[Form 4] Carvana Co. Insider Trading Activity

Rhea-AI Filing Summary

Ira J. Platt, a director of Carvana Co. (CVNA), reported an open-market sale of 14,000 shares of Class A common stock on 09/10/2025 at a price of $379.14 per share. The filing indicates the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on June 2, 2025. The Form 4 identifies multiple holdings held indirectly in family trusts, including the Georgiana Platt and Successors Remainder Trust, the Ira J. Platt Revocable Trust, and the Platt Family 2024 Irrevocable Trust. The Form 4 was signed by a Power of Attorney on behalf of Mr. Platt on 09/11/2025.

Insights

Securities Analyst

TL;DR: Director Ira J. Platt sold 14,000 CVNA shares under a pre-existing 10b5-1 plan at $379.14 each.

The transaction is a routine, pre-planned insider sale under a documented Rule 10b5-1 plan adopted June 2, 2025, which provides an affirmative defense against accusations of trading on material non-public information. The filing discloses indirect ownership via multiple family trusts, indicating continued family-level exposure to the company despite the sale. No derivative transactions or exceptions are reported in this Form 4.

Corporate Governance Expert

TL;DR: The sale follows a documented trading plan and the director retains indirect holdings through family trusts.

The Form 4 shows compliance with Section 16 reporting and use of a 10b5-1 plan, which is standard governance practice for planned insider dispositions. The report names trusts that hold additional Class A shares, with the reporting person acting in fiduciary roles for some trusts. The signature via Power of Attorney is noted, and no amendments or derivative positions are disclosed.

09/11/2025 - 06:21 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^*

PLATT IRA J.

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

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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	09/10/2025		S(1)		14,000	D	$379.14	7,231	I	By Trust(2)
Class A Common Stock								26,105	D
Class A Common Stock								21,999	I	By Trust(3)
Class A Common Stock								7,827	I	By Trust(4)
Class A Common Stock								850	I	By Parent

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 2, 2025 (the "10b5-1 Plan").

2. Represents shares of Class A common stock held directly by The Georgiana Platt and Successors Remainder Trust (the "Settlers Trust"). The Reporting Person's spouse is co-trustee and primary beneficiary of the Settlers Trust.

3. These shares of Class A common stock are held directly by the Ira J. Platt Revocable Trust (the "Revocable Trust"). The Reporting Person is co-trustee of the Revocable Trust, and the Reporting Person's spouse is the primary beneficiary of the Revocable Trust.

4. These shares of Class A common stock are held directly by the Platt Family 2024 Irrevocable Trust (the "Irrevocable Trust"). The Reporting Person's spouse is co-trustee of the Irrevocable Trust.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ira J. Platt	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

Who filed the Form 4 for CVNA and what was the reporter's role?

Ira J. Platt filed the Form 4 as a director of Carvana Co.; the signature was submitted by a Power of Attorney on 09/11/2025.

What transaction was reported on the Form 4 for CVNA?

A sale of 14,000 shares of Class A common stock on 09/10/2025 at a price of $379.14 per share.

Was the sale part of a trading plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on June 2, 2025.

Does the filer still hold shares of CVNA?

Yes. The filing discloses indirect holdings of Class A common stock held by family trusts, including the Georgiana Platt and Successors Remainder Trust, the Ira J. Platt Revocable Trust, and the Platt Family 2024 Irrevocable Trust.

Were any derivative securities reported in this Form 4?

No derivative securities were reported in Table II of this Form 4.