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[Form 4] Carvana Co. Insider Trading Activity

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

Form 4 highlights for Carvana Co. (CVNA): Executive Chairman and 10% owner Ernest C. Garcia II, together with his entity ECG II SPE, reported transactions dated 7/31-8/1/25.

  • Dispositions: 106,624 Class A shares were sold under a Rule 10b5-1 plan at weighted-average prices of $365-413, generating 鈮� $40.6 million in gross proceeds.
  • Conversions: 100,000 Class A Units of Carvana Group were exchanged for an equal number of Class A shares immediately prior to sale; 100,000 Class B shares were simultaneously cancelled.
  • Post-trade ownership: Garcia now holds 0 Class A shares directly but retains 35.14 million Class B shares and 43.93 million exchangeable Class A Units. ECG II SPE additionally holds 8 million Class A Units (exchangeable for 6.4 million Class A shares).
  • Plan status: All sales were pre-scheduled (10b5-1) to provide safe-harbor protection.

The filing signals continued insider liquidity but leaves Garcia鈥檚 voting control largely intact thanks to high-vote Class B stock and sizeable partnership units.

Punti salienti del Modulo 4 per Carvana Co. (CVNA): Il Presidente Esecutivo e proprietario del 10% Ernest C. Garcia II, insieme alla sua entit脿 ECG II SPE, ha riportato transazioni datate 31/7-1/8/25.

  • Disposizioni: Sono state vendute 106.624 azioni di Classe A nell'ambito di un piano Rule 10b5-1 a prezzi medi ponderati tra 365 e 413 dollari, generando circa 40,6 milioni di dollari di proventi lordi.
  • Conversioni: 100.000 Unit脿 di Classe A di Carvana Group sono state scambiate con un pari numero di azioni di Classe A immediatamente prima della vendita; 100.000 azioni di Classe B sono state contestualmente cancellate.
  • Propriet脿 post-transazione: Garcia ora detiene 0 azioni di Classe A direttamente, ma mantiene 35,14 milioni di azioni di Classe B e 43,93 milioni di Unit脿 di Classe A convertibili. ECG II SPE detiene inoltre 8 milioni di Unit脿 di Classe A (convertibili in 6,4 milioni di azioni di Classe A).
  • Stato del piano: Tutte le vendite erano pre-programmate (10b5-1) per garantire la protezione safe-harbor.

Il deposito segnala una continua liquidit脿 degli insider, ma lascia il controllo di voto di Garcia sostanzialmente intatto grazie alle azioni di Classe B ad alto voto e alle significative unit脿 di partnership.

Aspectos destacados del Formulario 4 para Carvana Co. (CVNA): El Presidente Ejecutivo y propietario del 10% Ernest C. Garcia II, junto con su entidad ECG II SPE, reportaron transacciones fechadas del 31/7 al 1/8/25.

  • Disposiciones: Se vendieron 106,624 acciones Clase A bajo un plan Rule 10b5-1 a precios promedio ponderados de $365 a $413, generando aproximadamente $40.6 millones en ingresos brutos.
  • Conversiones: 100,000 Unidades Clase A de Carvana Group se intercambiaron por un n煤mero igual de acciones Clase A inmediatamente antes de la venta; 100,000 acciones Clase B fueron canceladas simult谩neamente.
  • Propiedad despu茅s de la transacci贸n: Garcia ahora posee 0 acciones Clase A directamente pero conserva 35.14 millones de acciones Clase B y 43.93 millones de Unidades Clase A intercambiables. ECG II SPE adicionalmente posee 8 millones de Unidades Clase A (intercambiables por 6.4 millones de acciones Clase A).
  • Estado del plan: Todas las ventas fueron preprogramadas (10b5-1) para proporcionar protecci贸n safe-harbor.

El reporte indica liquidez continua de los insiders pero mantiene intacto en gran medida el control de voto de Garcia gracias a las acciones Clase B con alto poder de voto y a las significativas unidades de sociedad.

Carvana Co. (CVNA) Form 4 欤检殧 雮挫毄: 歆戫枆 鞚橃灔 瓴� 10% 靻岇湢欤检澑 Ernest C. Garcia II鞕� 攴胳潣 氩曥澑 ECG II SPE臧� 2025雲� 7鞗� 31鞚茧秬韯� 8鞗� 1鞚缄箤歆�鞚� 瓯半灅毳� 氤搓碃頄堨姷雼堧嫟.

