# EDGAR Filing Document

**Accession Number:** 0001543170
**File Stem:** 0001493152-23-004878
**Filing Date:** 2023-2
**Character Count:** 25463
**Document Hash:** ab219bd81a93629b60d9343444022fdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-004878.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001493152-23-004878

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARVANA CO.
- **CENTRAL INDEX KEY:** 0001690820
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **IRS NUMBER:** 814549921
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89974
- **FILM NUMBER:** 23628888

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPRUCE HOUSE INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001543170
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 435 HUDSON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014
- **BUSINESS PHONE:** 646-442-6727

**MAIL ADDRESS:**
- **STREET 1:** 435 HUDSON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> WASHINGTON, DC 20549**

**SCHEDULE 13G**

Under the Securities Exchange Act of 1934

(Amendment No. 5)\*

**Carvana Co.**

(Name of Issuer)

Class A Common Stock, Par Value $0.001 per share

(Title of Class of Securities)

146869102

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

------

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 146869102

1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 Spruce House Investment Management LLC

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
☐ <br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 Delaware

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000,000

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.4%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) OO,
 IA

CUSIP No. 146869102

1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 Spruce House Capital LLC

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
 ☐<br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 Delaware

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000,000

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.4%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) OO

CUSIP No. 146869102

1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 The Spruce House Partnership LLC

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
 ☐<br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 Delaware

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000,000

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.4%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) OO

CUSIP No. 146869102

1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 The Spruce House Partnership (AI) LP

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
 ☐<br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 Delaware

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000,000

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.4%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) PN

CUSIP No. 146869102

1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 The Spruce House Partnership (QP) LP

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
 ☐<br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 Delaware

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,000,000

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.4%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) PN

CUSIP No. 146869102

1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 Zachary Sternberg

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
 ☐<br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 United States of America

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>50,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>50,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,050,000

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.5%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) IN,
 HC

CUSIP No. 146869102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NAME
 OF REPORTING PERSONS<br>
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br>
 Benjamin Stein

2. CHECK
 THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a)
 ☐<br>
 (b) ☒

3. SEC
 USE ONLY<br>

4. CITIZENSHIP
 OR PLACE OF ORGANIZATION<br>
 United States of America

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>42,100 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>10,000,000 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>42,100 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>10,000,000 |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,042,100

10. CHECK
 BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ☐

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.5%

12. TYPE
 OF REPORTING PERSON (SEE INSTRUCTIONS) IN,
 HC

---

| | | |
|:---|:---|:---|
| CUSIP No. |  | 146869102 |
| Item 1. | (a). | Name of Issuer: |
|  |  | Carvana Co. |
|  | (b). | Address of issuer's principal executive offices: |
|  |  | 1930 W. Rio Salado Pkwy |
|  |  | Tempe, Arizona 85281 |
| Item 2. | (a). | Name of person filing: |
|  |  | Spruce House Investment Management LLC |
|  |  | Spruce House Capital LLC<br> The Spruce House Partnership LLC |
|  |  | The Spruce House Partnership (AI) LP<br> The Spruce House Partnership (QP) LP |
|  |  | Zachary Sternberg |
|  |  | Benjamin Stein |
|  | (b). | Address or principal business office or, if none, residence: |
|  |  | Spruce House Investment Management LLC |
|  |  | Spruce House Capital LLC<br> The Spruce House Partnership LLC |
|  |  | 435 Hudson Street, 8th Floor |
|  |  | New York, New York 10014 |
|  |  | The Spruce House Partnership (AI) LP<br> The Spruce House Partnership (QP) LP |
|  |  | c/o Spruce House Capital LLC |
|  |  | 435 Hudson Street, 8th Floor |
|  |  | New York, New York 10014 |
|  |  | Zachary Sternberg |
|  |  | Benjamin Stein |
|  |  | c/o Spruce House Investment Management LLC |
|  |  | 435 Hudson Street, 8th Floor |
|  |  | New York, New York 10014 |
|  | (c). | Citizenship: |
|  |  | Spruce House Investment Management LLC – Delaware limited liability company |
|  |  | Spruce House Capital LLC – Delaware limited liability company |
|  |  | The Spruce House Partnership LLC – Delaware limited company |
|  |  | The Spruce House Partnership (AI) LP – Delaware limited partnership |
|  |  | The Spruce House Partnership (QP) LP – Delaware limited partnership |
|  |  | Zachary Sternberg – United States of America |
|  |  | Benjamin Stein – United States of America |
|  | (d). | Title of class of securities: |
|  |  | Class A Common Stock, par value $0.001 per share |
|  | (e). | CUSIP No.: |
|  |  | 146869102 |

