[Form 4] Carvana Co. Insider Trading Activity

Rhea-AI Filing Summary

Paul W. Breaux, an officer of Carvana Co. (CVNA) who serves as Vice President, General Counsel, Secretary and Chief Compliance Officer, reported a sale of 15,000 shares of Class A common stock on 09/09/2025 at a reported price of $375 per share. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on June 10, 2025. After the transaction the reporting person beneficially owned 83,018 shares. The filing notes the transaction code as S(1) and identifies the sale as a non-derivative disposition of Class A common stock.

Insights

Financial Analyst

TL;DR: Officer sold 15,000 shares under a pre-established 10b5-1 plan; transaction appears routine and pre-planned, not an ad hoc insider sale.

The reported sale of 15,000 Class A shares at $375 each was executed under a 10b5-1 plan dated June 10, 2025, which provides affirmative-defense protections for scheduled trades. The disclosure shows remaining beneficial ownership of 83,018 shares, indicating the reporting person retains a meaningful stake. From a market-impact perspective, the form contains no indication of acceleration, unusual timing, or derivative transactions. This filing is informational for share count and confirms compliance with executive trading protocols.

Corporate Governance Expert

TL;DR: Transaction followed an established compliance plan; filing meets Section 16 disclosure requirements and clarifies officer roles.

The Form 4 discloses that the sale was executed pursuant to a Rule 10b5-1 plan, which is a common governance mechanism to avoid potential insider-trading claims. The reporting person is identified with multiple officer titles (Vice President, General Counsel, Secretary, Chief Compliance Officer), and the form reports both the disposed amount and post-transaction beneficial ownership. No amendments, derivatives, or indirect ownership structures are disclosed that would raise immediate governance concerns.

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^*

BREAUX PAUL W.

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PKWY

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

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

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	09/09/2025		S(1)		15,000	D	$375	83,018	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 June 10, 2025 (the "10b5-1 Plan").

Remarks:

Vice President, General Counsel, Secretary, and Chief Compliance Officer

	/s/ Paul Breaux	09/11/2025
	** 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 Paul W. Breaux report on Form 4 for CVNA?

He reported a sale of 15,000 Class A shares on 09/09/2025 at a reported price of $375 per share.

Was the sale by the CVNA officer part of a trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on June 10, 2025.

How many CVNA shares does the reporting person own after the transaction?

The reporting person beneficially owned 83,018 shares following the reported transaction.

What roles does the reporting person hold at Carvana (CVNA)?

The Form 4 identifies him as Vice President, General Counsel, Secretary, and Chief Compliance Officer.

Does the Form 4 disclose any derivative transactions or indirect ownership?

No. The filing reports a non-derivative sale of Class A common stock and lists ownership as direct; no derivatives or indirect ownership are disclosed.