[Form 4] CARVANA CO. Insider Trading Activity

Q: Through which entities were the shares held?

The sold shares were held indirectly by the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III , where the reporting person serves as Investment Trustee and Co-Administrative Trustee.

Q: Who signed the Form 4 filing?

The Form 4 is signed by Paul Breaux, by Power of Attorney for Ernest C. Garcia, III with a signature date of 09/15/2025 .

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Ernest C. Garcia III, CEO, director and >10% owner of Carvana Co. (CVNA), reported multiple sales of Class A common stock executed on 09/12/2025 under a Rule 10b5-1 trading plan adopted on December 13, 2024. The transactions, effected in multiple trades, total 921,926 shares disposed and were reported on Form 4 filed 09/15/2025. Sales occurred across a series of price bands with reported volume-weighted average prices that ranged roughly from the mid-$349 to mid-$360 per share by tranche as described in the explanatory notes. Shares sold were held indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where the reporting person serves as Investment Trustee and Co-Administrative Trustee. The Form 4 is signed by a power of attorney.

Ernest C. Garcia III, CEO, presidente e >10% proprietario di Carvana Co. (CVNA), ha riportato molteplici vendite di azioni ordinarie di Classe A eseguite il 12/09/2025 nell’ambito di un piano di negoziazione Rule 10b5-1 adottato il 13 dicembre 2024. Le operazioni, eseguite in più transazioni, ammontano a 921.926 azioni vendute e sono state riportate sul modulo 4 presentato il 15/09/2025. Le vendite hanno avuto luogo su una serie di fasce di prezzo con prezzi medi ponderati per volume riportati che varia- vano approssimativamente tra metà $349 e metà $360 per azione per tranche, come descritto nelle note esplicative. Le azioni vendute erano detenute indirettamente tramite l’Ernest Irrevocable 2004 Trust III e l’Ernest C. Garcia III Multi-Generational Trust III, dove la persona che segnala funge da Investment Trustee e Co-Administrative Trustee. Il Form 4 è firmato da una procura.

Ernest C. Garcia III, CEO, director y >10% propietario de Carvana Co. (CVNA), reportó múltiples ventas de acciones ordinarias Clase A ejecutadas el 12/09/2025 bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024. Las transacciones, realizadas en múltiples operaciones, totalizan 921.926 acciones vendidas y se reportaron en el Formulario 4 presentado el 15/09/2025. Las ventas ocurrieron a lo largo de una serie de bandas de precios con precios medios ponderados por volumen reportados que oscilan aproximadamente desde la mitad de $349 hasta la mitad de $360 por acción por tramo, tal como se describe en las notas explicativas. Las acciones vendidas estaban indirectamente mantenidas a través del Ernest Irrevocable 2004 Trust III y del Ernest C. Garcia III Multi-Generational Trust III, donde la persona reportante actúa como Investment Trustee y Co-Administrative Trustee. El Formulario 4 está firmado ante un poder.

Ernest C. Garcia III, CEO, 이사 및 Carvana Co. (CVNA)의 >10% 소유주는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 2025년 9월 12일에 여러 차례의 A형 보통주 매도를 실행했다고 보고했습니다. 다수의 거래로 이루어진 해당 거래는 총 921,926주 매도이며 2025년 9월 15일에 제출된 Form 4에 보고되었습니다. 매도는 여러 가격대에서 일어나며 거래량 가중평균가(Volume-Weighted Average Price)가 대략 주당 $349 중반에서 $360 중반 사이의 구간으로 트랜치별로 보고되었으며, 설명 주석에 자세히 설명되어 있습니다. 매도 주식은 Ernest Irrevocable 2004 Trust III와 Ernest C. Garcia III Multi-Generational Trust III를 통해 간접 보유되었으며, 보고자는 투자 신탁인 Executor/Investment Trustee 및 Co-Administrative Trustee의 역할을 수행합니다. Form 4는 위임장으로 서명되었습니다.

Ernest C. Garcia III, PDG, administrateur et >10% propriétaire de Carvana Co. (CVNA), a signalé plusieurs ventes d’actions ordinaires de classe A exécutées le 12/09/2025 dans le cadre d’un plan de négociation Rule 10b5-1 adopté le 13 décembre 2024. Les transactions, effectuées en plusieurs échanges, totalisent 921 926 actions vendues et ont été déclarées sur le Formulaire 4 déposé le 15/09/2025. Les ventes ont eu lieu sur une série de bandes de prix avec des prix moyens pondérés par le volume rapportés qui variaient approximativement entre la mi-349 $ et la mi-360 $ par action par tranche, comme décrit dans les notes explicatives. Les actions vendues étaient détenues indirectement par le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III, où la personne déclarant agit en tant que Investment Trustee et Co-Administrative Trustee. Le Formulaire 4 est signé par une procuration.

