# EDGAR Filing Document

**Accession Number:** 0001690820
**File Stem:** 0001700537-25-000009
**Filing Date:** 2025-11
**Character Count:** 11912
**Document Hash:** d804251fa23165d1bda1c95a1e091fc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001700537-25-000009.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001700537-25-000009

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251101

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** HUSTON BENJAMIN E.
- **CENTRAL INDEX KEY:** 0001700537

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38073
- **FILM NUMBER:** 251450959

**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>HUSTON BENJAMIN E.<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>2025-11-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Operating 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 | 2025-11-01 |  | F |  | 1220<sup>(1)</sup> | D | $306.54 | 101977 | D |  |
| Class A Common Stock | 2025-11-03 |  | M |  | 10000<sup>(2)</sup> | A | $10.07 | 111977 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 80<sup>(2)</sup> | D | 304.25<sup>(3)(4)</sup> | 111897 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 40<sup>(2)</sup> | D | 306.33<sup>(3)</sup> | 111857 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 217<sup>(2)</sup> | D | 308.65<sup>(3)(5)</sup> | 111640 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 320<sup>(2)</sup> | D | 310.08<sup>(3)(6)</sup> | 111320 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 326<sup>(2)</sup> | D | 311.09<sup>(3)(7)</sup> | 110994 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 431<sup>(2)</sup> | D | 312.37<sup>(3)(8)</sup> | 110563 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 200<sup>(2)</sup> | D | 313.08<sup>(3)(9)</sup> | 110363 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 160<sup>(2)</sup> | D | 314.50<sup>(3)(10)</sup> | 110203 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 262<sup>(2)</sup> | D | 315.79<sup>(3)(11)</sup> | 109941 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 160<sup>(2)</sup> | D | 316.82<sup>(3)(12)</sup> | 109781 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 200<sup>(2)</sup> | D | 317.92<sup>(3)(13)</sup> | 109581 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 320<sup>(2)</sup> | D | 320.36<sup>(3)(14)</sup> | 109261 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 80<sup>(2)</sup> | D | 321.15<sup>(3)(15)</sup> | 109181 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 120<sup>(2)</sup> | D | 323.82<sup>(3)(16)</sup> | 109061 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 400<sup>(2)</sup> | D | 324.77<sup>(3)(17)</sup> | 108661 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 801<sup>(2)</sup> | D | 325.75<sup>(3)(18)</sup> | 107860 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 1362<sup>(2)</sup> | D | 326.73<sup>(3)(19)</sup> | 106498 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 850<sup>(2)</sup> | D | 327.82<sup>(3)(20)</sup> | 105648 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 790<sup>(2)</sup> | D | 328.72<sup>(3)(21)</sup> | 104858 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 1240<sup>(2)</sup> | D | 329.93<sup>(3)(22)</sup> | 103618 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 280<sup>(2)</sup> | D | 331.05<sup>(3)(23)</sup> | 103338 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 225<sup>(2)</sup> | D | 332.23<sup>(3)(24)</sup> | 103113 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 1016<sup>(2)</sup> | D | 333.65<sup>(3)(25)</sup> | 102097 | D |  |
| Class A Common Stock | 2025-11-03 |  | S |  | 120<sup>(2)</sup> | D | 334.54<sup>(3)(26)</sup> | 101977 | 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 |
| Stock Options (Right to Buy) | $10.07 | 2025-11-03 |  | M<sup>(2)</sup> |  |  | 10000 | 2024-04-01<sup>(27)</sup> | 2033-02-22 | Class A Common Stock | 10000 | $0 | 418513 | D |  |

---

### Footnotes:

(1) Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

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

(3) 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.

(4) This transaction was executed in multiple trades at prices ranging from $303.98 to $304.51, inclusive.

(5) This transaction was executed in multiple trades at prices ranging from $308.00 to $308.82, inclusive.

(6) This transaction was executed in multiple trades at prices ranging from $309.69 to $310.65, inclusive.

(7) This transaction was executed in multiple trades at prices ranging from $310.72 to $311.30, inclusive.

(8) This transaction was executed in multiple trades at prices ranging from $311.92 to $312.80, inclusive.

(9) This transaction was executed in multiple trades at prices ranging from $312.97 to $313.15, inclusive.

(10) This transaction was executed in multiple trades at prices ranging from $314.01 to $314.95, inclusive.

(11) This transaction was executed in multiple trades at prices ranging from $315.33 to $316.28, inclusive.

(12) This transaction was executed in multiple trades at prices ranging from $316.38 to $317.22, inclusive.

(13) This transaction was executed in multiple trades at prices ranging from $317.39 to $318.38, inclusive.

(14) This transaction was executed in multiple trades at prices ranging from $319.84 to $320.78, inclusive.

(15) This transaction was executed in multiple trades at prices ranging from $321.09 to $321.20, inclusive.

(16) This transaction was executed in multiple trades at prices ranging from $323.18 to $324.17, inclusive.

(17) This transaction was executed in multiple trades at prices ranging from $324.18 to $325.15, inclusive.

(18) This transaction was executed in multiple trades at prices ranging from $325.18 to $326.15, inclusive.

(19) This transaction was executed in multiple trades at prices ranging from $326.21 to $327.19, inclusive.

(20) This transaction was executed in multiple trades at prices ranging from $327.27 to $328.26 inclusive.

(21) This transaction was executed in multiple trades at prices ranging from $328.27 to $329.16, inclusive.

(22) This transaction was executed in multiple trades at prices ranging from $329.48 to $330.24, inclusive.

(23) This transaction was executed in multiple trades at prices ranging from $330.71 to $331.45 inclusive.

(24) This transaction was executed in multiple trades at prices ranging from $331.75 to $332.73, inclusive.

(25) This transaction was executed in multiple trades at prices ranging from $333.12 to $334.10, inclusive.

(26) This transaction was executed in multiple trades at prices ranging from $334.47 to $334.67, inclusive.

(27) The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024 and monthly thereafter for the followingthree years, subject to the Reporting Person's continued service with the Issuer.

**Signature:** /s/ Paul Breaux, by Power of Attorney for Benjamin E. Huston  
**Date:** 2025-11-04

### 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.**