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[Form 4] Carvana Co. Insider Trading Activity

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

Carvana Co. (CVNA) – Form 4 insider activity. On 29 & 30 Jul 2025, 10 % owner/director Ernest C. Garcia II exchanged a total of 100,000 Class A Units of Carvana Group for 100,000 Class A shares under the 2017 Exchange Agreement.

Immediately after each conversion, he sold the full 50,000-share blocks (aggregate 100,000 shares) through a Rule 10b5-1 trading plan at weighted-average prices ranging from $329.32 to $344.40, realising roughly $33-34 million in gross proceeds. His direct Class A share balance fell back to zero after the transactions.

The conversions required cancellation of 100,000 Class B super-voting shares, trimming Garcia’s Class B holdings from 35.39 million to 35.34 million. He still controls 8.0 million Class B shares and 10 million exchangeable Class A Units through ECG II SPE, LLC, plus 44.18 million Class A Units held directly.

Key takeaway: Large, pre-planned insider sales monetise ~$33 m of stock but do not meaningfully alter Garcia’s overall economic or voting position.

Carvana Co. (CVNA) – Attività insider Form 4. Il 29 e 30 luglio 2025, Ernest C. Garcia II, proprietario/direttore con il 10% delle quote, ha convertito un totale di 100.000 Unità Classe A di Carvana Group in 100.000 azioni Classe A secondo l'Accordo di Scambio del 2017.

Subito dopo ogni conversione, ha venduto interamente i blocchi da 50.000 azioni (per un totale di 100.000 azioni) tramite un piano di trading Rule 10b5-1, a prezzi medi ponderati compresi tra $329,32 e $344,40, realizzando circa 33-34 milioni di dollari di proventi lordi. Dopo le transazioni, il suo saldo diretto di azioni Classe A è tornato a zero.

Le conversioni hanno comportato la cancellazione di 100.000 azioni Classe B con super-voto, riducendo le sue azioni Classe B da 35,39 milioni a 35,34 milioni. Garcia controlla ancora 8,0 milioni di azioni Classe B e 10 milioni di Unità Classe A convertibili tramite ECG II SPE, LLC, oltre a 44,18 milioni di Unità Classe A detenute direttamente.

Conclusione chiave: Le grandi vendite insider pre-pianificate monetizzano circa 33 milioni di dollari di azioni ma non modificano in modo significativo la posizione economica o di voto complessiva di Garcia.

Carvana Co. (CVNA) – Actividad insider Formulario 4. El 29 y 30 de julio de 2025, Ernest C. Garcia II, propietario/director con un 10%, intercambió un total de 100,000 Unidades Clase A de Carvana Group por 100,000 acciones Clase A bajo el Acuerdo de Intercambio de 2017.

Inmediatamente después de cada conversión, vendió los bloques completos de 50,000 acciones (total 100,000 acciones) mediante un plan de trading Rule 10b5-1 a precios promedio ponderados entre $329.32 y $344.40, obteniendo aproximadamente $33-34 millones en ingresos brutos. Su saldo directo de acciones Clase A quedó en cero tras las transacciones.

Las conversiones requirieron la cancelación de 100,000 acciones Clase B con supervoto, reduciendo las tenencias de Garcia de 35.39 millones a 35.34 millones. Él aún controla 8.0 millones de acciones Clase B y 10 millones de Unidades Clase A intercambiables a través de ECG II SPE, LLC, además de 44.18 millones de Unidades Clase A en propiedad directa.

Conclusión clave: Grandes ventas insider preplaneadas monetizan aproximadamente $33 millones en acciones pero no alteran significativamente la posición económica o de voto general de Garcia.

Carvana Co. (CVNA) – Form 4 내부자 거래 활동. 2025년 7월 29일과 30일, 10% 지분 보유자이자 이사인 Ernest C. Garcia II가 2017년 교환 계약에 따라 Carvana Group의 클래스 A 유닛 100,000개를 클래스 A 주식 100,000주로 교환했습니다.

각 전환 직후 그는 Rule 10b5-1 거래 계획을 통해 50,000주씩 총 100,000주를 가중평균 가격 $329.32에서 $344.40 사이에 매도하여 약 3,300만~3,400만 달러의 총 수익을 실현했습니다. 거래 후 그의 직접 보유 클래스 A 주식 잔액은 제로가 되었습니다.