Ernest C. Garcia III, CEO, Direktor und >10% Eigentümer von Carvana Co. (CVNA), meldete mehrere Verkäufe von Class-A-Stammaktien, die am 12.09.2025 im Rahmen eines Rule 10b5-1-Handelsplans durchgeführt wurden, der am 13. Dezember 2024 angenommen wurde. Die Transaktionen, die in mehreren Geschäften durchgeführt wurden, belaufen sich auf insgesamt 921.926 Aktien und wurden im Form 4 berichtet, eingereicht am 15.09.2025. Die Verkäufe erfolgten über eine Reihe von Preisbändern mit volumenweighted Durchschnittspreisen, die pro Tranche ungefähr zwischen Mitte $349 und Mitte $360 pro Aktie lagen, wie in den Erläuterungen beschrieben. Die verkauften Aktien wurden indirekt über den Ernest Irrevocable 2004 Trust III und den Ernest C. Garcia III Multi-Generational Trust III gehalten, wobei die meldende Person als Investment Trustee und Co-Administrative Trustee fungiert. Das Form 4 ist durch eine Vollmacht unterschrieben.

إرنست سي. غارسا III، الرئيس التنفيذي، المدير والمالك >10% من شركة Carvana Co. (CVNA)، أبلغ عن عدة مبيعات لأسهم فئة أ العادية نفذت في 12/09/2025 بموجب خطة تداول Rule 10b5-1 التي اعتمدت في 13 ديسمبر 2024. تمت المعاملات، التي جرت عبر عدة صفقات، بإجمالي 921,926 سهماً مُباعاً وتم الإبلاغ عنها في النموذج 4 المقدم في 15/09/2025. وقعت المبيعات عبر سلسلة من نطاقات الأسعار مع أسعار وزنية حسب الحجم تبلغ تقريبا بين منتصف 349 دولاراً و منتصف 360 دولاراً للسهم لكل شريحة كما ورد في الملاحظات التفسيرية. الأسهم المباعة مملوكة بشكل غير مباشر من خلال Ernest Irrevocable 2004 Trust III و Ernest C. Garcia III Multi-Generational Trust III، حيث يعمل المبلغ بالإبلاغ كوصي استثماري ووصي إداري مساعد. النموذج 4 موقّع بتوكيل.

Ernest C. Garcia III，Carvana Co.（CVNA）的首席执行官、董事及超过10%的股东，在于2025年9月12日按于2024年12月13日通过Rule 10b5-1交易计划执行的多笔A类普通股交易中，进行了多笔出售。交易以多笔方式进行，总计出售了921,926股，并于2025年9月15日提交的Form 4中披露。出售分布在一系列价格区间，按成交量加权平均价报告，大致从每股$349中位数到$360中位数之间，按分批披露于解释性说明中。出售的股票通过 Ernest Irrevocable 2004 Trust III 和 Ernest C. Garcia III Multi-Generational Trust III 间接持有，申报人担任投资信托人和共同行政信托人。Form 4 由授权书签名。

Positive

Transactions executed under a Rule 10b5-1 trading plan adopted 12/13/2024, as indicated on the Form 4

Detailed explanatory notes provide VWAP ranges per tranche and state willingness to provide per-trade details on request

Ownership and trustee roles disclosed (Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III)

Negative

Substantial insider dispositions totaling 921,926 shares were reported on 09/12/2025

Sales spanned price bands roughly from $349.27 to $360.47 across multiple tranches, representing material insider liquidity

Insights

TL;DR: Large, preplanned insider dispositions totaling 921,926 shares were disclosed; transactions executed across multiple price bands on 09/12/2025.
The filings show that the CEO, who is also a director and >10% owner, executed substantial sales under a Rule 10b5-1 plan adopted 12/13/2024. The disclosure lists tranche-specific VWAP ranges for each reported sale series, demonstrating staged execution rather than a single block trade. Reporting under Form 4 and the explanatory notes provide granular price bands and the indirect ownership vehicles involved, which aids transparency for market participants assessing insider liquidity events.

TL;DR: The transactions were conducted pursuant to a documented 10b5-1 plan and disclosed promptly, reducing concerns about opportunistic trading timing.
The Form 4 explicitly checks the box indicating the trades were made pursuant to a Rule 10b5-1(c) plan adopted on 12/13/2024, and provides volume-weighted average sale prices with ranges for each tranche. The reporting person’s roles (CEO, director, >10% owner) and trustee capacities over two named trusts are disclosed. The filing is signed by power of attorney, and the explanatory notes state willingness to provide per-trade details to regulators or holders upon request, which supports governance transparency.

