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
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 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)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/11/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X 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)
Code V Amount (A) or (D) Price
Class A Common Stock 06/11/2025   C   50,000 A (1) 50,000 D  
Class A Common Stock 06/11/2025   S (2)   1,498 D $ 334.033 (3) 48,502 D  
Class A Common Stock 06/11/2025   S (2)   5,567 D $ 335.5511 (3) 42,935 D  
Class A Common Stock 06/11/2025   S (2)   8,979 D $ 336.5172 (3) 33,956 D  
Class A Common Stock 06/11/2025   S (2)   16,692 D $ 337.4882 (3) 17,264 D  
Class A Common Stock 06/11/2025   S (2)   12,307 D $ 338.4317 (3) 4,957 D  
Class A Common Stock 06/11/2025   S (2)   3,881 D $ 339.7268 (3) 1,076 D  
Class A Common Stock 06/11/2025   S (2)   1,076 D $ 340.1805 (3) 0 D  
Class A Common Stock 06/12/2025   C   50,000 A (1) 50,000 D  
Class A Common Stock 06/12/2025   S (2)   24,623 D $ 329.3045 (4) 25,377 D  
Class A Common Stock 06/12/2025   S (2)   13,191 D $ 330.1238 (4) 12,186 D  
Class A Common Stock 06/12/2025   S (2)   2,486 D $ 331.2672 (4) 9,700 D  
Class A Common Stock 06/12/2025   S (2)   2,600 D $ 332.3786 (4) 7,100 D  
Class A Common Stock 06/12/2025   S (2)   600 D $ 333.1683 (4) 6,500 D  
Class A Common Stock 06/12/2025   S (2)   800 D $ 334.9403 (4) 5,700 D  
Class A Common Stock 06/12/2025   S (2)   2,432 D $ 336.1314 (4) 3,268 D  
Class A Common Stock 06/12/2025   S (2)   3,268 D $ 337.1867 (4) 0 D  
Class B Common Stock 06/11/2025   J   50,000 D (5) 36,942,317 D  
Class B Common Stock 06/12/2025   J   50,000 D (5) 36,892,317 D  
Class B Common Stock               8,000,000 I ECG II SPE, LLC (6)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Units (1) 06/11/2025   C     62,500   (1)   (1) Class A Common Stock 50,000 $ 0 46,177,895 D  
Class A Units (1) 06/12/2025   C     62,500   (1)   (1) Class A Common Stock 50,000 $ 0 46,115,395 D  
Class A Units $ 0               (7)   (7) Class A Common Stock 10,000,000   10,000,000 I ECG II SPE, LLC
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").
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 $333.655-$334.495, inclusive (weighted average of $334.033); $334.98-$335.975, inclusive (weighted average of $335.5511); $335.99-$336.94, inclusive (weighted average of $336.5172); $337.00-$337.99, inclusive (weighted average of $337.4882); $338.00-$338.98, inclusive (weighted average of $338.4317); $339.09-$340.07, inclusive (weighted average of $339.7268); $340.10-$340.20, inclusive (weighted average of $340.1805), 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 $328.88-$329.8725, inclusive (weighted average of $329.3045); $329.88-$330.82, inclusive (weighted average of $330.1238); $330.95-$331.85, inclusive (weighted average of $331.2672); $331.99-$332.75, inclusive (weighted average of $332.3786); $333.07-$333.26, inclusive (weighted average of $333.1683); $334.56-$335.44, inclusive (weighted average of $334.9403); $335.58-$336.49, inclusive (weighted average of $336.1314); $336.58-$337.52, inclusive (weighted average of $337.1867), respectively. Reporting person undertakes to provide to issuer or 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.
5. 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.
6. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
7. These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
/s/ Ernest C. Garcia II 06/13/2025
** Signature of Reporting Person Date
/s/ Ernest C. Garcia II, ECG II SPE, LLC 06/13/2025
** Signature of Reporting Person Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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