# EDGAR Filing Document

**Accession Number:** 0001700548
**File Stem:** 0001700548-25-000003
**Filing Date:** 2025-7
**Character Count:** 16951
**Document Hash:** f32e2fe3c02b4fca1398a786cbb878ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001700548-25-000003.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001700548-25-000003

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250701

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**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:** 251105905

**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>2025-07-01 | **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 | 2025-07-01 |  | F |  | 1229<sup>(1)</sup> | D | $338.26 | 924384 | D |  |
| Class A Common Stock | 2025-07-01 |  | S |  | 150<sup>(2)</sup> | D | 333.26<sup>(3)</sup> | 701290 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 150<sup>(2)</sup> | D | 333.26<sup>(3)</sup> | 801290 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 150<sup>(2)</sup> | D | 334.48<sup>(6)</sup> | 701140 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 150<sup>(2)</sup> | D | 334.48<sup>(6)</sup> | 801140 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 772<sup>(2)</sup> | D | 335.74<sup>(7)</sup> | 700368 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 772<sup>(2)</sup> | D | 335.74<sup>(7)</sup> | 800368 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 600<sup>(2)</sup> | D | 336.83<sup>(8)</sup> | 699768 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 600<sup>(2)</sup> | D | 336.83<sup>(8)</sup> | 799768 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 900<sup>(2)</sup> | D | 337.95<sup>(9)</sup> | 698868 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 900<sup>(2)</sup> | D | 337.95<sup>(9)</sup> | 798868 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 1028<sup>(2)</sup> | D | 338.77<sup>(10)</sup> | 697840 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 1028<sup>(2)</sup> | D | 338.77<sup>(10)</sup> | 797840 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 496<sup>(2)</sup> | D | 340.12<sup>(11)</sup> | 697344 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 495<sup>(2)</sup> | D | 340.59<sup>(12)</sup> | 797345 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 649<sup>(2)</sup> | D | 341.08<sup>(13)</sup> | 696695 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 650<sup>(2)</sup> | D | 341.53<sup>(14)</sup> | 796695 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 205<sup>(2)</sup> | D | 342.32<sup>(15)</sup> | 696490 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 205<sup>(2)</sup> | D | 342.32<sup>(15)</sup> | 796490 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 50<sup>(2)</sup> | D | $343.19 | 696440 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-01 |  | S |  | 50<sup>(2)</sup> | D | $343.19 | 796440 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 162<sup>(2)</sup> | D | 337.89<sup>(16)</sup> | 696278 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 162<sup>(2)</sup> | D | 337.89<sup>(16)</sup> | 796278 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 324<sup>(2)</sup> | D | 339.28<sup>(17)</sup> | 695954 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 323<sup>(2)</sup> | D | 339.82<sup>(18)</sup> | 795955 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 1043<sup>(2)</sup> | D | 340.60<sup>(19)</sup> | 694911 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 1043<sup>(2)</sup> | D | 340.60<sup>(19)</sup> | 794912 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 752<sup>(2)</sup> | D | 341.54<sup>(20)</sup> | 694159 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-02 |  | S |  | 752<sup>(2)</sup> | D | 341.54<sup>(20)</sup> | 794160 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |

---

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

(3) This transaction was executed in multiple trades at prices ranging from $332.86 to $333.74 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.

(4) 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.

(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 $334.11 to $334.67 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 $335.25 to $336.23, 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 $336.38 to $337.30 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 $337.44 to $338.35 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 $338.46 to $339.18, 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 $339.78 to $340.44 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.

(12) This transaction was executed in multiple trades at prices ranging from $340.44 to $340.73, 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 $340.83 to $341.38, 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 $341.38 to $341.75, 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 $341.84 to $342.69, 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 $337.32 to $338.29, 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 $339.01 to $339.57, 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 $339.57 to $339.97, 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.

(19) This transaction was executed in multiple trades at prices ranging from $340.09 to $341.04, 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.

(20) This transaction was executed in multiple trades at prices ranging from $341.13 to $342.13, 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:** 2025-07-03

### 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.**