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[Form 4] CARVANA CO. Insider Trading Activity

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

Ernest C. Garcia III, filing for CARVANA CO. (CVNA), reported sales of 921,926 shares of Class A common stock on 09/24/2025. The sales were effected under a Rule 10b5-1 trading plan adopted December 13, 2024 and were executed from shares held indirectly in two trusts for which he serves as Investment Trustee and Co-Administrative Trustee: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III. Multiple tranches show volume-weighted average prices and individual trade price ranges; reported VWAPs include prices such as $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04, and $378.39, with detailed per-trade ranges provided in the filing. The Form 4 was signed by Paul Breaux by power of attorney on behalf of Mr. Garcia.

Ernest C. Garcia III, presentando per CARVANA CO. (CVNA), ha comunicato la vendita di 921,926 azioni ordinarie di Classe A il 24/09/2025. Le vendite sono state effettuate nell’ambito di un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024 e sono state eseguite da azioni detenute indirettamente in due trust di cui è Investment Trustee e Co-Administrative Trustee: il Ernest Irrevocable 2004 Trust III e il Ernest C. Garcia III Multi-Generational Trust III. Diverse tranche mostrano prezzi medi ponderati per volume e intervalli di prezzo per operazione; i VWAP riportati includono prezzi quali $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 e $378.39, con dettagli sugli intervalli per singola operazione forniti nel fascicolo. Il Form 4 è stato firmato da Paul Breaux mediante procura per conto del signor Garcia.
Ernest C. Garcia III, presentando para CARVANA CO. (CVNA), informó la venta de 921,926 acciones ordinarias de Clase A el 24/09/2025. Las ventas se realizaron bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024 y se ejecutaron a partir de acciones mantenidas indirectamente en dos fideicomisos de los que él actúa como Investment Trustee y Co-Administrative Trustee: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III. Varios tramos muestran precios medios ponderados por volumen y rangos de precios por operación individual; los VWAP reportados incluyen precios como $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 y $378.39, con rangos por operación detallados en el informe. El Formulario 4 fue firmado por Paul Breaux por poder en nombre del Sr. Garcia.
에르네스트 C. 가르시아 3세가 CARVANA CO. (CVNA)를 대신해 보고한 바에 따르면 2025년 9월 24일 클래스 A 보통주 921,926주를 매도했습니다. 이 매도는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 이루어졌으며, 그는 간접적으로 보유한 주식으로 두 신탁에서 주식의 투자 수탁자이자 공동 관리 수탁자를 맡고 있어 실행되었습니다: Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III. 여러 구간이 거래량 가중 평균가(VWAP)와 개별 거래 가격 구간을 보여줍니다. 보고된 VWAP에는 $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04, $378.39와 같은 가격이 포함되며, 거래별 구간은 파일에 자세히 제공됩니다. Form 4는 Garcia 씨를 대신하여 Paul Breaux가 대리권으로 서명했습니다.
