Form 4: Carvana CEO Sells Shares via Pre-Arranged 10b5-1 Plan

Carvana CEO Ernest C. Garcia III sold a total of 5,700 Class A Common Stock shares on September 12, 2025, through pre-arranged trading plans.

Summary

• Ernest C. Garcia III, CEO, Director, and 10% Owner of Carvana Co. (CVNA), reported sales of Class A Common Stock.
• A total of 5,700 shares were sold on September 12, 2025.
• The sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Garcia on December 13, 2024.
• The shares were sold at volume-weighted average prices ranging from $349.47 to $359.83 per share.
• Following these transactions, Mr. Garcia indirectly beneficially owns 443,410 shares through the Ernest Irrevocable 2004 Trust III and 543,410 shares through the Ernest C. Garcia III Multi-Generational Trust III.
• Mr. Garcia also directly beneficially owns 921,926 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the reported sales are part of a pre-arranged 10b5-1 trading plan, which typically does not reflect a change in management's immediate outlook on the company's performance.

Future Outlook

N/A

Industry Context

This filing reports a routine insider transaction under a pre-arranged trading plan and does not provide broader industry context or trends.

Related Party Transactions

• The shares sold were indirectly held by the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III, for which the Reporting Person is the Investment Trustee and Co-Administrative Trustee.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in the CEO's indirect beneficial ownership, but as it's a pre-planned transaction, it is unlikely to significantly impact investor sentiment or company strategy.

Key Dates

Keywords

Carvana, CVNA, Insider Transaction, Form 4, Stock Sale, Ernest C. Garcia III, 10b5-1 Plan