# EDGAR Filing Document

**Accession Number:** 0001690820
**File Stem:** 0001690820-25-000227
**Filing Date:** 2025-6
**Character Count:** 19663
**Document Hash:** cd73b2c3e5117f48955f6d0d146709c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001690820-25-000227.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001690820-25-000227

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250605

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**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:** 251035545

**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>2025-06-05 | **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 | 2025-06-05 |  | S |  | 109<sup>(1)</sup> | D | 339.18<sup>(2)</sup> | 779891 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 108<sup>(1)</sup> | D | 339.64<sup>(4)</sup> | 879892 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 206<sup>(1)</sup> | D | 340.44<sup>(6)</sup> | 779685 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 206<sup>(1)</sup> | D | 340.44<sup>(6)</sup> | 879686 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 70<sup>(1)</sup> | D | 341.16<sup>(7)</sup> | 779615 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 71<sup>(1)</sup> | D | 341.88<sup>(8)</sup> | 879615 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 283<sup>(1)</sup> | D | 342.40<sup>(9)</sup> | 779332 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 282<sup>(1)</sup> | D | 342.92<sup>(10)</sup> | 879333 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 871<sup>(1)</sup> | D | 343.69<sup>(11)</sup> | 778461 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 871<sup>(1)</sup> | D | 343.69<sup>(11)</sup> | 878462 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 1606<sup>(1)</sup> | D | 344.32<sup>(12)</sup> | 776855 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 1607<sup>(1)</sup> | D | 344.83<sup>(13)</sup> | 876855 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 1254<sup>(1)</sup> | D | 345.47<sup>(14)</sup> | 775601 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 1254<sup>(1)</sup> | D | 345.47<sup>(14)</sup> | 875601 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 533<sup>(1)</sup> | D | 346.25<sup>(15)</sup> | 775068 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 532<sup>(1)</sup> | D | 346.63<sup>(16)</sup> | 875069 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 68<sup>(1)</sup> | D | 347.11<sup>(17)</sup> | 775000 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-05 |  | S |  | 69<sup>(1)</sup> | D | 347.42<sup>(18)</sup> | 875000 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 405<sup>(1)</sup> | D | 340<sup>(19)</sup> | 774595 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 405<sup>(1)</sup> | D | 340<sup>(19)</sup> | 874595 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 1445<sup>(1)</sup> | D | 341.10<sup>(20)</sup> | 773150 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 1445<sup>(1)</sup> | D | 341.10<sup>(20)</sup> | 873150 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 1273<sup>(1)</sup> | D | 342.08<sup>(21)</sup> | 771877 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 1272<sup>(1)</sup> | D | 342.47<sup>(22)</sup> | 871878 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 177<sup>(1)</sup> | D | 342.76<sup>(23)</sup> | 771700 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 178<sup>(1)</sup> | D | 342.92<sup>(24)</sup> | 871700 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 450<sup>(1)</sup> | D | 344.29<sup>(25)</sup> | 771250 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 450<sup>(1)</sup> | D | 344.29<sup>(25)</sup> | 871250 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 319<sup>(1)</sup> | D | 345.37<sup>(26)</sup> | 770931 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-06-06 |  | S |  | 319<sup>(1)</sup> | D | 345.37<sup>(26)</sup> | 870931 | 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) The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

(2) This transaction was executed in multiple trades at prices ranging from $338.94 to $339.29, 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.

(3) 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.

(4) This transaction was executed in multiple trades at prices ranging from $339.29 to $339.89, 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.

(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 $339.97 to $340.90 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 $340.99 to $341.74 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.

(8) This transaction was executed in multiple trades at prices ranging from $341.74 to $341.97 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.

(9) This transaction was executed in multiple trades at prices ranging from $342.02 to $342.80 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 $342.80 to $343.00 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 $343.03 to $344.03 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 $344.04 to $344.62 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 $344.62 to $345.04, 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.

(14) This transaction was executed in multiple trades at prices ranging from $345.06 to $346.03 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 $346.08 to $346.34 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 $346.34 to $347.08, 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 $347.10 to $347.14, 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 $347.14 to $347.84, 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 $339.58 to $340.54, 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 $340.61 to $341.61, 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.

(21) This transaction was executed in multiple trades at prices ranging from $341.70 to $342.36, 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.

(22) This transaction was executed in multiple trades at prices ranging from $342.36 to $342.70, 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.

(23) This transaction was executed in multiple trades at prices ranging from $342.72 to $342.84, 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.

(24) This transaction was executed in multiple trades at prices ranging from $342.84 to $342.98, 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.

(25) This transaction was executed in multiple trades at prices ranging from $343.82 to $344.81, 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.

(26) This transaction was executed in multiple trades at prices ranging from $344.99 to $345.98, 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:** 2025-06-09

### 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.**