Carvana SEC Filings

Carvana Co. (CVNA) – Form 4 insider activity

On 7-8 July 2025, Chief Executive Officer, Director and >10% owner Ernest C. Garcia III reported the sale of Class A common stock through two family trusts under a Rule 10b5-1 trading plan adopted 13 Dec 2024.

• Shares sold: 10,096 in aggregate (5,048 by the Ernest Irrevocable 2004 Trust III and 5,048 by the Ernest C. Garcia III Multi-Generational Trust III).
• Price range: VWAP between $344.31 and $353.43, with individual trades executed within detailed price bands disclosed in the footnotes.
• Proceeds: Approximately $3.5 million (based on ~$348 blended price) across both trusts.
• Remaining indirect holdings: 1,443,286 shares combined (671,440 and 771,846 respectively) after the transactions.
• No derivative transactions were reported.

The sale represents <1 % of Mr. Garcia’s reported indirect stake and was made pursuant to a pre-arranged plan, limiting the informational value of the disposal. Nonetheless, investors often monitor any selling by founder-executives, especially at elevated share prices.

Carvana Co. (CVNA) – Form 144/A insider sale filing

The notice reveals that Ernest C. Garcia II & Elizabeth Joanne Garcia intend to sell 504,971 Class A common shares through J.P. Morgan Securities on 9 July 2025. The proposed trade carries an aggregate market value of $174.68 million, equal to roughly 0.37 % of the 135.02 million shares outstanding. The securities were originally obtained on 27 April 2017 via a unit-conversion transaction paid in cash.

Recent trading activity: The same selling group has disposed of 1,004,971 shares over the past three months across 18 transactions, with individual block sizes ranging from 4,971 to 100,000 shares. Adding the newly-planned sale brings total disclosed selling to ~1.51 million shares in a little over three months.

Key take-aways for investors:

• Large, continued insider sales by Carvana’s founder–related parties may weigh on market sentiment, particularly given their visibility within the company.
• The upcoming transaction does not create new equity and therefore causes no dilution, yet it increases the public float and may exert short-term supply pressure.
• No adverse, non-public information is claimed: the filers certify that they are unaware of undisclosed material negatives about Carvana.

Carvana Co. (NYSE: CVNA) has received a Form 144 notice for a substantial secondary share sale. The filing shows that Ernest C. Garcia II and Elizabeth Joanne Garcia plan to dispose of 500,000 shares of the company’s Class A common stock through J.P. Morgan Securities LLC on or about 9 July 2025. The block is valued at $172.96 million based on the market price stated in the form and equals roughly 0.37 % of the 135,023,435 shares outstanding.

The Garcias acquired the shares on 27 April 2017 via a “Conversion – Exchange of Units” transaction paid in cash. The filing also details an extensive history of recent sales: during the period from 30 May 2025 to 8 July 2025 they sold approximately 1,004,971 shares of Class A common stock in 18 separate transactions, generating gross proceeds of more than $340 million. When combined with the newly proposed sale, total planned and executed disposals reach roughly 1.5 million shares within a little over two months.

Key data

• Shares to be sold: 500,000
• Aggregate market value: $172.96 million
• Broker: J.P. Morgan Securities LLC
• Recent three-month sales: ~1.0 million shares
• Outstanding shares: 135,023,435

This continued and sizeable selling activity by the named shareholders may influence market sentiment, particularly given the scale relative to daily trading volumes and the short time frame involved.

Carvana Co. (CVNA) – Form 4 filing dated 07/09/2025

10% owner Ernest C. Garcia II reported a conversion of 100,000 Class A units of Carvana Group, LLC into an equal number of Class A common shares on 07/07/2025, pursuant to the 2017 Exchange Agreement. Immediately after conversion, he sold the entire 100,000 Class A shares through multiple trades executed under a Rule 10b5-1 plan adopted on 12/13/2024. Weighted-average sale prices ranged from $347.11 to $354.96, implying gross proceeds of roughly $35 million.

Following the transactions, Garcia’s direct Class A share count fell to zero. He continues to hold substantial voting control through 36,537,346 Class B shares directly and 8,000,000 Class B shares indirectly via ECG II SPE, LLC. In addition, derivative holdings include 45,671,681 Class A units directly and 10,000,000 units indirectly, each exchangeable into Class A shares at a 0.8:1 ratio.

The filing signals a modest reduction in the owner’s liquid Class A position but leaves his overall economic and voting stake largely intact.

Carvana Co. (CVNA) – Form 4 insider transaction

On 7 July 2025, Chief Executive Officer, Director and >10% owner Ernest C. Garcia III filed a Form 4 disclosing the sale of 6,244 Class A common shares through two family trusts that he controls. The sales were executed under a Rule 10b5-1 trading plan adopted on 13 Dec 2024, indicating they were pre-scheduled rather than discretionary.

• Trusts involved – Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III.
• Shares sold – 3,122 shares by each trust, across six trades apiece.
• Price range – volume-weighted average prices between $353.79 and $359.41.
• Remaining holdings – 681,440 shares (Irrevocable Trust) and 781,440 shares (Multi-Generational Trust) after the transactions.
• No derivative security activity was reported.

The combined sale represents well under 1 % of the shares still held by the reporting person’s trusts, suggesting only limited near-term impact on his overall economic exposure to Carvana.