  • 觳橂秳: Rule 10b5-1 瓿勴殟鞐� 霐半澕 106,624欤检潣 韥措灅鞀� A 欤检嫕鞚� 欤茧嫻 韽夑窢 365-413雼煬鞐� 毵る弰頃橃棳 鞎� 4,060毵� 雼煬鞚� 齑� 靾橃澋鞚� 彀届稖頄堨姷雼堧嫟.
  • 鞝勴櫂: Carvana Group鞚� 100,000 韥措灅鞀� A 鞙犽嫑鞚� 毵る弰 歆侅爠鞐� 霃欖澕 靾橃潣 韥措灅鞀� A 欤检嫕鞙茧 甑愴櫂霅橃棃鞙茧┌, 霃欖嫓鞐� 100,000 韥措灅鞀� B 欤检嫕鞚� 旆唽霅橃棃鞀惦媹雼�.
  • 瓯半灅 頉� 靻岇湢 順勴櫓: Garcia電� 順勳灛 歆侅爲 韥措灅鞀� A 欤检嫕 0欤�毳� 氤挫湢頃橃毵� 3,514毵� 韥措灅鞀� B 欤检嫕瓿� 4,393毵� 甑愴櫂 臧�電� 韥措灅鞀� A 鞙犽嫑鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. ECG II SPE電� 於旉皜搿� 800毵� 韥措灅鞀� A 鞙犽嫑(6,400毵� 韥措灅鞀� A 欤检嫕鞙茧 甑愴櫂 臧�電�)鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟.
  • 瓿勴殟 靸來儨: 氇摖 毵る弰電� 靷爠 鞓堨暯霅� (10b5-1) 瓿勴殟鞐� 霐半澕 鞎堨爠歆�雽� 氤错樃毳� 氚涭晿鞀惦媹雼�.

鞚措矆 鞁犼碃電� 雮措秬鞛愳潣 歆�靻嶌爜鞚� 鞙犽彊靹膘潉 雮橅儉雮挫毵�, 韥措灅鞀� B 瓿犿埇響滉秾 欤检嫕瓿� 靸侂嫻頃� 韺岉姼雱堨嫮 鞙犽嫑 雿曤秳鞐� Garcia鞚� 鞚橁舶甓� 韱奠牅電� 雽�觳措 鞙犾霅╇媹雼�.

Points cl茅s du formulaire 4 pour Carvana Co. (CVNA) : Le pr茅sident ex茅cutif et propri茅taire de 10 % Ernest C. Garcia II, ainsi que son entit茅 ECG II SPE, ont d茅clar茅 des transactions dat茅es du 31/07 au 01/08/25.

  • Dispositions : 106 624 actions de Classe A ont 茅t茅 vendues dans le cadre d鈥檜n plan Rule 10b5-1 脿 des prix moyens pond茅r茅s entre 365 et 413 dollars, g茅n茅rant environ 40,6 millions de dollars de produits bruts.
  • Conversions : 100 000 unit茅s de Classe A de Carvana Group ont 茅t茅 茅chang茅es contre un nombre 茅gal d鈥檃ctions de Classe A imm茅diatement avant la vente ; 100 000 actions de Classe B ont 茅t茅 annul茅es simultan茅ment.
  • Possession apr猫s transaction : Garcia d茅tient d茅sormais 0 action de Classe A directement, mais conserve 35,14 millions d鈥檃ctions de Classe B et 43,93 millions d鈥檜nit茅s de Classe A 茅changeables. ECG II SPE d茅tient en outre 8 millions d鈥檜nit茅s de Classe A (茅changeables contre 6,4 millions d鈥檃ctions de Classe A).
  • Statut du plan : Toutes les ventes 茅taient pr茅programm茅es (10b5-1) afin d鈥檃ssurer une protection safe-harbor.

Le d茅p么t signale une liquidit茅 continue des initi茅s mais laisse le contr么le de vote de Garcia largement intact gr芒ce aux actions de Classe B 脿 droit de vote 茅lev茅 et aux importantes unit茅s de partenariat.