전환으로 인해 100,000주의 클래스 B 초우선 투표권 주식이 취소되어 Garcia의 클래스 B 보유량은 3,539만 주에서 3,534만 주로 줄었습니다. 그는 여전히 ECG II SPE, LLC를 통해 800만 클래스 B 주식과 1,000만 교환 가능한 클래스 A 유닛을 통제하며, 직접 보유한 4,418만 클래스 A 유닛도 보유하고 있습니다.

핵심 요점: 대규모 사전 계획된 내부자 매도는 약 3,300만 달러의 주식을 현금화했지만 Garcia의 전체 경제적 또는 의결권 지위에는 큰 변화를 주지 않습니다.

Carvana Co. (CVNA) – Activité des initiés Formulaire 4. Les 29 et 30 juillet 2025, Ernest C. Garcia II, propriétaire/directeur détenant 10 %, a échangé un total de 100 000 unités de classe A de Carvana Group contre 100 000 actions de classe A dans le cadre de l'accord d'échange de 2017.

Immédiatement après chaque conversion, il a vendu les blocs complets de 50 000 actions (soit un total de 100 000 actions) via un plan de trading Rule 10b5-1 à des prix moyens pondérés allant de 329,32 $ à 344,40 $, réalisant environ 33-34 millions de dollars de produits bruts. Son solde direct d'actions de classe A est revenu à zéro après les transactions.

Les conversions ont nécessité l'annulation de 100 000 actions de classe B à super-vote, réduisant les avoirs de Garcia en classe B de 35,39 millions à 35,34 millions. Il contrôle toujours 8,0 millions d'actions de classe B et 10 millions d'unités de classe A échangeables via ECG II SPE, LLC, ainsi que 44,18 millions d'unités de classe A détenues directement.

Conclusion clé : De grandes ventes d'initiés planifiées à l'avance monétisent environ 33 millions de dollars d'actions mais ne modifient pas de manière significative la position économique ou de vote globale de Garcia.

Carvana Co. (CVNA) – Insider-Aktivitäten Form 4. Am 29. und 30. Juli 2025 tauschte Ernest C. Garcia II, 10% Eigentümer/Direktor, insgesamt 100.000 Class A Units von Carvana Group gegen 100.000 Class A Aktien gemäß dem Austauschvertrag von 2017.

Unmittelbar nach jeder Umwandlung verkaufte er die vollen 50.000-Aktien-Blöcke (insgesamt 100.000 Aktien) über einen Rule 10b5-1 Handelsplan zu gewichteten Durchschnittspreisen zwischen 329,32 und 344,40 USD und erzielte dabei rund 33-34 Millionen USD Bruttoerlös. Sein direkter Bestand an Class A Aktien fiel nach den Transaktionen auf Null zurück.

Die Umwandlungen erforderten die Stornierung von 100.000 Class B Super-Voting-Aktien, wodurch Garcias Class B Bestand von 35,39 Millionen auf 35,34 Millionen reduziert wurde. Er kontrolliert weiterhin 8,0 Millionen Class B Aktien und 10 Millionen umwandelbare Class A Units über ECG II SPE, LLC sowie 44,18 Millionen direkt gehaltene Class A Units.

Wichtigste Erkenntnis: Große, vorgeplante Insiderverkäufe realisieren etwa 33 Mio. USD an Aktienerlösen, verändern jedoch Garcias wirtschaftliche oder Stimmrechtsposition nicht wesentlich.

Positive
  • Rule 10b5-1 plan indicates transactions were scheduled in advance, reducing concerns about opportunistic trading.
  • Cancellation of 100,000 Class B super-voting shares modestly narrows dual-class voting gap.
Negative
  • Insider sold 100,000 Class A shares (~$33 m), which can be perceived as a bearish signal.
  • Direct Class A ownership fell to zero, highlighting continued reduction in economic exposure.

Insights

TL;DR: 10% owner liquidates 100k shares (~$33 m); plan-based, but selling pressure may weigh on sentiment.

The filings show back-to-back conversions of Class A Units followed by immediate open-market sales, effectively transferring liquidity from the company’s dual-class structure to cash. Although executed under a 10b5-1 plan, the sheer size—about 0.9 % of Class A float—can be viewed as mildly bearish, signalling the insider’s willingness to reduce exposure at all-time-high prices. Voting control remains intact because only low-vote Class A stock was sold, while Class B super-votes were proportionately cancelled. Impact on share-count dilution is negligible; however, recurring sales could create overhang.

TL;DR: Dual-class unwind modestly improves governance; cancellation of 100k Class B shares is incrementally positive.