09/15/2025 - 05:48 PM

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)
09/12/2025

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 09/12/2025 S 177⁽¹⁾ D $349.47⁽²⁾ 446,263 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 176⁽¹⁾ D $349.86⁽⁴⁾ 546,264 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 225⁽¹⁾ D $350.89⁽⁶⁾ 446,038 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 225⁽¹⁾ D $350.89⁽⁶⁾ 546,039 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 260⁽¹⁾ D $351.73⁽⁷⁾ 445,778 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 261⁽¹⁾ D $352.05⁽⁸⁾ 545,778 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 158⁽¹⁾ D $353.48⁽⁹⁾ 445,620 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 158⁽¹⁾ D $353.48⁽⁹⁾ 545,620 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 123⁽¹⁾ D $354.49⁽¹⁰⁾ 445,497 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 123⁽¹⁾ D $354.49⁽¹⁰⁾ 545,497 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 719⁽¹⁾ D $355.23⁽¹¹⁾ 444,778 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 718⁽¹⁾ D $355.78⁽¹²⁾ 544,779 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 592⁽¹⁾ D $356.52⁽¹³⁾ 444,186 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 592⁽¹⁾ D $356.52⁽¹³⁾ 544,187 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 242⁽¹⁾ D $357.26⁽¹⁴⁾ 443,944 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 243⁽¹⁾ D $357.62⁽¹⁵⁾ 543,944 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 131⁽¹⁾ D $359.15⁽¹⁶⁾ 443,813 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 131⁽¹⁾ D $359.15⁽¹⁶⁾ 543,813 I Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾

Class A Common Stock 09/12/2025 S 403⁽¹⁾ D $359.83⁽¹⁷⁾ 443,410 I Ernest Irrevocable 2004 Trust III⁽³⁾

Class A Common Stock 09/12/2025 S 403⁽¹⁾ D $359.83⁽¹⁷⁾ 543,410 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. This transaction was executed in multiple trades at prices ranging from $349.27 to $349.54 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 $349.54 to $349.96 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 $350.40 to $351.40 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 $351.41 to $352.01 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 $352.01 to $352.17 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 $352.80 to $353.77, 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.

10. This transaction was executed in multiple trades at prices ranging from $353.92 to $354.86, 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 $355.00 to $355.50, 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.

12. This transaction was executed in multiple trades at prices ranging from $355.50 to $356.00, 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 $356.01 to $357.00, 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 $357.06 to $357.46, 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.

15. This transaction was executed in multiple trades at prices ranging from $357.46 to $358.00, 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 $358.49 to $359.46, 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 $359.51 to $360.47, 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 09/15/2025

** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Carvana (CVNA) disclose on 09/12/2025?

The Form 4 reports that Ernest C. Garcia III sold a total of 921,926 shares of Class A common stock on 09/12/2025 under a Rule 10b5-1 plan.

Were the sales by Ernest C. Garcia III preplanned under a trading plan?

Yes. The Form 4 indicates the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on December 13, 2024.

At what prices were the shares sold?

Explanatory notes show tranche-level VWAP ranges with trades executed in multiple price bands roughly from $349.27 to $360.47; each tranche reports a volume-weighted average sale price in its note.

Through which entities were the shares held?

The sold shares were held indirectly by the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, where the reporting person serves as Investment Trustee and Co-Administrative Trustee.

Who signed the Form 4 filing?

The Form 4 is signed by Paul Breaux, by Power of Attorney for Ernest C. Garcia, III with a signature date of 09/15/2025.

[Form 4] CARVANA CO. Insider Trading Activity

Insights

FAQ

What insider transactions did Carvana (CVNA) disclose on 09/12/2025?

Were the sales by Ernest C. Garcia III preplanned under a trading plan?

At what prices were the shares sold?

Through which entities were the shares held?

Who signed the Form 4 filing?

NYSE:CVNA

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CVNA Latest SEC Filings

CVNA Stock Data

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	09/12/2025		S		177⁽¹⁾	D	$349.47⁽²⁾	446,263	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		176⁽¹⁾	D	$349.86⁽⁴⁾	546,264	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		225⁽¹⁾	D	$350.89⁽⁶⁾	446,038	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		225⁽¹⁾	D	$350.89⁽⁶⁾	546,039	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		260⁽¹⁾	D	$351.73⁽⁷⁾	445,778	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		261⁽¹⁾	D	$352.05⁽⁸⁾	545,778	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		158⁽¹⁾	D	$353.48⁽⁹⁾	445,620	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		158⁽¹⁾	D	$353.48⁽⁹⁾	545,620	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		123⁽¹⁾	D	$354.49⁽¹⁰⁾	445,497	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		123⁽¹⁾	D	$354.49⁽¹⁰⁾	545,497	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		719⁽¹⁾	D	$355.23⁽¹¹⁾	444,778	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		718⁽¹⁾	D	$355.78⁽¹²⁾	544,779	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		592⁽¹⁾	D	$356.52⁽¹³⁾	444,186	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		592⁽¹⁾	D	$356.52⁽¹³⁾	544,187	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		242⁽¹⁾	D	$357.26⁽¹⁴⁾	443,944	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		243⁽¹⁾	D	$357.62⁽¹⁵⁾	543,944	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		131⁽¹⁾	D	$359.15⁽¹⁶⁾	443,813	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		131⁽¹⁾	D	$359.15⁽¹⁶⁾	543,813	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁵⁾
Class A Common Stock	09/12/2025		S		403⁽¹⁾	D	$359.83⁽¹⁷⁾	443,410	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	09/12/2025		S		403⁽¹⁾	D	$359.83⁽¹⁷⁾	543,410	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	09/15/2025
	** 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.

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[Form 4] CARVANA CO. Insider Trading Activity

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