Formular 4 Highlights f眉r Carvana Co. (CVNA): Executive Chairman und 10%-Eigent眉mer Ernest C. Garcia II berichtete zusammen mit seiner Einheit ECG II SPE 眉ber Transaktionen vom 31.07. bis 01.08.25.

  • 痴别谤盲耻脽别谤耻苍驳别苍: 106.624 Class A Aktien wurden im Rahmen eines Rule 10b5-1 Plans zu einem gewichteten Durchschnittspreis von 365-413 USD verkauft, was etwa 40,6 Millionen USD Bruttoerl枚s generierte.
  • Umwandlungen: 100.000 Class A Einheiten der Carvana Group wurden unmittelbar vor dem Verkauf gegen die gleiche Anzahl Class A Aktien getauscht; gleichzeitig wurden 100.000 Class B Aktien storniert.
  • Besitz nach dem Handel: Garcia h盲lt nun 0 Class A Aktien direkt, beh盲lt aber 35,14 Millionen Class B Aktien und 43,93 Millionen umtauschbare Class A Einheiten. ECG II SPE h盲lt zus盲tzlich 8 Millionen Class A Einheiten (umtauschbar in 6,4 Millionen Class A Aktien).
  • Status des Plans: Alle Verk盲ufe waren vorab geplant (10b5-1), um Safe-Harbor-Schutz zu gew盲hrleisten.

Die Meldung signalisiert anhaltende Insider-Liquidit盲t, l盲sst aber Garcias Stimmrechtskontrolle dank der hoch stimmberechtigten Class B Aktien und bedeutenden Partnerschaftseinheiten weitgehend unber眉hrt.

Positive
  • Sales executed under a disclosed Rule 10b5-1 plan, limiting concerns about opportunistic trading and providing transparency.
  • Founder maintains significant economic and voting stake, indicating ongoing commitment despite liquidity event.
Negative
  • 106,624 Class A shares sold in two days, potentially adding short-term selling pressure and negative sentiment.
  • Founder now holds zero Class A shares, which may raise perception of reduced public-share alignment.
  • Dual-class structure remains, concentrating control and limiting minority shareholder influence.

Insights

TL;DR: Founder sold 106k shares, but still controls >70 million high-vote/convertible shares; modest negative sentiment.

Garcia鈥檚 divestiture represents roughly 0.1 % of his economic exposure, yet eliminates his direct Class A position. Cash proceeds (~$41 m) suggest personal liquidity rather than thesis change. Because voting power is tied to Class B, corporate control is unaffected. Short-term investors may view selling pressure and optics as a mild negative, but the pre-arranged 10b5-1 plan limits informational content. Overall impact: slight overhang, not thesis-altering.

TL;DR: Insider liquidity via 10b5-1 plan; dual-class structure keeps founder鈥檚 control untouched.

The transaction underscores the governance imbalance at CVNA: Garcia retains super-voting Class B and vast convertible units despite disposing of all low-vote Class A shares. Investors gain transparency via the 10b5-1 disclosure, yet the episode re-highlights entrenchment risk inherent in the dual-class setup. From a governance lens, impact is neutral on control but modestly negative on alignment optics.

Punti salienti del Modulo 4 per Carvana Co. (CVNA): Il Presidente Esecutivo e proprietario del 10% Ernest C. Garcia II, insieme alla sua entit脿 ECG II SPE, ha riportato transazioni datate 31/7-1/8/25.

  • Disposizioni: Sono state vendute 106.624 azioni di Classe A nell'ambito di un piano Rule 10b5-1 a prezzi medi ponderati tra 365 e 413 dollari, generando circa 40,6 milioni di dollari di proventi lordi.
  • Conversioni: 100.000 Unit脿 di Classe A di Carvana Group sono state scambiate con un pari numero di azioni di Classe A immediatamente prima della vendita; 100.000 azioni di Classe B sono state contestualmente cancellate.
  • Propriet脿 post-transazione: Garcia ora detiene 0 azioni di Classe A direttamente, ma mantiene 35,14 milioni di azioni di Classe B e 43,93 milioni di Unit脿 di Classe A convertibili. ECG II SPE detiene inoltre 8 milioni di Unit脿 di Classe A (convertibili in 6,4 milioni di azioni di Classe A).
  • Stato del piano: Tutte le vendite erano pre-programmate (10b5-1) per garantire la protezione safe-harbor.