Each unit-to-share exchange required a 1-for-1 cancellation of high-vote Class B shares, marginally reducing the voting power disparity between insiders and public shareholders. While the absolute reduction (-0.3 %) is minor, it moves governance in the right direction. Continual conversions over time could gradually shrink the control premium. Still, Garcia’s aggregate voting stake remains dominant, so structural governance risk persists.

Carvana Co. (CVNA) – Attività insider Form 4. Il 29 e 30 luglio 2025, Ernest C. Garcia II, proprietario/direttore con il 10% delle quote, ha convertito un totale di 100.000 Unità Classe A di Carvana Group in 100.000 azioni Classe A secondo l'Accordo di Scambio del 2017.

Subito dopo ogni conversione, ha venduto interamente i blocchi da 50.000 azioni (per un totale di 100.000 azioni) tramite un piano di trading Rule 10b5-1, a prezzi medi ponderati compresi tra $329,32 e $344,40, realizzando circa 33-34 milioni di dollari di proventi lordi. Dopo le transazioni, il suo saldo diretto di azioni Classe A è tornato a zero.

Le conversioni hanno comportato la cancellazione di 100.000 azioni Classe B con super-voto, riducendo le sue azioni Classe B da 35,39 milioni a 35,34 milioni. Garcia controlla ancora 8,0 milioni di azioni Classe B e 10 milioni di Unità Classe A convertibili tramite ECG II SPE, LLC, oltre a 44,18 milioni di Unità Classe A detenute direttamente.

Conclusione chiave: Le grandi vendite insider pre-pianificate monetizzano circa 33 milioni di dollari di azioni ma non modificano in modo significativo la posizione economica o di voto complessiva di Garcia.

Carvana Co. (CVNA) – Actividad insider Formulario 4. El 29 y 30 de julio de 2025, Ernest C. Garcia II, propietario/director con un 10%, intercambió un total de 100,000 Unidades Clase A de Carvana Group por 100,000 acciones Clase A bajo el Acuerdo de Intercambio de 2017.

Inmediatamente después de cada conversión, vendió los bloques completos de 50,000 acciones (total 100,000 acciones) mediante un plan de trading Rule 10b5-1 a precios promedio ponderados entre $329.32 y $344.40, obteniendo aproximadamente $33-34 millones en ingresos brutos. Su saldo directo de acciones Clase A quedó en cero tras las transacciones.

Las conversiones requirieron la cancelación de 100,000 acciones Clase B con supervoto, reduciendo las tenencias de Garcia de 35.39 millones a 35.34 millones. Él aún controla 8.0 millones de acciones Clase B y 10 millones de Unidades Clase A intercambiables a través de ECG II SPE, LLC, además de 44.18 millones de Unidades Clase A en propiedad directa.

Conclusión clave: Grandes ventas insider preplaneadas monetizan aproximadamente $33 millones en acciones pero no alteran significativamente la posición económica o de voto general de Garcia.

Carvana Co. (CVNA) – Form 4 내부자 거래 활동. 2025년 7월 29일과 30일, 10% 지분 보유자이자 이사인 Ernest C. Garcia II가 2017년 교환 계약에 따라 Carvana Group의 클래스 A 유닛 100,000개를 클래스 A 주식 100,000주로 교환했습니다.

각 전환 직후 그는 Rule 10b5-1 거래 계획을 통해 50,000주씩 총 100,000주를 가중평균 가격 $329.32에서 $344.40 사이에 매도하여 약 3,300만~3,400만 달러의 총 수익을 실현했습니다. 거래 후 그의 직접 보유 클래스 A 주식 잔액은 제로가 되었습니다.

전환으로 인해 100,000주의 클래스 B 초우선 투표권 주식이 취소되어 Garcia의 클래스 B 보유량은 3,539만 주에서 3,534만 주로 줄었습니다. 그는 여전히 ECG II SPE, LLC를 통해 800만 클래스 B 주식과 1,000만 교환 가능한 클래스 A 유닛을 통제하며, 직접 보유한 4,418만 클래스 A 유닛도 보유하고 있습니다.

핵심 요점: 대규모 사전 계획된 내부자 매도는 약 3,300만 달러의 주식을 현금화했지만 Garcia의 전체 경제적 또는 의결권 지위에는 큰 변화를 주지 않습니다.

Carvana Co. (CVNA) – Activité des initiés Formulaire 4. Les 29 et 30 juillet 2025, Ernest C. Garcia II, propriétaire/directeur détenant 10 %, a échangé un total de 100 000 unités de classe A de Carvana Group contre 100 000 actions de classe A dans le cadre de l'accord d'échange de 2017.