---

Item 3. If This Statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is: N/A

Item 4. Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 beneficially owned:

Spruce House Investment Management LLC – 10,000,000 shares

Spruce House Capital LLC – 10,000,000 shares

The Spruce House Partnership LLC – 10,000,000 shares

The Spruce House Partnership (AI) LP – 10,000,000 shares

The Spruce House Partnership (QP) LP – 10,000,000 shares

Zachary Sternberg – 10,050,000 shares

<u>Benjamin Stein – 10,042,100 shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Percent
 of class:

Spruce House Investment Management LLC – 9.4%\*

Spruce House Capital LLC – 9.4%\*

The Spruce House Partnership LLC – 9.4%\*

The Spruce House Partnership (AI) LP – 9.4%\*

The Spruce House Partnership (QP) LP – 9.4%\*

Zachary Sternberg – 9.5%\*

Benjamin Stein – 9.5%\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Number
 of shares as to which Spruce House Investment Management LLC has:

---

| | | |
|:---|:---|:---|
| (i) | Sole power to vote or to direct the vote | 0 |
| (ii) | Shared power to vote or to direct the vote | 10000000 |
| (iii) | Sole power to dispose or to direct the disposition of | 0 |
| (iv) | Shared power to dispose or to direct the disposition of | 10000000 |
| Number of shares as to which Spruce House Capital LLC has: | Number of shares as to which Spruce House Capital LLC has: |  |
| (i) | Sole power to vote or to direct the vote | 0 |
| (ii) | Shared power to vote or to direct the vote | 10000000 |
| (iii) | Sole power to dispose or to direct the disposition of | 0 |
| (iv) | Shared power to dispose or to direct the disposition of | 10000000 |
| Number of shares as to which The Spruce House Partnership (AI) LP has: | Number of shares as to which The Spruce House Partnership (AI) LP has: |  |
| (i) | Sole power to vote or to direct the vote | 0 |
| (ii) | Shared power to vote or to direct the vote | 10000000 |
| (iii) | Sole power to dispose or to direct the disposition of | 0 |
| (iv) | Shared power to dispose or to direct the disposition of | 10000000 |
| Number of shares as to which The Spruce House Partnership (QP) LP has: | Number of shares as to which The Spruce House Partnership (QP) LP has: |  |
| (i) | Sole power to vote or to direct the vote | 0 |
| (ii) | Shared power to vote or to direct the vote | 10000000 |
| (iii) | Sole power to dispose or to direct the disposition of | 0 |
| (iv) | Shared power to dispose or to direct the disposition of | 10000000 |
| <br> Number of shares as to which The Spruce House Partnership LLC has: | <br> Number of shares as to which The Spruce House Partnership LLC has: |  |
| (i) | Sole power to vote or to direct the vote | 0 |
| (ii) | Shared power to vote or to direct the vote | 10000000 |
| (iii) | Sole power to dispose or to direct the disposition of | 0 |
| (iv) | Shared power to dispose or to direct the disposition of | 10000000 |
| Number of shares as to which Zachary Sternberg has: | Number of shares as to which Zachary Sternberg has: |  |
| (i) | Sole power to vote or to direct the vote | 50000 |
| (ii) | Shared power to vote or to direct the vote | 10050000 |
| (iii) | Sole power to dispose or to direct the disposition of | 50000 |
| (iv) | Shared power to dispose or to direct the disposition of | 10050000 |
| <br> Number of shares as to which Benjamin Stein has: | <br> Number of shares as to which Benjamin Stein has: |  |
| (i) | Sole power to vote or to direct the vote | 42100 |
| (ii) | Shared power to vote or to direct the vote | 10042100 |
| (iii) | Sole power to dispose or to direct the disposition of | 42100 |
| (iv) | Shared power to dispose or to direct the disposition of | 10042100 |

---

The reported securities are held in the account of The Spruce House Partnership LLC (the "Aggregator"), its sole members being The Spruce House Partnership (AI) LP (f/k/a The Spruce House Partnership LP) and The Spruce House Partnership (QP) LP (collectively, the "Funds"), each a private investment fund managed by Spruce House Investment Management LLC (the "Investment Manager").

