# EDGAR Filing Document

**Accession Number:** 0001017608
**File Stem:** 0000950170-25-104359
**Filing Date:** 2025-8
**Character Count:** 12492
**Document Hash:** 015750ecb9130ea942767fe61c69fef2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-104359.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-104359

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250804

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** GARCIA ERNEST C. II
- **CENTRAL INDEX KEY:** 0001017608

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38073
- **FILM NUMBER:** 251191087

**MAIL ADDRESS:**
- **STREET 1:** 1720 W. RIO SALADO PARKWAY
- **STREET 2:** SUITE A
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

**FORMER NAME:**
- **FORMER CONFORMED NAME:** GARCIA ERNEST C II
- **DATE OF NAME CHANGE:** 19960626
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** ECG II SPE, LLC
- **CENTRAL INDEX KEY:** 0001754720

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38073
- **FILM NUMBER:** 251191086

**BUSINESS ADDRESS:**
- **STREET 1:** 5430 LYNDON B. JOHNSON FWY, TOWER 3
- **STREET 2:** SUITE 1250
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75240
- **BUSINESS PHONE:** 469.564.4800

**MAIL ADDRESS:**
- **STREET 1:** 5430 LYNDON B. JOHNSON FWY, TOWER 3
- **STREET 2:** SUITE 1250
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75240
**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. II<br><sub>(Last) (First) (Middle)</sub><br>1720 W. RIO SALADO PARKWAY<br>SUITE A<br><sub>(Street)</sub><br>TEMPE, AZ 85281<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **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>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>ECG II SPE, LLC<br><sub>(Last) (First) (Middle)</sub><br>1720 W. RIO SALADO PARKWAY<br>SUITE A<br><sub>(Street)</sub><br>TEMPE, AZ 85281<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **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>[ ] Form filed by One Reporting Person<br>[X] 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 | 2025-08-04 |  | C |  | 100000 | A | <sup>(1)</sup> | 100000 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 2155 | D | 353.8135<sup>(3)</sup> | 97845 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 5842 | D | 354.8343<sup>(3)</sup> | 92003 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 7792 | D | 355.8348<sup>(3)</sup> | 84211 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 11633 | D | 356.7259<sup>(3)</sup> | 72578 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 3961 | D | 357.8762<sup>(3)</sup> | 68617 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 943 | D | 358.9376<sup>(3)</sup> | 67674 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 1470 | D | 359.8848<sup>(3)</sup> | 66204 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 3032 | D | 361.4543<sup>(3)</sup> | 63172 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 10591 | D | 362.4047<sup>(3)</sup> | 52581 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 10493 | D | 363.3738<sup>(3)</sup> | 42088 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 17608 | D | 364.3765<sup>(4)</sup> | 24480 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 8062 | D | 365.2579<sup>(4)</sup> | 16418 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 2277 | D | 366.3906<sup>(4)</sup> | 14141 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 1409 | D | 367.7711<sup>(4)</sup> | 12732 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 4727 | D | 368.9807<sup>(4)</sup> | 8005 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 5803 | D | 370<sup>(4)</sup> | 2202 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(2)</sup> |  | 2202 | D | 370.7784<sup>(4)</sup> | 0 | D |  |
| Class B Common Stock | 2025-08-04 |  | J |  | 100000 | D | <sup>(5)</sup> | 35042792 | D |  |
| Class B Common Stock |  |  |  |  |  |  |  | 8000000 | I | ECG II SPE, LLC<sup>(6)</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 |
| Class A Units | <sup>(1)</sup> | 2025-08-04 |  | C |  |  | 125000 | <sup>(1)</sup> | <sup>(1)</sup> | Class A Common Stock | 100000 | $0 | 43803489 | D |  |
| Class A Units | <sup>(7)</sup> |  |  |  |  |  |  | <sup>(7)</sup> | <sup>(7)</sup> | Class A Common Stock | 8000000 |  | 10000000 | I | ECG II SPE, LLC |

---

### Footnotes:

(1) 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").

(2) 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.

(3) The prices reported in Column 4 are weighted average prices.  These shares were sold in multiple transactions at prices ranging from $353.165-$354.135, inclusive (weighted average of $353.8135); $354.21-$355.195, inclusive (weighted average of $354.8343); $355.22-$356.19, inclusive (weighted average of $355.8348); $356.23-$357.20, inclusive (weighted average of $356.7259); $357.29-$358.21, inclusive (weighted average of $357.8762); $358.34-$359.30, inclusive (weighted average of $358.9376); $359.53-$360.40, inclusive (weighted average of $359.8848); $360.89-$361.86, inclusive (weighted average of $361.4543); $361.92-$362.89, inclusive (weighted average of $362.4047); and $362.93-$363.925, inclusive (weighted average of $363.3738), 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.

(4) The prices reported in Column 4 are weighted average prices.  These shares were sold in multiple transactions at prices ranging from $363.94-$364.93, inclusive (weighted average of $364.3765); $364.94-$365.86, inclusive (weighted average of $365.2579); $365.99-$366.93, inclusive (weighted average of $366.3906); $367.315-$368.13, inclusive (weighted average of $367.7711); $368.44-$369.43, inclusive (weighted average of $368.9807); $369.53-$370.525, inclusive (weighted average of $370.00); and $370.57-$371.06, inclusive (weighted average of $370.7784), 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) These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

(7) These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

**Signature:** /s/ Ernest C. Garcia II  
**Date:** 2025-08-06

**Signature:** /s/ Ernest C. Garcia II, ECG II SPE, LLC  
**Date:** 2025-08-06

### 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.**