# EDGAR Filing Document

**Accession Number:** 0001700548
**File Stem:** 0001700548-25-000018
**Filing Date:** 2025-8
**Character Count:** 16005
**Document Hash:** d11fe50ad63d1af1cebe294b75e2a85b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001700548-25-000018.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001700548-25-000018

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250808

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** GARCIA ERNEST C. III
- **CENTRAL INDEX KEY:** 0001700548

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38073
- **FILM NUMBER:** 251203011

**MAIL ADDRESS:**
- **STREET 1:** 300 E RIO SALADO PKWY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARVANA CO.
- **CENTRAL INDEX KEY:** 0001690820
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 814549921
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** (480) 719-8809

**MAIL ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>GARCIA ERNEST C. III<br><sub>(Last) (First) (Middle)</sub><br>C/O CARVANA CO.<br>300 E. RIO SALADO PARKWAY<br><sub>(Street)</sub><br>TEMPE, AZ 85281<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-08 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Executive Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CARVANA CO. [ CVNA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2025-08-08 |  | S |  | 385<sup>(1)</sup> | D | 342.28<sup>(2)</sup> | 566055 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 384<sup>(1)</sup> | D | 342.60<sup>(4)</sup> | 666056 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 176<sup>(1)</sup> | D | 342.85<sup>(6)</sup> | 565879 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 177<sup>(1)</sup> | D | 343.48<sup>(7)</sup> | 665879 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 552<sup>(1)</sup> | D | 344.44<sup>(8)</sup> | 565327 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 552<sup>(1)</sup> | D | 344.44<sup>(8)</sup> | 665327 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 1253<sup>(1)</sup> | D | 345.36<sup>(9)</sup> | 564074 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 1253<sup>(1)</sup> | D | 345.36<sup>(9)</sup> | 664074 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 950<sup>(1)</sup> | D | 346.36<sup>(10)</sup> | 563124 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 950<sup>(1)</sup> | D | 346.36<sup>(10)</sup> | 663124 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 527<sup>(1)</sup> | D | 347.41<sup>(11)</sup> | 562597 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 527<sup>(1)</sup> | D | 347.41<sup>(11)</sup> | 662597 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 286<sup>(1)</sup> | D | 348.26<sup>(12)</sup> | 562311 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 286<sup>(1)</sup> | D | 348.26<sup>(12)</sup> | 662311 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 153<sup>(1)</sup> | D | 349.13<sup>(13)</sup> | 562158 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 152<sup>(1)</sup> | D | 349.71<sup>(14)</sup> | 662159 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 208<sup>(1)</sup> | D | 350.28<sup>(15)</sup> | 561950 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 208<sup>(1)</sup> | D | 350.28<sup>(15)</sup> | 661951 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 246<sup>(1)</sup> | D | 351.62<sup>(16)</sup> | 561704 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 246<sup>(1)</sup> | D | 351.62<sup>(16)</sup> | 661705 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 195<sup>(1)</sup> | D | 352.59<sup>(17)</sup> | 561509 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 196<sup>(1)</sup> | D | 352.80<sup>(18)</sup> | 661509 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 17<sup>(1)</sup> | D | $354.11 | 561492 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 16<sup>(1)</sup> | D | $354.11 | 661493 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 52<sup>(1)</sup> | D | $357.23 | 561440 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-08 |  | S |  | 53<sup>(1)</sup> | D | $357.23 | 661440 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 923155 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

(2) This transaction was executed in multiple trades at prices ranging from $341.70 to $342.51 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(3) These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

(4) This transaction was executed in multiple trades at prices ranging from $342.51 to $342.70 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(5) These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trusteeand Co-Administrative Trustee of the Multi-Generational Trust.

(6) This transaction was executed in multiple trades at prices ranging from $342.73 to $342.90 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(7) This transaction was executed in multiple trades at prices ranging from $342.90 to $343.70 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(8) This transaction was executed in multiple trades at prices ranging from $343.89 to $344.89, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(9) This transaction was executed in multiple trades at prices ranging from $344.90 to $345.90 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(10) This transaction was executed in multiple trades at prices ranging from $345.91 to $346.90 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(11) This transaction was executed in multiple trades at prices ranging from $346.93 to $347.93, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(12) This transaction was executed in multiple trades at prices ranging from $347.95 to $348.68 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(13) This transaction was executed in multiple trades at prices ranging from $349.01 to $349.44 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(14) This transaction was executed in multiple trades at prices ranging from $349.44 to $349.92 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(15) This transaction was executed in multiple trades at prices ranging from $350.06 to $351.03 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(16) This transaction was executed in multiple trades at prices ranging from $351.17  to $351.96 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(17) This transaction was executed in multiple trades at prices ranging from $352.44 to $352.80 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

(18) This transaction was executed in multiple trades at prices ranging from $352.80 to $352.82 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

**Signature:** /s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III  
**Date:** 2025-08-11

### Remarks:

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.**