Il deposito segnala una continua liquidit脿 degli insider, ma lascia il controllo di voto di Garcia sostanzialmente intatto grazie alle azioni di Classe B ad alto voto e alle significative unit脿 di partnership.

Aspectos destacados del Formulario 4 para Carvana Co. (CVNA): El Presidente Ejecutivo y propietario del 10% Ernest C. Garcia II, junto con su entidad ECG II SPE, reportaron transacciones fechadas del 31/7 al 1/8/25.

  • Disposiciones: Se vendieron 106,624 acciones Clase A bajo un plan Rule 10b5-1 a precios promedio ponderados de $365 a $413, generando aproximadamente $40.6 millones en ingresos brutos.
  • Conversiones: 100,000 Unidades Clase A de Carvana Group se intercambiaron por un n煤mero igual de acciones Clase A inmediatamente antes de la venta; 100,000 acciones Clase B fueron canceladas simult谩neamente.
  • Propiedad despu茅s de la transacci贸n: Garcia ahora posee 0 acciones Clase A directamente pero conserva 35.14 millones de acciones Clase B y 43.93 millones de Unidades Clase A intercambiables. ECG II SPE adicionalmente posee 8 millones de Unidades Clase A (intercambiables por 6.4 millones de acciones Clase A).
  • Estado del plan: Todas las ventas fueron preprogramadas (10b5-1) para proporcionar protecci贸n safe-harbor.

El reporte indica liquidez continua de los insiders pero mantiene intacto en gran medida el control de voto de Garcia gracias a las acciones Clase B con alto poder de voto y a las significativas unidades de sociedad.

Carvana Co. (CVNA) Form 4 欤检殧 雮挫毄: 歆戫枆 鞚橃灔 瓴� 10% 靻岇湢欤检澑 Ernest C. Garcia II鞕� 攴胳潣 氩曥澑 ECG II SPE臧� 2025雲� 7鞗� 31鞚茧秬韯� 8鞗� 1鞚缄箤歆�鞚� 瓯半灅毳� 氤搓碃頄堨姷雼堧嫟.

  • 觳橂秳: Rule 10b5-1 瓿勴殟鞐� 霐半澕 106,624欤检潣 韥措灅鞀� A 欤检嫕鞚� 欤茧嫻 韽夑窢 365-413雼煬鞐� 毵る弰頃橃棳 鞎� 4,060毵� 雼煬鞚� 齑� 靾橃澋鞚� 彀届稖頄堨姷雼堧嫟.
  • 鞝勴櫂: Carvana Group鞚� 100,000 韥措灅鞀� A 鞙犽嫑鞚� 毵る弰 歆侅爠鞐� 霃欖澕 靾橃潣 韥措灅鞀� A 欤检嫕鞙茧 甑愴櫂霅橃棃鞙茧┌, 霃欖嫓鞐� 100,000 韥措灅鞀� B 欤检嫕鞚� 旆唽霅橃棃鞀惦媹雼�.
  • 瓯半灅 頉� 靻岇湢 順勴櫓: Garcia電� 順勳灛 歆侅爲 韥措灅鞀� A 欤检嫕 0欤�毳� 氤挫湢頃橃毵� 3,514毵� 韥措灅鞀� B 欤检嫕瓿� 4,393毵� 甑愴櫂 臧�電� 韥措灅鞀� A 鞙犽嫑鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. ECG II SPE電� 於旉皜搿� 800毵� 韥措灅鞀� A 鞙犽嫑(6,400毵� 韥措灅鞀� A 欤检嫕鞙茧 甑愴櫂 臧�電�)鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟.
  • 瓿勴殟 靸來儨: 氇摖 毵る弰電� 靷爠 鞓堨暯霅� (10b5-1) 瓿勴殟鞐� 霐半澕 鞎堨爠歆�雽� 氤错樃毳� 氚涭晿鞀惦媹雼�.

