SCHEDULE: Ernest C. Garcia, III Maintains 18.2% Stake in Carvana Co.

Ernest C. Garcia, III, a key insider, has reported beneficial ownership of 18.2% of Carvana Co.'s Class A Common Stock as of July 31, 2025.

Summary

• Ernest C. Garcia, III beneficially owns 30,299,174 shares of Carvana Co. Class A Common Stock.
• This ownership represents 18.2% of the total Class A Common Stock outstanding.
• The total beneficial ownership includes 2,107,367 shares of Class A Common Stock, 5,939 shares from restricted stock units (RSUs) vesting within 60 days of July 31, 2025, and 519,385 options to purchase Class A Common Stock vesting within 60 days of July 31, 2025.
• Also included are 27,666,483 shares of Class A Common Stock issuable upon exchange of 34,583,104 Class A Units in Carvana Group, LLC and the cancellation of 27,666,483 shares of Class B Common Stock.
• The percentage is calculated based on 138,083,496 shares of Class A Common Stock outstanding as of July 28, 2025, as reported in Carvana's Quarterly Report on Form 10-Q filed on July 30, 2025, plus the shares issuable from options, RSUs, and Class A Units.
• Ownership is held directly by Ernest C. Garcia, III and through The Ernest Irrevocable 2004 Trust III and The Ernest C. Garcia III Multi-Generational Trust III.

Sentiment

Score: 6

Explanation: The filing is a routine ownership disclosure. A high insider stake can be viewed as a positive signal of confidence and alignment with shareholder interests, hence a slightly positive score.

Positives

• Significant insider ownership by Ernest C. Garcia, III, indicating strong alignment of interests with shareholders.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance.

Industry Context

This filing is a routine disclosure of a significant insider's ownership stake in Carvana Co., an online used car retailer. It reflects the ongoing ownership structure rather than broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: The significant beneficial ownership by a key insider may provide confidence regarding management's alignment with shareholder interests.

Key Dates

Keywords

Carvana Co., CVNA, Ernest C. Garcia III, Beneficial Ownership, Schedule 13G, Class A Common Stock, Insider Ownership, Equity, RSUs, Options, Class A Units