Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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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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 (Month/Day/Year) 07/08/2025 (Street) TEMPE, AZ 85281 4. If Amendment, Date 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 (City) (State) (Zip) 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 07/08/2025 C 100,000 A (1) 100,000 D Class A Common Stock 07/08/2025 S(2) 1,570 D $343.4711(3) 98,430 D Class A Common Stock 07/08/2025 S(2) 5,143 D $345.0812(3) 93,287 D Class A Common Stock 07/08/2025 S(2) 12,520 D $345.7456(3) 80,767 D Class A Common Stock 07/08/2025 S(2) 8,075 D $346.7874(3) 72,692 D Class A Common Stock 07/08/2025 S(2) 3,513 D $347.5779(3) 69,179 D Class A Common Stock 07/08/2025 S(2) 2,775 D $348.5827(3) 66,404 D Class A Common Stock 07/08/2025 S(2) 2,914 D $349.8362(3) 63,490 D Class A Common Stock 07/08/2025 S(2) 2,271 D $350.7636(3) 61,219 D Class A Common Stock 07/08/2025 S(2) 389 D $351.6159(3) 60,830 D Class A Common Stock 07/08/2025 S(2) 646 D $352.9522(4) 60,184 D Class A Common Stock 07/08/2025 S(2) 1,153 D $354.3761(4) 59,031 D Class A Common Stock 07/08/2025 S(2) 9,325 D $355.5224(4) 49,706 D Class A Common Stock 07/08/2025 S(2) 7,467 D $356.5439(4) 42,239 D Class A Common Stock 07/08/2025 S(2) 8,672 D $357.547(4) 33,567 D Class A Common Stock 07/08/2025 S(2) 12,705 D $358.61(4) 20,862 D Class A Common Stock 07/08/2025 S(2) 7,804 D $359.6239(4) 13,058 D Class A Common Stock 07/08/2025 S(2) 7,734 D $360.5807(4) 5,324 D Class A Common Stock 07/08/2025 S(2) 4,230 D $361.255(4) 1,094 D Class A Common Stock 07/08/2025 S(2) 504 D $362.7917(4) 590 D Class A Common Stock 07/08/2025 S(2) 590 D $363.5 0 D Class B Common Stock 07/08/2025 J 100,000 D (5) 36,437,346 D Class B Common Stock 8,000,000 I ECG II SPE, LLC(6)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 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)

07/08/2025

C

125,000

(1)

(1)

Class A Common Stock

100,000

$ 0

45,546,681

D

Class A Units

$ 0

(7)

(7)

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, AZ 85281		X
ECG II SPE, LLC 1720 W. RIO SALADO PARKWAY SUITE A TEMPE, AZ 85281		X

Signatures

/s/ Ernest C. Garcia II		07/09/2025
**Signature of Reporting Person		Date
/s/ Ernest C. Garcia II, ECG II SPE, LLC		07/09/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(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)	Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $343.00-$343.95, inclusive (weighted average of $343.4711); $344.29-$345.2897, inclusive (weighted average of $345.0812); $345.29-$346.284, inclusive (weighted average of $345.7456); $346.2905-$347.2895, inclusive (weighted average of $346.7874); $347.295-$348.2846, inclusive (weighted average of $347.5779); $348.29-$349.2388, inclusive (weighted average of $348.5827); $349.3431-$350.3191, inclusive (weighted average of $349.8362); $350.35-$351.346, inclusive (weighted average of $350.7636); $351.3544-$352.3102, inclusive (weighted average of $351.6159), respectively. The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within ranges set forth herein.
(4)	Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $352.5972-$353.5447, inclusive (weighted average of $352.9522); $354.00-$354.925, inclusive (weighted average of $354.3761); $355.01-$355.9996, inclusive (weighted average of $355.5224); $356.01-$357.00, inclusive (weighted average of $356.5439); $357.04-$358.0379, inclusive (weighted average of $357.547); $358.04-$359.03, inclusive (weighted average of $358.61); $359.07-$360.055, inclusive (weighted average of $359.6239); $360.08-$361.0781, inclusive (weighted average of $360.5807); $361.08-$361.70, inclusive (weighted average of $361.2550); and $362.50-$363.01, inclusive (weighted average of $362.7917), respectively. 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.
(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.

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