鞚措矆 鞁犼碃電� 雮措秬鞛愳潣 歆�靻嶌爜鞚� 鞙犽彊靹膘潉 雮橅儉雮挫毵�, 韥措灅鞀� B 瓿犿埇響滉秾 欤检嫕瓿� 靸侂嫻頃� 韺岉姼雱堨嫮 鞙犽嫑 雿曤秳鞐� Garcia鞚� 鞚橁舶甓� 韱奠牅電� 雽�觳措 鞙犾霅╇媹雼�.

Points cl茅s du formulaire 4 pour Carvana Co. (CVNA) : Le pr茅sident ex茅cutif et propri茅taire de 10 % Ernest C. Garcia II, ainsi que son entit茅 ECG II SPE, ont d茅clar茅 des transactions dat茅es du 31/07 au 01/08/25.

  • Dispositions : 106 624 actions de Classe A ont 茅t茅 vendues dans le cadre d鈥檜n plan Rule 10b5-1 脿 des prix moyens pond茅r茅s entre 365 et 413 dollars, g茅n茅rant environ 40,6 millions de dollars de produits bruts.
  • Conversions : 100 000 unit茅s de Classe A de Carvana Group ont 茅t茅 茅chang茅es contre un nombre 茅gal d鈥檃ctions de Classe A imm茅diatement avant la vente ; 100 000 actions de Classe B ont 茅t茅 annul茅es simultan茅ment.
  • Possession apr猫s transaction : Garcia d茅tient d茅sormais 0 action de Classe A directement, mais conserve 35,14 millions d鈥檃ctions de Classe B et 43,93 millions d鈥檜nit茅s de Classe A 茅changeables. ECG II SPE d茅tient en outre 8 millions d鈥檜nit茅s de Classe A (茅changeables contre 6,4 millions d鈥檃ctions de Classe A).
  • Statut du plan : Toutes les ventes 茅taient pr茅programm茅es (10b5-1) afin d鈥檃ssurer une protection safe-harbor.

Le d茅p么t signale une liquidit茅 continue des initi茅s mais laisse le contr么le de vote de Garcia largement intact gr芒ce aux actions de Classe B 脿 droit de vote 茅lev茅 et aux importantes unit茅s de partenariat.

Formular 4 Highlights f眉r Carvana Co. (CVNA): Executive Chairman und 10%-Eigent眉mer Ernest C. Garcia II berichtete zusammen mit seiner Einheit ECG II SPE 眉ber Transaktionen vom 31.07. bis 01.08.25.

  • 痴别谤盲耻脽别谤耻苍驳别苍: 106.624 Class A Aktien wurden im Rahmen eines Rule 10b5-1 Plans zu einem gewichteten Durchschnittspreis von 365-413 USD verkauft, was etwa 40,6 Millionen USD Bruttoerl枚s generierte.
  • Umwandlungen: 100.000 Class A Einheiten der Carvana Group wurden unmittelbar vor dem Verkauf gegen die gleiche Anzahl Class A Aktien getauscht; gleichzeitig wurden 100.000 Class B Aktien storniert.
  • Besitz nach dem Handel: Garcia h盲lt nun 0 Class A Aktien direkt, beh盲lt aber 35,14 Millionen Class B Aktien und 43,93 Millionen umtauschbare Class A Einheiten. ECG II SPE h盲lt zus盲tzlich 8 Millionen Class A Einheiten (umtauschbar in 6,4 Millionen Class A Aktien).
  • Status des Plans: Alle Verk盲ufe waren vorab geplant (10b5-1), um Safe-Harbor-Schutz zu gew盲hrleisten.

Die Meldung signalisiert anhaltende Insider-Liquidit盲t, l盲sst aber Garcias Stimmrechtskontrolle dank der hoch stimmberechtigten Class B Aktien und bedeutenden Partnerschaftseinheiten weitgehend unber眉hrt.