Ernest C. Garcia III, déposant au nom de CARVANA CO. (CVNA), a déclaré la vente de 921 926 actions ordinaires de classe A le 24/09/2025. Les ventes ont été effectuées dans le cadre d’un plan de trading Rule 10b5-1 adopté le 13 décembre 2024 et exécutées à partir d’actions détenues indirectement dans deux fiducies dont il assure les fonctions de Investment Trustee et de Co-Administrative Trustee : le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III. Divers tranches affichent des prix moyens pondérés par le volume et des fourchettes de prix par transaction; les VWAP rapportés incluent des prix tels que $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 et $378.39, avec des détails par transaction fournis dans le dossier. Le Formulaire 4 a été signé par Paul Breaux par procuration au nom de M. Garcia.
Ernest C. Garcia III., im Namen von CARVANA CO. (CVNA), meldete den Verkauf von 921.926 Aktien der Klasse-A-Stammaktien am 24.09.2025. Die Verkäufe erfolgten im Rahmen eines Rule 10b5-1 Handelsplans, der am 13. Dezember 2024 angenommen wurde, und wurden aus indirekt gehaltenen Anteilen in zwei Trusts durchgeführt, für die er als Investment Trustee und Co-Administrative Trustee fungiert: dem Ernest Irrevocable 2004 Trust III und dem Ernest C. Garcia III Multi-Generational Trust III. Mehrere Tranchen zeigen volumengewichtete Durchschnittspreise (VWAP) und einzelne Handelspreisspannen; berichtete VWAPs umfassen Preise wie $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 und $378.39, mit detaillierten pro-Trade-Spannen im Filing. Das Formular 4 wurde von Paul Breaux durch Vollmacht im Namen von Herrn Garcia unterzeichnet.
أعلن إرنست سي. غارثيا الثالث، نيابة عن CARVANA CO. (CVNA)، عن بيع 921,926 سهماً من فئة A العادية في 24/09/2025. تمت المبيعات بموجب خطة تداول Rule 10b5-1 المعتمدة في 13 ديسمبر 2024، وتم تنفيذها من أسهم محتفظ بها بشكل غير مباشر في صندوقين ائتمانيين يشغل فيه دور Investment Trustee وCo-Administrative Trustee: Ernest Irrevocable 2004 Trust III و Ernest C. Garcia III Multi-Generational Trust III. تُظهر عدة أجزاء أحجام التداول المرجحة بالحجم ونطاقات الأسعار للصفقات الفردية؛ تشمل VWAP المبلغ عنها أسعاراً مثل $369.30، $370.31، $371.66، $372.42، $373.61، $374.55، $375.57، $377.04، و$378.39، مع تفاصيل النطاقات لكل صفقة كما ورد في الملف. وقد وقع النموذج 4 باول برو شو عبر وكالة نيابة عن السيد غارثيا.
埃内斯特·C·加西亚三世代表CARVANA CO. (CVNA)报告，在2025年9月24日出售了921,926 股的A类普通股。此次出售是在2024年12月13日通过并执行的 Rule 10b5-1 交易计划，来自他间接持有的两份信托中的股票，这两份信托他担任 Investment Trustee 和 Co-Administrative Trustee：Ernest Irrevocable 2004 Trust III 和 Ernest C. Garcia III Multi-Generational Trust III。多笔交易显示按成交量加权平均价 VWAP 及单笔交易的价格区间；报告的 VWAP 包含如 $369.30、$370.31、$371.66、$372.42、$373.61、$374.55、$375.57、$377.04、$378.39 等价格，文件中提供了每笔交易的详细区间。Form 4 已由 Paul Breaux 代 Garcia 先生签署授权书。
Positive
  • Sales were executed under a Rule 10b5-1 trading plan, indicating preplanned transactions adopted on December 13, 2024
  • Trust holdings and trustee roles are disclosed, clarifying the nature of indirect beneficial ownership in the Ernest Irrevocable 2004 Trust III and the Multi-Generational Trust III
Negative
  • Large aggregate disposition of 921,926 Class A shares on a single date (09/24/2025), which materially reduces insider-held shares
  • Multiple sale tranches across a range of prices may increase available shares in the market on that date

