# EDGAR Filing Document

**Accession Number:** 0001690820
**File Stem:** 0001690820-25-000320
**Filing Date:** 2025-8
**Character Count:** 16848
**Document Hash:** 45668420bf1c68bfe5ec9b1cb6e13b60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001690820-25-000320.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001690820-25-000320

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250730

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**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:** 251176718

**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>2025-07-30 | **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 | 2025-07-30 |  | S |  | 130<sup>(1)</sup> | D | 329.36<sup>(2)</sup> | 601310 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 130<sup>(1)</sup> | D | 329.36<sup>(2)</sup> | 701310 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 146<sup>(1)</sup> | D | 330.52<sup>(5)</sup> | 601164 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 146<sup>(1)</sup> | D | 330.52<sup>(5)</sup> | 701164 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 233<sup>(1)</sup> | D | 331.40<sup>(6)</sup> | 600931 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 233<sup>(1)</sup> | D | 331.40<sup>(6)</sup> | 700931 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 179<sup>(1)</sup> | D | 332.20<sup>(7)</sup> | 600752 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 178<sup>(1)</sup> | D | 332.77<sup>(8)</sup> | 700753 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 411<sup>(1)</sup> | D | 333.41<sup>(9)</sup> | 600341 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 412<sup>(1)</sup> | D | 333.81<sup>(10)</sup> | 700341 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 1277<sup>(1)</sup> | D | 334.42<sup>(11)</sup> | 599064 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 1276<sup>(1)</sup> | D | 334.81<sup>(12)</sup> | 699065 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 720<sup>(1)</sup> | D | 335.18<sup>(13)</sup> | 598344 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 721<sup>(1)</sup> | D | 335.71<sup>(14)</sup> | 698344 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 862<sup>(1)</sup> | D | 336.35<sup>(15)</sup> | 597482 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 861<sup>(1)</sup> | D | 336.80<sup>(16)</sup> | 697483 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 553<sup>(1)</sup> | D | 337.24<sup>(17)</sup> | 596929 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 554<sup>(1)</sup> | D | 337.71<sup>(18)</sup> | 696929 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 218<sup>(1)</sup> | D | 338.45<sup>(19)</sup> | 596711 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 218<sup>(1)</sup> | D | 338.45<sup>(19)</sup> | 696711 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 210<sup>(1)</sup> | D | 339.63<sup>(20)</sup> | 596501 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 210<sup>(1)</sup> | D | 339.63<sup>(20)</sup> | 696501 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 61<sup>(1)</sup> | D | 340.40<sup>(21)</sup> | 596440 | I | Ernest Irrevocable 2004 Trust III<sup>(3)</sup> |
| Class A Common Stock | 2025-07-30 |  | S |  | 61<sup>(1)</sup> | D | 340.40<sup>(21)</sup> | 696440 | I | Ernest C. Garcia III Multi-Generational Trust III<sup>(4)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 924384 | 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 $328.87 to $329.87  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 $329.89 to $330.77 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 $330.92 to $331.86, 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.

(7) This transaction was executed in multiple trades at prices ranging from $331.96 to $332.45 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 $332.49 to $332.96 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 $332.97 to $333.60 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.

(10) This transaction was executed in multiple trades at prices ranging from $333.60 to $333.97 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.

(11) This transaction was executed in multiple trades at prices ranging from $333.99 to $334.64, 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 $334.64 to $334.99, 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.

(13) This transaction was executed in multiple trades at prices ranging from $335.00 to $335.41 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 $335.41 to $336.00 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.

(15) This transaction was executed in multiple trades at prices ranging from $336.02 to $336.60 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.

(16) This transaction was executed in multiple trades at prices ranging from $336.60 to $337.02 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 $337.05 to $337.44 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 $337.44 to $337.96 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 $338.19 to $339.07 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.

(20) This transaction was executed in multiple trades at prices ranging from $339.20 to $340.20 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 $340.28 to $340.65 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:** 2025-08-01

### 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.**