Carvana (CVNA) CEO Sells 2,700 Shares via 10b5-1 Plan

Q: How many Carvana (CVNA) shares did CEO Ernest Garcia III sell?

He sold 2,700 Class A shares on 31-Jul-2025 through two family trusts.

Q: What was the price range of the CVNA insider sales?

Volume-weighted average prices ranged from $396.78 to $412.77 .

Q: Does Garcia still own Carvana shares after the sale?

Yes, he indirectly owns 鈮�1.28 million shares across two trusts.

Q: Was the sale under a 10b5-1 trading plan?

Yes. The plan was adopted on 13-Dec-2024 , providing affirmative-defense protection.

Q: Is the insider sale material to Carvana鈥檚 control structure?

No. The disposal represents only ~0.21% of Garcia鈥檚 reported indirect holdings.

[Form 4] Carvana Co. Insider Trading Activity

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Form 4 鈥� Carvana Co. (CVNA) filed 01-Aug-2025 shows CEO, Director and 10% owner Ernest C. Garcia III sold Class A shares through two family trusts.

Total shares sold: 2,700 on 31-Jul-2025.
Price range: $396.78-$412.77; estimated proceeds 鈮� $1.1 million.
Post-sale holdings: 591,440 shares in the Ernest Irrevocable 2004 Trust III and 691,440 shares in the Multi-Generational Trust III (鈮�1.28 million combined).
Sales were executed under a Rule 10b5-1 plan adopted 13-Dec-2024.

No derivatives were traded, and Garcia remains a >10% shareholder. The disposals equal roughly 0.21% of his indirect stake, suggesting limited impact on control but offering a minor sentiment signal for investors monitoring insider activity.

Positive

Sales executed under a disclosed Rule 10b5-1 plan, limiting concerns about opportunistic trading.
CEO retains approximately 1.28 million shares, maintaining significant long-term alignment with shareholders.

Negative

CEO/10% owner sold 2,700 shares worth about $1.1 million, which some investors may interpret as a bearish signal.
Multiple sales clustered near all-time-high price levels could raise questions on valuation sustainability.

Insights

TL;DR: Small 10b5-1 sales by CVNA CEO; immaterial to ownership, modestly negative sentiment.

The 2,700-share disposal (~$1.1 M) is de-minimis relative to Garcia鈥檚 remaining 1.28 M indirect shares and likely has negligible effect on voting power or float. Because the trades were pre-scheduled, they carry less adverse signalling than discretionary sales. Still, investors often view any CEO selling, particularly near record prices (~$400+), as a modest bearish data point. With earnings forthcoming, I classify the filing as informational, not fundamentally thesis-changing.

TL;DR: Pre-arranged sale complies with governance best practice; impact neutral.

Use of a 10b5-1 plan illustrates adherence to insider-trading safeguards, reducing litigation risk. The trusts鈥� transparent reporting and ongoing large holdings suggest continued alignment with minority shareholders. No red flags on control or commitment emerge from this filing.

08/01/2025 - 04:42 PM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

GARCIA ERNEST C. III

(Last)

(First)

(Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE

85281

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/31/2025		S		100⁽¹⁾	D	$397.08⁽²⁾	592,690	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		100⁽¹⁾	D	$397.08⁽²⁾	692,690	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		147⁽¹⁾	D	$399.03⁽⁵⁾	592,543	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		147⁽¹⁾	D	$399.03⁽⁵⁾	692,543	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		103⁽¹⁾	D	$400.13⁽⁶⁾	592,440	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		103⁽¹⁾	D	$400.13⁽⁶⁾	692,440	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		245⁽¹⁾	D	$401.45⁽⁷⁾	592,195	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		245⁽¹⁾	D	$401.45⁽⁷⁾	692,195	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		55⁽¹⁾	D	$402.18⁽⁸⁾	592,140	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		55⁽¹⁾	D	$402.18⁽⁸⁾	692,140	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		150⁽¹⁾	D	$403.95⁽⁹⁾	591,990	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		150⁽¹⁾	D	$403.95⁽⁹⁾	691,990	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		150⁽¹⁾	D	$405.56⁽¹⁰⁾	591,840	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		150⁽¹⁾	D	$405.56⁽¹⁰⁾	691,840	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		100⁽¹⁾	D	$406.84⁽¹¹⁾	591,740	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		100⁽¹⁾	D	$406.84⁽¹¹⁾	691,740	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		200⁽¹⁾	D	$409.11⁽¹²⁾	591,540	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		200⁽¹⁾	D	$409.11⁽¹²⁾	691,540	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		50⁽¹⁾	D	$410.89	591,490	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		50⁽¹⁾	D	$410.89	691,490	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock	07/31/2025		S		50⁽¹⁾	D	$412.77	591,440	I	Ernest Irrevocable 2004 Trust III⁽³⁾
Class A Common Stock	07/31/2025		S		50⁽¹⁾	D	$412.77	691,440	I	Ernest C. Garcia III Multi-Generational Trust III⁽⁴⁾
Class A Common Stock								924,384	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

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 $396.78 to $397.42 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 Trustee and Co-Administrative Trustee of the Multi-Generational Trust.

5. This transaction was executed in multiple trades at prices ranging from $398.74 to $399.34 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 $400.02 to $400.53, 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 $401.05 to $401.99 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.

8. This transaction was executed in multiple trades at prices ranging from $402.12 to $402.81 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 $403.86 to $404.01, 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.

10. This transaction was executed in multiple trades at prices ranging from $405.15 to $406.12 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 $406.49 to $407.18 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 $408.61 to $409.49 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.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	08/01/2025
	** Signature of Reporting Person	Date
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.

Source:

FAQ

How many Carvana (CVNA) shares did CEO Ernest Garcia III sell?

He sold 2,700 Class A shares on 31-Jul-2025 through two family trusts.

What was the price range of the CVNA insider sales?

Volume-weighted average prices ranged from $396.78 to $412.77.

Does Garcia still own Carvana shares after the sale?

Yes, he indirectly owns 鈮�1.28 million shares across two trusts.

Was the sale under a 10b5-1 trading plan?

Yes. The plan was adopted on 13-Dec-2024, providing affirmative-defense protection.

Is the insider sale material to Carvana鈥檚 control structure?

No. The disposal represents only ~0.21% of Garcia鈥檚 reported indirect holdings.

AG真人官方

[Form 4] Carvana Co. Insider Trading Activity

Insights

FAQ

How many Carvana (CVNA) shares did CEO Ernest Garcia III sell?

What was the price range of the CVNA insider sales?

Does Garcia still own Carvana shares after the sale?

Was the sale under a 10b5-1 trading plan?

Is the insider sale material to Carvana鈥檚 control structure?

NYSE:CVNA

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AG真人官方

Trending News

[Form 4] Carvana Co. Insider Trading Activity

Insights

Securities Analyst neutral

Corporate Governance Analyst neutral

FAQ

How many Carvana (CVNA) shares did CEO Ernest Garcia III sell?

What was the price range of the CVNA insider sales?

Does Garcia still own Carvana shares after the sale?

Was the sale under a 10b5-1 trading plan?

Is the insider sale material to Carvana鈥檚 control structure?

NYSE:CVNA

CVNA Rankings

CVNA Latest News

CVNA Latest SEC Filings

CVNA Stock Data