Carvana SEC Filings

Ernest C. Garcia III, CEO and director of Carvana Co. (CVNA), reported a series of open-market sales on 08/20/2025 executed under a Rule 10b5-1 trading plan adopted December 13, 2024. The Form 4 lists a total of 923,155 shares sold of Class A common stock across multiple trades at prices ranging approximately from $332.67 to $340.14, with volume-weighted average sale prices reported for grouped trades (examples: $333.23, $334.12, $335.26, $336.85, $337.91, $338.06, $339.80, $340.02). The sales were effected for shares held directly by two trusts for which the reporting person serves as Investment Trustee and Co-Administrative Trustee. The filing was signed on behalf of Mr. Garcia by power of attorney.

Ernest C. Garcia III sold a total of 923,155 shares of Carvana Co. Class A common stock on August 20, 2025. The sales were effected in multiple transactions at prices ranging from about $318.54 to $332.62 per share and were executed pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024. The shares disposed of were held indirectly through two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, for which the reporting person serves as Investment Trustee and Co-Administrative Trustee. The Form 4 was signed by Paul Breaux by power of attorney for Mr. Garcia on August 22, 2025.

Ernest C. Garcia III, Carvana Co. CEO, director and 10% owner, reported multiple sales of Class A common stock executed on 08/19/2025 totaling 923,155 shares. The sales were effected under a Rule 10b5-1 trading plan adopted December 13, 2024, and were executed in multiple trades at varying prices with reported volume-weighted average prices for groups of trades ranging roughly from $342.69 up to $356.36 per share.

The Form 4 shows the shares are held indirectly through two trusts for which Mr. Garcia serves as Investment Trustee and Co-Administrative Trustee. The report lists the number of shares owned following the transactions for each trust and indicates all transactions were dispositions (sales).

Ernest C. Garcia III, CEO and 10% owner of Carvana Co. (CVNA), reported multiple open-market sales executed on 08/18/2025 under a Rule 10b5-1 trading plan adopted December 13, 2024. The filing discloses aggregate dispositions of 923,155 shares of Class A common stock executed in multiple trades with volume-weighted average prices reported for groups of trades ranging from approximately $352.27 to $363.31.

The shares are held indirectly through two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III. Following the reported sales, the filing shows holdings for the Irrevocable Trust in the range of 531,440 to 536,340 shares and for the Multi-Generational Trust in the range of 631,440 to 636,340 shares depending on the specific transactions reported.

Ernest C. Garcia III reported multiple dispositions of Class A common stock of Carvana Co. (CVNA) executed on 08/15/2025 pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024. The filing lists aggregate dispositions of 923,155 shares sold in multiple trades with executed prices reported across many ranges; the lowest reported trade prices began at $338.56 and the highest reported trade prices reached $351.03. The report shows indirect beneficial ownership through two trusts—the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III—with reported post-transaction holdings displayed in the filing in the range of about 536,440 to 640,988 shares for those accounts. The transactions were signed by a power of attorney on behalf of the reporting person.

Ernest C. Garcia III, Chief Executive Officer and 10% owner of Carvana Co. (CVNA), reported multiple sales of Class A common stock executed on 08/14/2025 under a Rule 10b5-1 trading plan adopted December 13, 2024. The Form 4 discloses numerous disposals executed in multiple trades at volume-weighted average prices ranging from $341.12 to $348.87 across the reported transactions. The reporting person holds shares through two trusts: the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, for which he serves as Investment Trustee and Co-Administrative Trustee. The transactions were reported by power of attorney on 08/18/2025.

CVNA Schedule 13G/A disclosure: A group of affiliated entities led by TWG Global Manager, LLC and Mark Walter report shared beneficial ownership of 6,195,377 Class A shares of Carvana Co., representing 4.30% of the outstanding Class A shares based on 138,083,496 shares reported by the issuer. The position comprises 1 directly held Class A share, 5,995,376 Class A shares issuable upon exchange of Class A units held by a subsidiary, and 200,000 Class A shares that may be acquired on settlement of exchange-traded options. The filing discloses that the 5,995,376 Class A units are pledged to secure obligations under prepaid forward contracts and certain margin loans. Reporting persons disclaim beneficial ownership except for pecuniary interest and indicate shared voting and dispositive power over the disclosed shares.

Ernest C. Garcia II converted 118,859 Class A Units of Carvana Group, LLC into 95,087 Class A common shares pursuant to the Exchange Agreement and, pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024, sold Class A shares in multiple transactions on August 13, 2025 at weighted-average prices reported across several price bands from approximately $343.84 to $351.44. The Form 4 shows the conversion and a series of sales that, per the filing, result in 0 Class A shares held directly by Mr. Garcia following the reported transactions and 34,442,317 Class B shares held directly. The filing also discloses that ECG II SPE, LLC, an entity Mr. Garcia wholly owns and controls, directly owns Class A Units exchangeable into Class A shares and is reported as owning 8,000,000 Class A shares indirectly.

Ernest C. Garcia II reported conversions and systematic sales of Carvana Co. (CVNA) stock on 08/12/2025. He converted 103,610 Class A Units of Carvana Group, LLC into 82,888 Class A shares under the April 27, 2017 Exchange Agreement and, on the same date, sold those Class A shares in a series of transactions under a Rule 10b5-1 trading plan adopted December 13, 2024.

The Form 4 shows incremental sales at weighted-average prices ranging from about $335.40 to $354.17, with the reported Class A beneficial ownership declining to 0 shares. The filing also reports ownership of 34,537,404 Class B shares directly by Mr. Garcia and 8,000,000 Class B shares indirectly owned by ECG II SPE, LLC.