Insights

TL;DR: Large insider sale executed under a pre-established 10b5-1 plan reduces insider stock position but follows an approved trading plan.

The reported disposition of 921,926 Class A shares by Ernest C. Garcia III is material in size and was executed under a 10b5-1 plan adopted on December 13, 2024, which indicates the sales were preplanned and not contemporaneous with nonpublic company developments. The shares sold were held indirectly in two trusts where Mr. Garcia is Investment Trustee and Co-Administrative Trustee, which preserves clarity on beneficial ownership. From a governance perspective, use of a documented 10b5-1 plan is a standard compliance mechanism that mitigates concerns about opportunistic insider sales; however, the magnitude of the sale is consequential for ownership metrics and should be monitored alongside other insider transactions.

TL;DR: Significant single-day sales at mid-$370s per share, executed across multiple trades, reduce insider holdings but reflect orderly liquidation under a plan.

The Form 4 shows dispositions across multiple price points with volume-weighted average prices reported and specific trade ranges disclosed. The total disposed amount of 921,926 shares on 09/24/2025 is sizable and may affect near-term float dynamics depending on overall share base, though the filing does not provide company-wide share count to quantify percentage impact. The filing limits inference to the sales themselves; no other transactions, option exercises, or derivative positions are reported.

Ernest C. Garcia III, presentando per CARVANA CO. (CVNA), ha comunicato la vendita di 921,926 azioni ordinarie di Classe A il 24/09/2025. Le vendite sono state effettuate nell’ambito di un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024 e sono state eseguite da azioni detenute indirettamente in due trust di cui è Investment Trustee e Co-Administrative Trustee: il Ernest Irrevocable 2004 Trust III e il Ernest C. Garcia III Multi-Generational Trust III. Diverse tranche mostrano prezzi medi ponderati per volume e intervalli di prezzo per operazione; i VWAP riportati includono prezzi quali $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 e $378.39, con dettagli sugli intervalli per singola operazione forniti nel fascicolo. Il Form 4 è stato firmato da Paul Breaux mediante procura per conto del signor Garcia.
Ernest C. Garcia III, presentando para CARVANA CO. (CVNA), informó la venta de 921,926 acciones ordinarias de Clase A el 24/09/2025. Las ventas se realizaron bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024 y se ejecutaron a partir de acciones mantenidas indirectamente en dos fideicomisos de los que él actúa como Investment Trustee y Co-Administrative Trustee: el Ernest Irrevocable 2004 Trust III y el Ernest C. Garcia III Multi-Generational Trust III. Varios tramos muestran precios medios ponderados por volumen y rangos de precios por operación individual; los VWAP reportados incluyen precios como $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 y $378.39, con rangos por operación detallados en el informe. El Formulario 4 fue firmado por Paul Breaux por poder en nombre del Sr. Garcia.
에르네스트 C. 가르시아 3세가 CARVANA CO. (CVNA)를 대신해 보고한 바에 따르면 2025년 9월 24일 클래스 A 보통주 921,926주를 매도했습니다. 이 매도는 2024년 12월 13일에 채택된 Rule 10b5-1 거래 계획에 따라 이루어졌으며, 그는 간접적으로 보유한 주식으로 두 신탁에서 주식의 투자 수탁자이자 공동 관리 수탁자를 맡고 있어 실행되었습니다: Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III. 여러 구간이 거래량 가중 평균가(VWAP)와 개별 거래 가격 구간을 보여줍니다. 보고된 VWAP에는 $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04, $378.39와 같은 가격이 포함되며, 거래별 구간은 파일에 자세히 제공됩니다. Form 4는 Garcia 씨를 대신하여 Paul Breaux가 대리권으로 서명했습니다.
Ernest C. Garcia III, déposant au nom de CARVANA CO. (CVNA), a déclaré la vente de 921 926 actions ordinaires de classe A le 24/09/2025. Les ventes ont été effectuées dans le cadre d’un plan de trading Rule 10b5-1 adopté le 13 décembre 2024 et exécutées à partir d’actions détenues indirectement dans deux fiducies dont il assure les fonctions de Investment Trustee et de Co-Administrative Trustee : le Ernest Irrevocable 2004 Trust III et le Ernest C. Garcia III Multi-Generational Trust III. Divers tranches affichent des prix moyens pondérés par le volume et des fourchettes de prix par transaction; les VWAP rapportés incluent des prix tels que $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 et $378.39, avec des détails par transaction fournis dans le dossier. Le Formulaire 4 a été signé par Paul Breaux par procuration au nom de M. Garcia.
