Sec Form 4 Filing - GARCIA ERNEST C. II @ CARVANA CO. - 2025-07-21

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GARCIA ERNEST C. II 2. Issuer Name and Ticker or Trading Symbol CARVANA CO. [ CVNA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1720 W. RIO SALADO PARKWAY, SUITE A 3. Date of Earliest Transaction (MM/DD/YY) 07/21/2025 (Street) TEMPE, AZ85281 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Class A Common Stock 07/21/2025 C 50,000 A 50,000 D Class A Common Stock 07/21/2025 S( 2 ) 331 D $ 339.3896 ( 3 ) 49,669 D Class A Common Stock 07/21/2025 S( 2 ) 1,995 D $ 340.6443 ( 3 ) 47,674 D Class A Common Stock 07/21/2025 S( 2 ) 4,961 D $ 341.4313 ( 3 ) 42,713 D Class A Common Stock 07/21/2025 S( 2 ) 16,957 D $ 342.511 ( 3 ) 25,756 D Class A Common Stock 07/21/2025 S( 2 ) 16,057 D $ 343.3746 ( 3 ) 9,699 D Class A Common Stock 07/21/2025 S( 2 ) 8,237 D $ 344.2505 ( 3 ) 1,462 D Class A Common Stock 07/21/2025 S( 2 ) 1,462 D $ 345.414 ( 3 ) 0 D Class A Common Stock 07/22/2025 C 50,000 A 50,000 D Class A Common Stock 07/22/2025 S( 2 ) 988 D $ 332.3868 ( 4 ) ( 5 ) 49,012 D Class A Common Stock 07/22/2025 S( 2 ) 1,715 D $ 333.9603 ( 4 ) ( 5 ) 47,297 D Class A Common Stock 07/22/2025 S( 2 ) 161 D $ 335.0392 ( 4 ) ( 5 ) 47,136 D Class A Common Stock 07/22/2025 S( 2 ) 905 D $ 336.3134 ( 4 ) ( 5 ) 46,231 D Class A Common Stock 07/22/2025 S( 2 ) 4,320 D $ 337.4201 ( 4 ) ( 5 ) 41,911 D Class A Common Stock 07/22/2025 S( 2 ) 4,199 D $ 338.3847 ( 4 ) ( 5 ) 37,712 D Class A Common Stock 07/22/2025 S( 2 ) 2,482 D $ 339.3181 ( 4 ) ( 5 ) 35,230 D Class A Common Stock 07/22/2025 S( 2 ) 535 D $ 340.2731 ( 4 ) ( 5 ) 34,695 D Class A Common Stock 07/22/2025 S( 2 ) 1,490 D $ 341.2936 ( 4 ) ( 5 ) 33,205 D Class A Common Stock 07/22/2025 S( 2 ) 5,156 D $ 343.0507 ( 4 ) ( 5 ) 28,049 D Class A Common Stock 07/22/2025 S( 2 ) 15,531 D $ 343.9411 ( 4 ) ( 5 ) 12,518 D Class A Common Stock 07/22/2025 S( 2 ) 9,244 D $ 344.8587 ( 4 ) ( 5 ) 3,274 D Class A Common Stock 07/22/2025 S( 2 ) 2,638 D $ 345.7501 ( 4 ) ( 5 ) 636 D Class A Common Stock 07/22/2025 S( 2 ) 636 D $ 346.5107 ( 4 ) ( 5 ) 0 D Class B Common Stock 07/21/2025 J 50,000 D 35,692,792 D Class B Common Stock 07/22/2025 J 50,000 D 35,642,792 D Class B Common Stock 8,000,000 I ECG II SPE, LLC ( 7 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Class A Units ( 1 ) 07/21/2025 C 62,500 ( 1 ) ( 1 ) Class A Common Stock 50,000 $ 0 44,615,989 D Class A Units ( 1 ) 07/22/2025 C 62,500 ( 1 ) ( 1 ) Class A Common Stock 50,000 $ 0 44,553,489 D Class A Units $ 0 ( 8 ) ( 8 ) Class A Common Stock 10,000,000 10,000,000 I ECG II SPE, LLC

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GARCIA ERNEST C. II 1720 W. RIO SALADO PARKWAY SUITE A TEMPE, AZ85281 X ECG II SPE, LLC 1720 W. RIO SALADO PARKWAY SUITE A TEMPE, AZ85281 X Signatures /s/ Ernest C. Garcia II 07/23/2025 Signature of Reporting Person Date /s/ Ernest C. Garcia II, ECG II SPE, LLC 07/23/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). ( < /a>2 )The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024. ( 3 )The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $338.9137-$339.60, inclusive (weighted average of $339.3896); $339.92-$340.91, inclusive (weighted average of $340.6443); $340.97-$341.93, inclusive (weighted average of $341.4313); $341.98-$342.97, inclusive (weighted average of $342.511); $342.98-$343.9689, inclusive (weighted average of $343.3746); $343.98-$344.97, inclusive (weighted average of $344.2505); and $345.0828-$345.8885, inclusive (weighted average of $345.414), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein. ( 4 )Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $332.11-$332.91, inclusive (weighted average of $332.3868); $333.36-$334.27, inclusive (weighted average of $333.9603); $334.88-$335.536, inclusive (weighted average of $335.0392); $335.9259-$336.71, inclusive (weighted average of $336.3134); $336.98-$337.96, inclusive (weighted average of $337.4201); $337.99-$338.9822, inclusive (weighted average of $338.3847); $338.99-$339.98, inclusive (weighted average of $339.3181); $339.99-$340.84, inclusive (weighted average of $340.2731); $340.99-$341.77, inclusive (weighted average of $341.2936); $342.44-$343.43, inclusive (weighted average of $343.0507); $343.44-$344.435, inclusive (weighted average of $343.9411); $344.44-$345.4301, inclusive (weighted average of $344.8587); $345.4507-$346.41, inclusive (weighted average of $345.7501); and $346.47-$346.8124, inclusive (weighted average of $346.5107), respectively. ( 5 )The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within ranges set forth herein. ( 6 )Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II. ( 7 )These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls. ( 8 )These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

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).

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