# EDGAR Filing Document

**Accession Number:** 0001690820
**File Stem:** 0001193125-26-201847
**Filing Date:** 2026-5
**Character Count:** 8372
**Document Hash:** b8f6e79f6fb0623ed912291f9cd82c5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201847.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201847

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260501

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**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:** 26934152

**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
**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).

[ ] 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>2026-05-01 | **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>[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 |
|  |  |  |  |  |  |  |  |  |  |  |

---

## 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 |
| Covered Call Option (Obligation to Sell)<sup>(1)</sup> | $400.00 | 2026-04-17<sup>(2)</sup> |  | E |  |  | 4000000 | <sup>(3)</sup> | 2026-04-17 | Class A Common Stock | 4000000 | $0.00 | 0 | I | ECG II SPE, LLC<sup>(1)</sup> |
| Covered Call Option (Obligation to Sell)<sup>(4)</sup> | $450.00 | 2026-05-01 |  | S |  |  | 2000000 | 2027-05-21<sup>(4)(5)</sup> | 2027-05-21<sup>(4)(5)</sup> | Class A Common Stock | 2000000 | $68.0575 | 2000000 | I | ECG II SPE, LLC<sup>(1)</sup> |
| Covered Call Option (Obligation to Sell)<sup>(4)</sup> | $500.00 | 2026-05-01 |  | S |  |  | 2000000 | 2027-05-21<sup>(4)(5)</sup> | 2027-05-21<sup>(4)(5)</sup> | Class A Common Stock | 2000000 | $68.0575 | 2000000 | I | ECG II SPE, LLC<sup>(1)</sup> |

---

### Footnotes:

(1) The covered call options represented the option holder's right to purchase, and the option seller's obligation to sell, the underlying shares at the specified strike price. The covered call options were held directly by ECG II SPE, LLC ("E-SPE"), an entity wholly owned and controlled by Mr. Garcia.

(2) This Form 4 is being filed on a voluntary basis to report, in advance, the expiration of the covered call options that would otherwise be reportable on Form 5 for the year ended December 31, 2026.

(3) On May 9, 2025, E-SPE entered into a European-style covered call option transaction with an unaffiliated third-party purchaser. Under the terms of the transaction, E-SPE sold 4,000,000 covered call options, each referencing one share of the Issuer's Class A common stock, exercisable only on the expiration date, with an expiration date of April 17, 2026. In exchange for selling these options, E-SPE received a cash premium of $24.75 per option, which was paid in May 2025. The options were out of the money on the expiration date and expired without being exercised.

(4) On May 1, 2026, E-SPE entered into a European-style covered call option transaction with an unaffiliated third-party purchaser. Under the terms of this transaction, E-SPE sold 4,000,000 covered call options, comprised of 2,000,000 covered call options with an exercise price of $450.00 and 2,000,000 covered call options with an exercise price of $500.00, each referencing one share of the Issuer's Class A common stock, with an expiration date of May 21, 2027. In exchange for selling these options, E-SPE received a cash premium of $68.0575 per option.

(5) E-SPE pledged 4,000,000 shares of the Issuer's Class B common stock and 5,000,000 units of Carvana Group, LLC Class A units (collectively, the "Pledged Shares") to secure its obligations under the transaction. During the term of the pledge, E-SPE retains the right to vote the Pledged Shares and retains investment/dispositive power over the Pledged Shares, subject to the terms of the pledge arrangements.

**Signature:** /s/ Ernest C. Garcia II  
**Date:** 2026-05-01

**Signature:** /s/ Ernest C. Garcia II, ECG II SPE, LLC  
**Date:** 2026-05-01

### 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.**