Immédiatement après chaque conversion, il a vendu les blocs complets de 50 000 actions (soit un total de 100 000 actions) via un plan de trading Rule 10b5-1 à des prix moyens pondérés allant de 329,32 $ à 344,40 $, réalisant environ 33-34 millions de dollars de produits bruts. Son solde direct d'actions de classe A est revenu à zéro après les transactions.

Les conversions ont nécessité l'annulation de 100 000 actions de classe B à super-vote, réduisant les avoirs de Garcia en classe B de 35,39 millions à 35,34 millions. Il contrôle toujours 8,0 millions d'actions de classe B et 10 millions d'unités de classe A échangeables via ECG II SPE, LLC, ainsi que 44,18 millions d'unités de classe A détenues directement.

Conclusion clé : De grandes ventes d'initiés planifiées à l'avance monétisent environ 33 millions de dollars d'actions mais ne modifient pas de manière significative la position économique ou de vote globale de Garcia.

Carvana Co. (CVNA) – Insider-Aktivitäten Form 4. Am 29. und 30. Juli 2025 tauschte Ernest C. Garcia II, 10% Eigentümer/Direktor, insgesamt 100.000 Class A Units von Carvana Group gegen 100.000 Class A Aktien gemäß dem Austauschvertrag von 2017.

Unmittelbar nach jeder Umwandlung verkaufte er die vollen 50.000-Aktien-Blöcke (insgesamt 100.000 Aktien) über einen Rule 10b5-1 Handelsplan zu gewichteten Durchschnittspreisen zwischen 329,32 und 344,40 USD und erzielte dabei rund 33-34 Millionen USD Bruttoerlös. Sein direkter Bestand an Class A Aktien fiel nach den Transaktionen auf Null zurück.

Die Umwandlungen erforderten die Stornierung von 100.000 Class B Super-Voting-Aktien, wodurch Garcias Class B Bestand von 35,39 Millionen auf 35,34 Millionen reduziert wurde. Er kontrolliert weiterhin 8,0 Millionen Class B Aktien und 10 Millionen umwandelbare Class A Units über ECG II SPE, LLC sowie 44,18 Millionen direkt gehaltene Class A Units.

Wichtigste Erkenntnis: Große, vorgeplante Insiderverkäufe realisieren etwa 33 Mio. USD an Aktienerlösen, verändern jedoch Garcias wirtschaftliche oder Stimmrechtsposition nicht wesentlich.

