is disclosed and routine in form.

The filing documents a sizable block of disposals completed on 09/30/2025 under a Rule 10b5-1 plan adopted December 13, 2024. The report provides detailed volume-weighted average prices and price ranges for multiple trade lots, and identifies indirect ownership via two trusts where the reporting person is trustee. From a reporting perspective, disclosures are complete: transaction codes are listed as sales and explanatory footnotes specify the trading-plan provenance and price-range details. For investors, the data allow verification of timing and execution method without requiring inference beyond the filing text.

Corporate Governance Expert

TL;DR: Form 4 shows compliant insider disposals executed under a 10b5-1 plan; documentation and trustee roles are clearly stated.

The submission clearly identifies the reporting person’s roles (Director, 10% owner, CEO) and the indirect ownership structure through the Irrevocable Trust and Multi-Generational Trust. The signer executed the Form by power of attorney, and the explanatory remarks state the availability of detailed per-price trade information upon request. The filing follows required disclosure protocols for Section 16 insiders and provides the necessary context that the sales were prearranged under a trading plan, which is material to interpreting the transactions.

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).

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)
09/30/2025

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	09/30/2025		S		104(1)	D	$374.79(2)(3)	386,336	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		104(1)	D	$374.79(2)(3)	486,336	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		296(1)	D	$375.87(2)(6)	386,040	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		295(1)	D	$376.24(2)(7)	486,041	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		937(1)	D	$377.34(2)(8)	385,103	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		937(1)	D	$377.34(2)(8)	485,104	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		510(1)	D	$378.41(2)(9)	384,593	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		510(1)	D	$378.41(2)(9)	484,594	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		1,021(1)	D	$379.42(2)(10)	383,572	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		1,021(1)	D	$379.42(2)(10)	483,573	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		427(1)	D	$380.36(2)(11)	383,145	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		427(1)	D	$380.36(2)(11)	483,146	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		670(1)	D	$381.56(2)(12)	382,475	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		670(1)	D	$381.56(2)(12)	482,476	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		350(1)	D	$382.75(2)(13)	382,125	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		350(1)	D	$382.75(2)(13)	482,126	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		171(1)	D	$383.64(2)(14)	381,954	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		172(1)	D	$384.01(2)(15)	481,954	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		215(1)	D	$385.17(2)(16)	381,739	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		215(1)	D	$385.17(2)(16)	481,739	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock	09/30/2025		S		2(1)	D	$385.95(2)(17)	381,737	I	Ernest Irrevocable 2004 Trust III(4)
Class A Common Stock	09/30/2025		S		2(1)	D	$385.95(2)(17)	481,737	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock								921,926	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 $374.60 to $374.96, 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 $375.67 to $376.14, inclusive.

7. This transaction was executed in multiple trades at prices ranging from $376.14 to $376.28, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $376.83 to $377.79, inclusive.

9. This transaction was executed in multiple trades at prices ranging from $377.88 to $378.87, inclusive.

10. This transaction was executed in multiple trades at prices ranging from $378.93 to $379.93, inclusive.

11. This transaction was executed in multiple trades at prices ranging from $379.95 to $380.86, inclusive.

12. This transaction was executed in multiple trades at prices ranging from $381.12 to $382.03, inclusive.

13. This transaction was executed in multiple trades at prices ranging from $382.16 to $383.10, inclusive.

14. This transaction was executed in multiple trades at prices ranging from $383.50 to $383.72, inclusive.

15. This transaction was executed in multiple trades at prices ranging from $383.72 to $384.14, inclusive.

16. This transaction was executed in multiple trades at prices ranging from $384.54 to $385.47, inclusive.

17. This transaction was executed in multiple trades at prices ranging from $385.64 to $386.49, inclusive.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	10/01/2025
	** 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 Ernest C. Garcia III report on Form 4 for CVNA?

The Form 4 reports multiple sales of Class A common stock on 09/30/2025 totaling 921,926 shares, executed under a Rule 10b5-1 plan.

Were the sales part of a pre-arranged trading plan?

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

At what prices were the CVNA shares sold?

The filing reports volume-weighted average sale prices and specific trade ranges for each lot, with overall trade prices ranging from $374.60 to $386.49.

How are the sold shares held?

Shares are held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III; the reporting person is trustee for both.

Who signed the Form 4?

The Form 4 is signed by Paul Breaux by power of attorney for Ernest C. Garcia, III, dated 10/01/2025.