# EDGAR Filing Document

**Accession Number:** 0001700548
**File Stem:** 0001700548-25-000044
**Filing Date:** 2025-8
**Character Count:** 17903
**Document Hash:** 4eefd89d9b112dd49ae20f089a285c74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001700548-25-000044.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001700548-25-000044

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250825

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251258568

**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>2025-08-25 | **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 | 2025-08-25 |  | S |  | 293<sup>(1)</sup> | D | 354.80<sup>(2)</sup> | 511147 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 293<sup>(1)</sup> | D | 354.80<sup>(2)</sup> | 611147 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 207<sup>(1)</sup> | D | 355.67<sup>(5)</sup> | 510940 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 206<sup>(1)</sup> | D | 356.08<sup>(6)</sup> | 610941 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 448<sup>(1)</sup> | D | 356.80<sup>(7)</sup> | 510492 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 449<sup>(1)</sup> | D | 357.41<sup>(8)</sup> | 610492 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 529<sup>(1)</sup> | D | 357.97<sup>(9)</sup> | 509963 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 528<sup>(1)</sup> | D | 358.35<sup>(10)</sup> | 609964 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 452<sup>(1)</sup> | D | 359.10<sup>(11)</sup> | 509511 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 452<sup>(1)</sup> | D | 359.10<sup>(11)</sup> | 609512 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 50<sup>(1)</sup> | D | $359.89 | 509461 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 50<sup>(1)</sup> | D | $359.89 | 609462 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 562<sup>(1)</sup> | D | 361.15<sup>(12)</sup> | 508899 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 563<sup>(1)</sup> | D | 361.67<sup>(13)</sup> | 608899 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 353<sup>(1)</sup> | D | 362.20<sup>(14)</sup> | 508546 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 352<sup>(1)</sup> | D | 362.70<sup>(15)</sup> | 608547 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 734<sup>(1)</sup> | D | 363.54<sup>(16)</sup> | 507812 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 734<sup>(1)</sup> | D | 363.54<sup>(16)</sup> | 607813 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 400<sup>(1)</sup> | D | 364.47<sup>(17)</sup> | 507412 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 401<sup>(1)</sup> | D | 364.91<sup>(18)</sup> | 607412 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 300<sup>(1)</sup> | D | 365.33<sup>(19)</sup> | 507112 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 300<sup>(1)</sup> | D | 365.33<sup>(19)</sup> | 607112 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 519<sup>(1)</sup> | D | 366.26<sup>(20)</sup> | 506593 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 518<sup>(1)</sup> | D | 366.78<sup>(21)</sup> | 606594 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 153<sup>(1)</sup> | D | 367.44<sup>(22)</sup> | 506440 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-08-25 |  | S |  | 154<sup>(1)</sup> | D | 367.92<sup>(23)</sup> | 606440 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 923155 | D |  |

---

## 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 $354.39 to $355.28 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) 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.

(5) This transaction was executed in multiple trades at prices ranging from $355.54 to $355.68 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.

(6) This transaction was executed in multiple trades at prices ranging from  $355.68 to $356.24 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 $356.60 to $357.31 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 $357.31 to $357.57 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.

(9) This transaction was executed in multiple trades at prices ranging from $357.71 to $358.14, 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.

(10) This transaction was executed in multiple trades at prices ranging from $358.14 to $358.71, 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 $358.78 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.

(12) This transaction was executed in multiple trades at prices ranging from $360.90 to $361.49, 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 $361.49 to $361.86, 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 $362.03 to $362.43 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 $362.43 to $363.03 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.

(16) This transaction was executed in multiple trades at prices ranging from $363.05 to $363.95 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 $364.09 to $364.76 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 $364.77 to $365.05 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 $365.11 to $365.61 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.

(20) This transaction was executed in multiple trades at prices ranging from $366.14 to $366.37 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  $366.37 to $367.01 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 $367.21 to $367.82 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 $367.82 to $367.98 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:** 2025-08-26

### 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.**