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*
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(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 X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X 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 07/31/2025 S(1) 1,579 D $408.6369(2) 5,045 D
Class A Common Stock 07/31/2025 S(1) 3,493 D $409.3894(2) 1,552 D
Class A Common Stock 07/31/2025 S(1) 514 D $411.8091(2) 1,038 D
Class A Common Stock 07/31/2025 S(1) 1,038 D $412.5039(2) 0 D
Class A Common Stock 08/01/2025 C 100,000 A (3) 100,000 D
Class A Common Stock 08/01/2025 S(1) 1,828 D $365.48(4) 98,172 D
Class A Common Stock 08/01/2025 S(1) 2,471 D $366.7068(4) 95,701 D
Class A Common Stock 08/01/2025 S(1) 6,244 D $367.6197(4) 89,457 D
Class A Common Stock 08/01/2025 S(1) 7,258 D $368.651(4) 82,199 D
Class A Common Stock 08/01/2025 S(1) 25,473 D $369.6276(4) 56,726 D
Class A Common Stock 08/01/2025 S(1) 16,836 D $370.5534(4) 39,890 D
Class A Common Stock 08/01/2025 S(1) 6,429 D $371.7053(4) 33,461 D
Class A Common Stock 08/01/2025 S(1) 12,692 D $372.7152(4) 20,769 D
Class A Common Stock 08/01/2025 S(1) 5,588 D $373.4409(4) 15,181 D
Class A Common Stock 08/01/2025 S(1) 3,836 D $374.768(6) 11,345 D
Class A Common Stock 08/01/2025 S(1) 3,082 D $375.7024(6) 8,263 D
Class A Common Stock 08/01/2025 S(1) 1,993 D $376.6546(6) 6,270 D
Class A Common Stock 08/01/2025 S(1) 2,641 D $377.7584(6) 3,629 D
Class A Common Stock 08/01/2025 S(1) 1,042 D $378.7135(6) 2,587 D
Class A Common Stock 08/01/2025 S(1) 187 D $379.54 2,400 D
Class A Common Stock 08/01/2025 S(1) 2,400 D $380.84(6) 0 D
Class B Common Stock 08/01/2025 J 100,000 D (5) 35,142,792 D
Class B Common Stock 8,000,000 I ECG II SPE, LLC(7)
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
Class A Units (3) 08/01/2025 C 125,000 (3) (3) Class A Common Stock 100,000 $0 43,928,489 D
Class A Units (8) (8) (8) Class A Common Stock 8,000,000 10,000,000 I ECG II SPE, LLC
1. Name and Address of Reporting Person*
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ECG II SPE, LLC
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024.
2. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $408.00-$408.89, inclusive (weighted average of $408.6369); $409.00-$409.99, inclusive (weighted average of $409.3894); $411.13-$412.08, inclusive (weighted average of $411.8091); and $412.23-$412.89, inclusive (weighted average of $412.5039), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
3. Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").
4. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $365.11-$366.08, inclusive (weighted average of $365.48); $366.12-$367.07, inclusive (weighted average of $366.7068); $367.12-$368.11, inclusive (weighted average of $367.6197); $368.12-$369.11, inclusive (weighted average of $368.651); $369.12-$370.11, inclusive (weighted average of $369.6276); $370.12-$371.11, inclusive (weighted average of $370.5534); $371.14-$372.13, inclusive (weighted average of $371.7053); $372.14-$373.136, inclusive (weighted average of $372.7152); $373.1591-$374.07, inclusive (weighted average of $373.4409), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
5. Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.
6. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $374.1832-$375.1795, inclusive (weighted average of $374.768); $375.23-$376.18, inclusive (weighted average of $375.7024); $376.24-$377.01, inclusive (weighted average of $376.6546); $377.48-$378.35, inclusive (weighted average of $377.7584); $378.51-$379.49, inclusive (weighted average of $378.7135); and $380.70-$380.98, inclusive (weighted average of $380.84), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
7. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
8. These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
/s/ Ernest C. Garcia II 08/04/2025
/s/ Ernest C. Garcia II, ECG II SPE, LLC 08/04/2025
** 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:

FAQ

How many Carvana (CVNA) shares did Ernest C. Garcia II sell?

He disposed of 106,624 Class A shares on 7/31-8/1/25 under a Rule 10b5-1 plan.

What was the average sale price of the insider transactions?

Weighted-average prices ranged from $365.48 to $412.50 per share across the two trading days.

Did the founder reduce his overall voting control after the sale?

No. Garcia still holds 35.14 million Class B shares plus 43.93 million Class A Units, preserving voting dominance.

Were the sales part of a pre-arranged plan?

Yes. All dispositions were executed under a Rule 10b5-1 trading plan adopted on 12/13/24.

What is the net effect on Class A share ownership?

Following the transactions, Garcia reports 0 direct Class A shares remaining.
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