# EDGAR Filing Document

**Accession Number:** 0001700548
**File Stem:** 0001700548-25-000054
**Filing Date:** 2025-9
**Character Count:** 14111
**Document Hash:** 0c8dcd12e7e81b419c419ab2847793d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001700548-25-000054.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001700548-25-000054

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250901

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**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:** 251291381

**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>2025-09-01 | **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 | 2025-09-01 |  | F |  | 1229<sup>(1)</sup> | D | $371.92 | 921926 | D |  |
| Class A Common Stock | 2025-09-02 |  | S |  | 100<sup>(2)</sup> | D | 356.76<sup>(3)</sup> | 486340 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 100<sup>(2)</sup> | D | 356.76<sup>(3)</sup> | 586340 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 250<sup>(2)</sup> | D | 358.87<sup>(6)</sup> | 486090 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 250<sup>(2)</sup> | D | 358.87<sup>(6)</sup> | 586090 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 150<sup>(2)</sup> | D | 359.64<sup>(7)</sup> | 485940 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 150<sup>(2)</sup> | D | 359.64<sup>(7)</sup> | 585940 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 350<sup>(2)</sup> | D | 361.03<sup>(8)</sup> | 485590 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 350<sup>(2)</sup> | D | 361.03<sup>(8)</sup> | 585590 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 200<sup>(2)</sup> | D | 362.59<sup>(9)</sup> | 485390 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 200<sup>(2)</sup> | D | 362.59<sup>(9)</sup> | 585390 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 500<sup>(2)</sup> | D | 363.54<sup>(10)</sup> | 484890 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 500<sup>(2)</sup> | D | 363.54<sup>(10)</sup> | 584890 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 650<sup>(2)</sup> | D | 364.49<sup>(11)</sup> | 484240 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 650<sup>(2)</sup> | D | 364.49<sup>(11)</sup> | 584240 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 1047<sup>(2)</sup> | D | 365.72<sup>(12)</sup> | 483193 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 1047<sup>(2)</sup> | D | 365.72<sup>(12)</sup> | 583193 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 1138<sup>(2)</sup> | D | 366.65<sup>(13)</sup> | 482055 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 1138<sup>(2)</sup> | D | 366.65<sup>(13)</sup> | 582055 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 465<sup>(2)</sup> | D | 367.45<sup>(14)</sup> | 481590 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 465<sup>(2)</sup> | D | 367.45<sup>(14)</sup> | 581590 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 150<sup>(2)</sup> | D | 368.57<sup>(15)</sup> | 481440 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-02 |  | S |  | 150<sup>(2)</sup> | D | 368.57<sup>(15)</sup> | 581440 | 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 $356.72 to $356.78 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 $358.50 to $359.39 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 $359.57 to $359.67 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.

(8) This transaction was executed in multiple trades at prices ranging from $360.62 to $361.60, 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 $361.99 to $362.99, 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 $363.00 to $364.00, 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 $364.05 to $364.97, 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.

(12) This transaction was executed in multiple trades at prices ranging from $365.13 to $366.13, 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.

(13) This transaction was executed in multiple trades at prices ranging from $366.15 to $367.07, 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 $367.20 to $368.04, 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.

(15) This transaction was executed in multiple trades at prices ranging from $368.49 to $368.67, 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.

**Signature:** /s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III  
**Date:** 2025-09-03

### 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.**