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)
07/29/2025
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 07/29/2025 C 50,000 A (1) 50,000 D
Class A Common Stock 07/29/2025 S(2) 2,690 D $333.2278(3)(4) 47,310 D
Class A Common Stock 07/29/2025 S(2) 2,678 D $334.7404(3)(4) 44,632 D
Class A Common Stock 07/29/2025 S(2) 3,865 D $335.5414(3)(4) 40,767 D
Class A Common Stock 07/29/2025 S(2) 7,770 D $336.5342(3)(4) 32,997 D
Class A Common Stock 07/29/2025 S(2) 3,295 D $337.4675(3)(4) 29,702 D
Class A Common Stock 07/29/2025 S(2) 5,351 D $338.609(3)(4) 24,351 D
Class A Common Stock 07/29/2025 S(2) 7,871 D $339.5392(3)(4) 16,480 D
Class A Common Stock 07/29/2025 S(2) 3,847 D $340.5777(3)(4) 12,633 D
Class A Common Stock 07/29/2025 S(2) 4,220 D $341.6708(3)(4) 8,413 D
Class A Common Stock 07/29/2025 S(2) 6,169 D $342.5874(3)(4) 2,244 D
Class A Common Stock 07/29/2025 S(2) 2,009 D $343.6078(3)(4) 235 D
Class A Common Stock 07/29/2025 S(2) 235 D $344.403(3)(4) 0 D
Class A Common Stock 07/30/2025 C 50,000 A (1) 50,000 D
Class A Common Stock 07/30/2025 S(2) 7,123 D $329.3204(5) 42,877 D
Class A Common Stock 07/30/2025 S(2) 10,088 D $330.5014(5) 32,789 D
Class A Common Stock 07/30/2025 S(2) 10,321 D $331.4504(5) 22,468 D
Class A Common Stock 07/30/2025 S(2) 4,327 D $332.3918(5) 18,141 D
Class A Common Stock 07/30/2025 S(2) 6,102 D $333.3148(5) 12,039 D
Class A Common Stock 07/30/2025 S(2) 5,004 D $334.6124(5) 7,035 D
Class A Common Stock 07/30/2025 S(2) 4,312 D $335.4864(5) 2,723 D
Class A Common Stock 07/30/2025 S(2) 1,997 D $336.3562(5) 726 D
Class A Common Stock 07/30/2025 S(2) 726 D $337.6118(5) 0 D
Class B Common Stock 07/29/2025 J 50,000 D (6) 35,392,792 D
Class B Common Stock 07/30/2025 J 50,000 D (6) 35,342,792 D
Class B Common Stock 8,000,000 I ECG II SPE, LLC(7)
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) 07/29/2025 C 62,500 (1) (1) Class A Common Stock 50,000 $0 44,240,989 D
Class A Units (1) 07/30/2025 C 62,500 (1) (1) Class A Common Stock 50,000 $0 44,178,489 D
Class A Units $0 (8) (8) 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. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $332.9675-$333.81, inclusive (weighted average of $333.2278); $333.985-$334.98, inclusive (weighted average of $334.7404); $334.985-$335.95, inclusive (weighted average of $335.5414); $335.99-$336.98, inclusive (weighted average of $336.5342); $337.05-$338.02, inclusive (weighted average of $337.4675); $338.05-$339.045, inclusive (weighted average of $338.609); $339.095-$340.0925, inclusive (weighted average of $339.5392); $340.105-$341.00, inclusive (weighted average of $340.5777); $341.205-$342.185, inclusive (weighted average of $341.6708); $342.21-$343.19, inclusive (weighted average of $342.5874); $343.22-$343.84, inclusive (weighted average of $343.6078); and $344.40-$344.42, inclusive (weighted average of $344.403), respectively.
4. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
5. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $328.76-$329.71, inclusive (weighted average of $329.3204); $330.00-$330.99, inclusive (weighted average of $330.5014); $331.00-$331.97, inclusive (weighted average of $331.4504); $332.00-$332.89, inclusive (weighted average of $332.3918); $333.00-$333.91, inclusive (weighted average of $333.3148); $334.02-$334.99, inclusive (weighted average of $334.6124); $335.105-$336.10, inclusive (weighted average of $335.4864); $336.1075-$337.04, inclusive (weighted average of $336.3562); and $337.18-$337.98, inclusive (weighted average of $337.6118), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
6. 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.
7. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
8. 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 07/31/2025
/s/ Ernest C. Garcia II, ECG II SPE, LLC 07/31/2025
** 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

How many Carvana (CVNA) shares did Ernest Garcia II sell?

He sold 100,000 Class A shares on 29-30 Jul 2025 under a Rule 10b5-1 plan.

What was the average sale price of the CVNA shares?

Weighted-average prices ranged from $329.32 to $344.40 per share.

Did the insider’s voting control change after the transactions?

Voting power declined marginally as 100,000 Class B shares were cancelled, but Garcia still holds over 35 million Class B shares.

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

Yes, the transactions were executed under a Rule 10b5-1 plan adopted on 13 Dec 2024.

How many Class A Units remain exchangeable by the insider?

Garcia directly holds 44.18 million Class A Units and ECG II SPE, LLC holds an additional 10 million.
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Carvana

NYSE:CVNA

CVNA Rankings

#721 Ranked by Market Cap
N/A Ranked by Dividends

CVNA Latest News

Jul 30, 2025
Carvana Announces Record Second Quarter 2025 Results
Jul 28, 2025
Carvana Brings Inspection and Reconditioning Center Capabilities to ADESA Seattle
Jul 2, 2025
Carvana to Report Second Quarter 2025 Results and Host Quarterly Conference Call on July 30
Jun 10, 2025
Jon Hamm and Carvana Launch National Campaign Highlighting the Simpler Way to Sell Your Car
May 28, 2025
Carvana Expands Same-Day Delivery to Denver Area

CVNA Latest SEC Filings

Aug 1, 2025
[SCHEDULE 13D/A] Carvana Co. SEC Filing
Aug 1, 2025
[144] Carvana Co. SEC Filing
Aug 1, 2025
[Form 4] Carvana Co. Insider Trading Activity
Aug 1, 2025
[144] Carvana Co. SEC Filing
Aug 1, 2025
[Form 4] Carvana Co. Insider Trading Activity

CVNA Stock Data

45.04B
131.25M
1.42%
94.21%
6.9%
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