Form 4: Carvana CEO Ernest Garcia III Discloses Routine Share Sales Under Pre-Arranged 10b5-1 Plan

Carvana Co. CEO Ernest C. Garcia III reported the sale of 931 shares of Class A Common Stock on June 6, 2025, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Ernest C. Garcia III, Carvana Co.'s Chief Executive Officer, Director, and 10% Owner, reported the sale of 931 shares of Class A Common Stock on June 6, 2025.
• The sales were conducted through multiple transactions at volume-weighted average prices ranging from $346.38 to $350.86 per share.
• Specifically, 481 shares were sold at an average price of $346.38, 150 shares at $348.78, 200 shares at $349.76, and 100 shares at $350.86.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan that was adopted by Mr. Garcia on December 13, 2024.
• Following these transactions, the Ernest Irrevocable 2004 Trust III beneficially owns 770,000 shares, and the Ernest C. Garcia III Multi-Generational Trust III beneficially owns 870,000 shares of Class A Common Stock.
• Mr. Garcia serves as the Investment Trustee and Co-Administrative Trustee for both trusts.

Sentiment

Score: 5

Explanation: The document reports routine insider stock sales executed under a pre-arranged 10b5-1 trading plan, which is generally considered neutral as it does not typically reflect new discretionary insights into the company's immediate prospects or operational performance.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding Carvana Co.'s future financial performance or strategic outlook.

Industry Context

This document is a routine insider trading disclosure (Form 4) and does not provide information related to broader industry trends or competitive landscape within the online used car retail sector.

Related Party Transactions

• The reported sales of Class A Common Stock were made indirectly through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, for which Ernest C. Garcia III serves as Investment Trustee and Co-Administrative Trustee.

Stakeholder Impact

• Shareholders are informed of insider trading activity, which is a standard disclosure. Given the sales were under a 10b5-1 plan, the impact on shareholder perception is typically minimal as it suggests pre-planned liquidity management rather than a reaction to new company developments.

Key Dates

Keywords

Carvana, CVNA, Ernest C. Garcia III, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, CEO, Director, 10% Owner, Class A Common Stock