# EDGAR Filing Document

**Accession Number:** 0001690820
**File Stem:** 0001700548-25-000075
**Filing Date:** 2025-9
**Character Count:** 10424
**Document Hash:** 309a18f1903cfd8b1f8061eb092d441f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001700548-25-000075.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0001700548-25-000075

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250915

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250917

**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:** 251321512

**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>2025-09-15 | **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 | 2025-09-15 |  | S |  | 292<sup>(1)</sup> | D | 361.97<sup>(2)(3)</sup> | 441148 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 292<sup>(1)</sup> | D | 361.97<sup>(2)(3)</sup> | 541148 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 440<sup>(1)</sup> | D | 362.88<sup>(3)(6)</sup> | 440708 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 439<sup>(1)</sup> | D | 363.39<sup>(3)(7)</sup> | 540709 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 963<sup>(1)</sup> | D | 364.12<sup>(3)(8)</sup> | 439745 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 963<sup>(1)</sup> | D | 364.12<sup>(3)(8)</sup> | 539746 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 1261<sup>(1)</sup> | D | 364.84<sup>(3)(9)</sup> | 438484 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 1262<sup>(1)</sup> | D | 365.26<sup>(3)(10)</sup> | 538484 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 550<sup>(1)</sup> | D | 366.10<sup>(3)(11)</sup> | 437934 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 550<sup>(1)</sup> | D | 366.10<sup>(3)(11)</sup> | 537934 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 493<sup>(1)</sup> | D | 367.01<sup>(3)(12)</sup> | 437441 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 492<sup>(1)</sup> | D | 367.63<sup>(3)(13)</sup> | 537442 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 757<sup>(1)</sup> | D | 368.09<sup>(3)(14)</sup> | 436684 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 758<sup>(1)</sup> | D | 368.44<sup>(3)(15)</sup> | 536684 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 244<sup>(1)</sup> | D | 369.17<sup>(3)(16)</sup> | 436440 | I | Ernest Irrevocable 2004 Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-09-15 |  | S |  | 244<sup>(1)</sup> | D | 369.17<sup>(3)(16)</sup> | 536440 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(5)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 921926 | 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 $361.50 to $362.38 inclusive.

(3) 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 $362.59 to $363.23, inclusive.

(7) This transaction was executed in multiple trades at prices ranging from $363.23 to $363.49, inclusive.

(8) This transaction was executed in multiple trades at prices ranging from $363.60 to $364.59, inclusive.

(9) This transaction was executed in multiple trades at prices ranging from $364.60 to $364.99, inclusive.

(10) This transaction was executed in multiple trades at prices ranging from $364.99 to $365.54, inclusive.

(11) This transaction was executed in multiple trades at prices ranging from $365.66 to $366.62, inclusive.

(12) This transaction was executed in multiple trades at prices ranging from $366.78 to $367.27, inclusive.

(13) This transaction was executed in multiple trades at prices ranging from $367.27 to $367.73, inclusive.

(14) This transaction was executed in multiple trades at prices ranging from $367.82 to $368.25, inclusive.

(15) This transaction was executed in multiple trades at prices ranging from $368.25 to $368.68, inclusive.

(16) This transaction was executed in multiple trades at prices ranging from $368.85 to $369.44, inclusive.

**Signature:** /s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III  
**Date:** 2025-09-17

### 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.**