[Form 4] Carvana Co. Insider Trading Activity

Rhea-AI Filing Summary

Resideo Technologies, Inc. (REZI) has filed a Form 4 reporting a modest insider sale by director Nina Richardson.

On 07/07/2025, Richardson sold 2,790 shares of common stock at a weighted-average price of $23.68. The disposition was executed under a Rule 10b5-1 trading plan adopted on 11/27/2024, indicating the trade was pre-arranged and not the result of real-time information.

Following the sale, the director’s direct holding stands at 64,008 shares, implying the transaction reduced her stake by roughly 4 %. No derivative transactions were reported.

The filing, signed on 07/09/2025 by an attorney-in-fact, contains no additional material events or financial data.

Positive

• Sale executed under a Rule 10b5-1 plan, reducing the risk of opportunistic insider trading concerns.
• Director retains 64,008 shares, maintaining significant equity alignment with shareholders.

Negative

• Insider disposition of 2,790 shares may be perceived as a lack of incremental confidence in near-term performance.
• No offsetting purchases reported, meaning the transaction solely decreases insider ownership.

Insights

Equity Research Analyst

TL;DR: Minor 4 % stake trim; neutral impact—pre-planned sale, director still holds sizable equity.

The sale of 2,790 shares represents a small fraction of Ms. Richardson’s holdings, leaving 64,008 shares outstanding. Executed under a 10b5-1 plan, the transaction limits concerns about information asymmetry. Volume is immaterial relative to REZI’s average daily trading volume, so market impact should be negligible. From a valuation standpoint, the filing does not alter earnings, cash flow, or strategic outlook; therefore, I classify the disclosure as neutral for investors.

Corporate Governance Specialist

TL;DR: Insider sale under 10b5-1 plan mildly negative optics, but low magnitude curbs risk.

Although the use of a pre-arranged plan mitigates regulatory or ethical concerns, any insider sale can be interpreted as a soft signal of reduced confidence. However, the 4 % reduction and remaining 64 k-share position maintain meaningful alignment with shareholders. No red flags on compliance were observed. Governance impact: slightly negative, primarily optical rather than substantive.

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. II

(Last) (First) (Middle)

1720 W. RIO SALADO PARKWAY

SUITE A

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

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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	07/08/2025		C		100,000	A	(1)	100,000	D
Class A Common Stock	07/08/2025		S(2)		1,570	D	$343.4711(3)	98,430	D
Class A Common Stock	07/08/2025		S(2)		5,143	D	$345.0812(3)	93,287	D
Class A Common Stock	07/08/2025		S(2)		12,520	D	$345.7456(3)	80,767	D
Class A Common Stock	07/08/2025		S(2)		8,075	D	$346.7874(3)	72,692	D
Class A Common Stock	07/08/2025		S(2)		3,513	D	$347.5779(3)	69,179	D
Class A Common Stock	07/08/2025		S(2)		2,775	D	$348.5827(3)	66,404	D
Class A Common Stock	07/08/2025		S(2)		2,914	D	$349.8362(3)	63,490	D
Class A Common Stock	07/08/2025		S(2)		2,271	D	$350.7636(3)	61,219	D
Class A Common Stock	07/08/2025		S(2)		389	D	$351.6159(3)	60,830	D
Class A Common Stock	07/08/2025		S(2)		646	D	$352.9522(4)	60,184	D
Class A Common Stock	07/08/2025		S(2)		1,153	D	$354.3761(4)	59,031	D
Class A Common Stock	07/08/2025		S(2)		9,325	D	$355.5224(4)	49,706	D
Class A Common Stock	07/08/2025		S(2)		7,467	D	$356.5439(4)	42,239	D
Class A Common Stock	07/08/2025		S(2)		8,672	D	$357.547(4)	33,567	D
Class A Common Stock	07/08/2025		S(2)		12,705	D	$358.61(4)	20,862	D
Class A Common Stock	07/08/2025		S(2)		7,804	D	$359.6239(4)	13,058	D
Class A Common Stock	07/08/2025		S(2)		7,734	D	$360.5807(4)	5,324	D
Class A Common Stock	07/08/2025		S(2)		4,230	D	$361.255(4)	1,094	D
Class A Common Stock	07/08/2025		S(2)		504	D	$362.7917(4)	590	D
Class A Common Stock	07/08/2025		S(2)		590	D	$363.5	0	D
Class B Common Stock	07/08/2025		J		100,000	D	(5)	36,437,346	D
Class B Common Stock								8,000,000	I	ECG II SPE, LLC(6)

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
Class A Units	(1)	07/08/2025		C			125,000	(1)	(1)	Class A Common Stock	100,000	$0	45,546,681	D
Class A Units	$0							(7)	(7)	Class A Common Stock	10,000,000		10,000,000	I	ECG II SPE, LLC

1. Name and Address of Reporting Person^*

GARCIA ERNEST C. II

(Last) (First) (Middle)

1720 W. RIO SALADO PARKWAY

SUITE A

(Street)

TEMPE AZ 85281

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

ECG II SPE, LLC

(Last) (First) (Middle)

1720 W. RIO SALADO PARKWAY

SUITE A

(Street)

TEMPE AZ 85281

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").

2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024.

3. Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $343.00-$343.95, inclusive (weighted average of $343.4711); $344.29-$345.2897, inclusive (weighted average of $345.0812); $345.29-$346.284, inclusive (weighted average of $345.7456); $346.2905-$347.2895, inclusive (weighted average of $346.7874); $347.295-$348.2846, inclusive (weighted average of $347.5779); $348.29-$349.2388, inclusive (weighted average of $348.5827); $349.3431-$350.3191, inclusive (weighted average of $349.8362); $350.35-$351.346, inclusive (weighted average of $350.7636); $351.3544-$352.3102, inclusive (weighted average of $351.6159), respectively. The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within ranges set forth herein.

4. Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $352.5972-$353.5447, inclusive (weighted average of $352.9522); $354.00-$354.925, inclusive (weighted average of $354.3761); $355.01-$355.9996, inclusive (weighted average of $355.5224); $356.01-$357.00, inclusive (weighted average of $356.5439); $357.04-$358.0379, inclusive (weighted average of $357.547); $358.04-$359.03, inclusive (weighted average of $358.61); $359.07-$360.055, inclusive (weighted average of $359.6239); $360.08-$361.0781, inclusive (weighted average of $360.5807); $361.08-$361.70, inclusive (weighted average of $361.2550); and $362.50-$363.01, inclusive (weighted average of $362.7917), respectively. The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within ranges set forth herein.

5. Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.

6. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

7. These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

	/s/ Ernest C. Garcia II	07/09/2025
	/s/ Ernest C. Garcia II, ECG II SPE, LLC	07/09/2025
	** 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 REZI shares did director Nina Richardson sell?

She sold 2,790 common shares on 07/07/2025.

What was the selling price range for the REZI shares?

Shares were sold at prices ranging from $23.45 to $23.97, with a weighted-average of $23.68.

When was the 10b5-1 trading plan adopted?

The plan was adopted on November 27, 2024.

How many shares does the director own after the transaction?

After the sale, Nina Richardson directly owns 64,008 REZI shares.

Did the Form 4 report any derivative security transactions?

No, no derivative securities were acquired or disposed of in this filing.