Ernest C. Garcia III., im Namen von CARVANA CO. (CVNA), meldete den Verkauf von 921.926 Aktien der Klasse-A-Stammaktien am 24.09.2025. Die Verkäufe erfolgten im Rahmen eines Rule 10b5-1 Handelsplans, der am 13. Dezember 2024 angenommen wurde, und wurden aus indirekt gehaltenen Anteilen in zwei Trusts durchgeführt, für die er als Investment Trustee und Co-Administrative Trustee fungiert: dem Ernest Irrevocable 2004 Trust III und dem Ernest C. Garcia III Multi-Generational Trust III. Mehrere Tranchen zeigen volumengewichtete Durchschnittspreise (VWAP) und einzelne Handelspreisspannen; berichtete VWAPs umfassen Preise wie $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04 und $378.39, mit detaillierten pro-Trade-Spannen im Filing. Das Formular 4 wurde von Paul Breaux durch Vollmacht im Namen von Herrn Garcia unterzeichnet.
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)
09/24/2025
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 09/24/2025 S 50(1) D $369.3 406,390 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 50(1) D $369.3 506,390 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 50(1) D $370.31 406,340 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 50(1) D $370.31 506,340 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 1,038(1) D $371.66(4)(5) 405,302 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 1,038(1) D $371.66(4)(5) 505,302 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 1,331(1) D $372.42(4)(6) 403,971 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 1,331(1) D $372.42(4)(6) 503,971 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 871(1) D $373.61(4)(7) 403,100 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 871(1) D $373.61(4)(7) 503,100 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 320(1) D $374.55(4)(8) 402,780 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 320(1) D $374.55(4)(8) 502,780 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 440(1) D $375.57(4)(9) 402,340 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 440(1) D $375.57(4)(9) 502,340 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 525(1) D $377.04(4)(10) 401,815 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 525(1) D $377.04(4)(10) 501,815 I Ernest C. Garcia III Multi-Generational Trust III(3)
Class A Common Stock 09/24/2025 S 375(1) D $378.39(4)(11) 401,440 I Ernest Irrevocable 2004 Trust III(2)
Class A Common Stock 09/24/2025 S 375(1) D $378.39(4)(11) 501,440 I Ernest C. Garcia III Multi-Generational Trust III(3)
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. 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.
3. 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.
4. 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. This transaction was executed in multiple trades at prices ranging from $371.05 to $372.02, inclusive.
6. This transaction was executed in multiple trades at prices ranging from $372.07 to $373.02, inclusive.
7. This transaction was executed in multiple trades at prices ranging from $373.06 to $373.97, inclusive.
8. This transaction was executed in multiple trades at prices ranging from $374.11 to $374.80, inclusive.
9. This transaction was executed in multiple trades at prices ranging from $375.13 to $376.10, inclusive.
10. This transaction was executed in multiple trades at prices ranging from $376.52 to $377.51, inclusive.
11. This transaction was executed in multiple trades at prices ranging from $377.99 to $378.96, inclusive.
Remarks:
/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III 09/25/2025
** 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 did the Form 4 for CVNA filed by Ernest C. Garcia III report?

The Form 4 reported the sale of 921,926 Class A shares on 09/24/2025 under a 10b5-1 trading plan adopted December 13, 2024.

Were the shares sold directly by Mr. Garcia or held in trusts (CVNA)?

The shares were held indirectly in the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III; Mr. Garcia is Investment Trustee and Co-Administrative Trustee.

What prices were reported for the CVNA trades on 09/24/2025?

The filing shows multiple volume-weighted average prices including $369.30, $370.31, $371.66, $372.42, $373.61, $374.55, $375.57, $377.04, and $378.39; detailed per-trade ranges are provided in the filing.

Was the Form 4 signed by the reporting person?

The Form 4 is signed by Paul Breaux by power of attorney for Ernest C. Garcia III on 09/25/2025.

Does the filing disclose any derivative transactions by Mr. Garcia?

No derivative transactions are disclosed in Table II; the Form 4 only reports non-derivative sales of Class A common stock.
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[Form 4] CARVANA CO. Insider Trading Activity
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Sep 23, 2025
[Form 4] CARVANA CO. Insider Trading Activity
Sep 23, 2025
[Form 4] CARVANA CO. Insider Trading Activity

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