The reported securities may be deemed to be beneficially owned by the Investment Manager, the general partner of the Funds, Spruce House Capital LLC (the "General Partner"), and by Zachary Sternberg and Benjamin Stein, managing members of the Investment Manager and the General Partner (the "Managing Members").

By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Aggregator. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Person's pecuniary interest therein.

The percentages herein are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q filed on November 3, 2022 for the quarter ended September 30, 2022 that there were 105,947,745 shares of Class A Common Stock issued and outstanding as of October 31, 2022.

---

| | |
|:---|:---|
| Item 5. | Ownership of Five Percent or Less of a Class. |
|  | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☐. |
|  | N/A |

---

---

| | |
|:---|:---|
| Item 6. | Ownership of More Than Five Percent on Behalf of Another Person. |
|  | If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. |
|  | N/A |

---

---

| | |
|:---|:---|
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
|  | If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. |
|  | N/A |

---

---

| | |
|:---|:---|
| Item 8. | Identification and Classification of Members of the Group. |
|  | If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d- 1(c) or Rule 13d-1(d), attach an exhibit stating the identity of each member of the group. |
|  | N/A |

---

---

| | |
|:---|:---|
| Item 9. | Notice of Dissolution of Group. |
|  | Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. |
|  | N/A |

---

---

| | |
|:---|:---|
| Item 10. | Certification. |
|  | By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. |

---

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
| Dated: February 14, 2023 | Spruce House Investment Management LLC | Spruce House Investment Management LLC |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | Spruce House Capital LLC | Spruce House Capital LLC |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | The Spruce House Partnership LLC | The Spruce House Partnership LLC |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | The Spruce House Partnership (AI) LP | The Spruce House Partnership (AI) LP |
|  | The Spruce House Partnership (QP) LP | The Spruce House Partnership (QP) LP |
|  | By: | Spruce House Capital LLC |
|  |  | Its general partner |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | */s/ Zachary Sternberg* | */s/ Zachary Sternberg* |
|  | Zachary Sternberg | Zachary Sternberg |
|  | */s/ Benjamin Stein* | */s/ Benjamin Stein* |
|  | Benjamin Stein | Benjamin Stein |

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The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See s.240.13d-7 for other parties for whom copies are to be sent.

Attention. Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

**Exhibit 1**

**Joint Filing Statement**

**Statement Pursuant to Rule 13d-1(k)(1)**

The undersigned hereby consent and agree to file a joint statement on Schedule 13G under the Securities Exchange Act of 1934, as amended, with respect to the Class A Common Stock, Par Value $0.001, of Carvana Co. beneficially owned by them, together with any or all amendments thereto, when and if appropriate. The parties hereto further consent and agree to file this Statement pursuant to Rule 13d-1(k)(1)(iii) as an exhibit to Schedule 13G, thereby incorporating the same into such Schedule 13G.

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| | | |
|:---|:---|:---|
| Dated: February 14, 2023 | Spruce House Investment Management LLC | Spruce House Investment Management LLC |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | Spruce House Capital LLC | Spruce House Capital LLC |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | The Spruce House Partnership LLC | The Spruce House Partnership LLC |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | The Spruce House Partnership (AI) LP | The Spruce House Partnership (AI) LP |
|  | The Spruce House Partnership (QP) LP | The Spruce House Partnership (QP) LP |
|  | By: | Spruce House Capital LLC |
|  |  | Its general partner |
|  | By: | */s/ Zachary Sternberg* |
|  | Name: | Zachary Sternberg |
|  | Title: | Managing Member |
|  | */s/ Zachary Sternberg* | */s/ Zachary Sternberg* |
|  | Zachary Sternberg | Zachary Sternberg |
|  | */s/ Benjamin Stein* | */s/ Benjamin Stein* |
|  | Benjamin Stein | Benjamin Stein |

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