# EDGAR Filing Document

**Accession Number:** 0001705079
**File Stem:** 0000950170-25-109505
**Filing Date:** 2025-8
**Character Count:** 26615
**Document Hash:** 7d37c43ac94967ab0eae13dfa513d339
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-109505.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0000950170-25-109505

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89974
- **FILM NUMBER:** 251226033

**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:** CVAN Holdings LLC
- **CENTRAL INDEX KEY:** 0001705079

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 227 WEST MONROE
- **STREET 2:** SUITE 5000 ATTN: JOE NICOSIA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-357-0896

**MAIL ADDRESS:**
- **STREET 1:** 227 WEST MONROE
- **STREET 2:** SUITE 5000 ATTN: JOE NICOSIA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**Issuer:** Carvana Co.

**Title of Class of Securities:** Class A Common Stock, par value $0.001 per share

**CUSIP Number:** 146869102

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

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

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>CVAN Holdings, LLC | Names of Reporting Persons<br>CVAN Holdings, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>CVAN Holding Company, LLC | Names of Reporting Persons<br>CVAN Holding Company, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>TWG Public Investments, LLC | Names of Reporting Persons<br>TWG Public Investments, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>TWG Private Investment Holdings, LLC | Names of Reporting Persons<br>TWG Private Investment Holdings, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>TWG MB Portfolio Holdings, LLC | Names of Reporting Persons<br>TWG MB Portfolio Holdings, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>— | Citizenship or Place of Organization<br>— |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>TWG MB Holding Company, LLC | Names of Reporting Persons<br>TWG MB Holding Company, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>TWG Global, LLC | Names of Reporting Persons<br>TWG Global, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>TWG Global Manager, LLC | Names of Reporting Persons<br>TWG Global Manager, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Mark Walter | Names of Reporting Persons<br>Mark Walter |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6195377 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6195377 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6195377 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.30% | Percent of Class Represented by Amount in Row (9)<br>4.30% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

| 1. | Names of Reporting Persons<br>CVAN Holdings Sub I, LLC | Names of Reporting Persons<br>CVAN Holdings Sub I, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5995376 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5995376 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5995376 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5995376 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.16% | Percent of Class Represented by Amount in Row (9)<br>4.16% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

**Item 1(a). Name of Issuer:**
Carvana Co.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1930 W. Rio Salado Parkway, Tempe, Arizona 85281

**Item 2(a). Name of Person Filing:**
1.            CVAN Holdings, LLC ("CVAN")
2.            CVAN Holdings Sub I, LLC ("CVAN Sub")
3.            CVAN Holding Company, LLC ("CVAN Holdco")
4.            TWG Public Investments, LLC ("Public Investments")
5.            TWG Private Investment Holdings, LLC ("Investment Holdings")
6.            TWG MB Portfolio Holdings, LLC ("MB Portfolio")
7.            TWG MB Holding Company, LLC ("MB Holdco")
8.            TWG Global, LLC ("TWG")
9.            TWG Global Manager, LLC ("TWG Manager")
10.          Mark Walter ("Mr. Walter")

**Item 2(b). Address of Principal Business Office:**
The principal business address of each of CVAN, CVAN Sub, CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco, TWG, TWG Manager and Mr. Walter is: 227 West Monroe, Suite 4800, Chicago, IL 60606

**Item 2(c). Citizenship:**
See responses to Item 4 on each cover page.

**Item 2(d). Title of Class of Securities:**
Class A Common Stock, par value $0.001 per share

**Item 2(e). CUSIP Number:**
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 a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Comprises (i) 1 share of Class A Common Stock ("Class A Shares"), (ii) 5,995,376 Class A Shares issuable in exchange for Class A common units ("Class A Units") of Carvana Group, LLC, a Delaware limited liability company and subsidiary of the Issuer, pursuant to an exchange agreement ("Exchange Agreement") entered into by and among the Issuer and certain holders of Class A Units party thereto immediately prior to the effectiveness of the Registration Statement on Form S-1 (File No. 333-217085) relating to the Issuer's initial public offering, and (iii) 200,000 Class A Shares that may be acquired within 60 days upon the settlement of certain exchange-traded options.
CVAN Sub is a wholly-owned subsidiary of CVAN and holds directly Class A Units exchangeable for 5,995,376 Class A Shares. CVAN may be deemed to indirectly share voting and dispositive power over the securities held directly by CVAN Sub, and as a result, may be deemed to have or share beneficial ownership of, the securities held directly by CVAN Sub. CVAN disclaims beneficial ownership of such securities except to the extent of its respective pecuniary interest therein.
CVAN Sub has pledged all of such Class A Units and 5,995,376 shares of Class B common stock of the Issuer to secure its obligations under one or more prepaid variable forward sale contracts and certain margin loans with an unaffiliated third party.
CVAN holds directly 1 Class A Share and exchange-traded options to acquire 200,000 Class A Shares. CVAN is a wholly-owned subsidiary of CVAN Holdco. CVAN Holdco is a wholly-owned subsidiary of Public Investments. Public Investments is a wholly-owned subsidiary of Investment Holdings. Investment Holdings is a wholly-owned subsidiary of MB Portfolio. MB Portfolio is a wholly-owned subsidiary of MB Holdco.  MB Holdco is a wholly-owned subsidiary of TWG. Each of CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco and TWG is managed by TWG Manager, and TWG Manager is controlled by Mr. Walter. Each of CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco, TWG, TWG Manager and Mr. Walter may be deemed to indirectly share voting and dispositive power over the securities held by CVAN and CVAN Sub, and as a result, may be deemed to have or share beneficial ownership of, the securities held by CVAN and CVAN Sub. Each of CVAN Holdco, Public Investments, Investment Holdings, MB Portfolio, MB Holdco, TWG, TWG Manager and Mr. Walter disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interest therein.

**(b) Percent of class:**

Based on 138,083,496 Class A Shares outstanding, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 30, 2025. The percentage assumes the exchange of all Class A Units held by CVAN Sub for Class A Shares, in accordance with Rule 13d-3 of the Securities Act of 1933, as amended.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above.

**(ii) Shared power to vote or to direct the vote:**

See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above.

**(iii) Sole power to dispose or to direct the disposition of:**

See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above.

**(iv) Shared power to dispose or to direct the disposition of:**

See the Cover Pages for each of the Reporting Persons and the response to Item 4(a) above.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] 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.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### 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.

**CVAN Holdings, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person

**CVAN Holding Company, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person of TWG Global Manager, LLC, the Reporting Person's manager

**TWG Public Investments, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person of TWG Global Manager, LLC, the Reporting Person's manager

**TWG Private Investment Holdings, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person of TWG Global Manager, LLC, the Reporting Person's manager

**TWG MB Portfolio Holdings, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person of TWG Global Manager, LLC, the Reporting Person's manager

**TWG MB Holding Company, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person of TWG Global Manager, LLC, the Reporting Person's manager

**TWG Global, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person of TWG Global Manager, LLC, the Reporting Person's manager

**TWG Global Manager, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person

**Mark Walter**

**Date:** 08/15/2025

**By:** /s/ Mark Walter

**Name & Title:** Self

**CVAN Holdings Sub I, LLC**

**Date:** 08/15/2025

**By:** /s/ Joseph Nicosia

**Name & Title:** Joseph Nicosia, Authorized Person