<SEC-DOCUMENT>0000950170-25-081206.txt : 20250603
<SEC-HEADER>0000950170-25-081206.hdr.sgml : 20250603
<ACCEPTANCE-DATETIME>20250603183530
ACCESSION NUMBER:		0000950170-25-081206
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250530
FILED AS OF DATE:		20250603
DATE AS OF CHANGE:		20250603

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GARCIA ERNEST C. II
		CENTRAL INDEX KEY:			0001017608
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38073
		FILM NUMBER:		251021346

	MAIL ADDRESS:	
		STREET 1:		1720 W. RIO SALADO PARKWAY
		STREET 2:		SUITE A
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281

	FORMER NAME:	
		FORMER CONFORMED NAME:	GARCIA ERNEST C II
		DATE OF NAME CHANGE:	19960626

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ECG II SPE, LLC
		CENTRAL INDEX KEY:			0001754720
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38073
		FILM NUMBER:		251021345

	BUSINESS ADDRESS:	
		STREET 1:		5430 LYNDON B. JOHNSON FWY, TOWER 3
		STREET 2:		SUITE 1250
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		469.564.4800

	MAIL ADDRESS:	
		STREET 1:		5430 LYNDON B. JOHNSON FWY, TOWER 3
		STREET 2:		SUITE 1250
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARVANA CO.
		CENTRAL INDEX KEY:			0001690820
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				814549921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		300 E. RIO SALADO PARKWAY
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
		BUSINESS PHONE:		(480) 719-8809

	MAIL ADDRESS:	
		STREET 1:		300 E. RIO SALADO PARKWAY
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
</SEC-HEADER>
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<SEQUENCE>1
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    <periodOfReport>2025-05-30</periodOfReport>

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        <issuerName>CARVANA CO.</issuerName>
        <issuerTradingSymbol>CVNA</issuerTradingSymbol>
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            <rptOwnerName>GARCIA ERNEST C. II</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet1>1720 W. RIO SALADO PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE A</rptOwnerStreet2>
            <rptOwnerCity>TEMPE</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85281</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <rptOwnerName>ECG II SPE, LLC</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet1>1720 W. RIO SALADO PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE A</rptOwnerStreet2>
            <rptOwnerCity>TEMPE</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85281</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <aff10b5One>true</aff10b5One>

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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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            </securityTitle>
            <transactionDate>
                <value>2025-06-02</value>
            </transactionDate>
            <transactionCoding>
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                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F2"/>
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                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                    <footnoteId id="F4"/>
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                <transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2025-06-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F2"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>8777</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>326.2516</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6450</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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            <transactionDate>
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                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F2"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>5050</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>327.385</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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            </securityTitle>
            <transactionDate>
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            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F2"/>
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                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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            </securityTitle>
            <transactionDate>
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            </transactionDate>
            <transactionCoding>
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                <equitySwapInvolved>false</equitySwapInvolved>
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                </sharesOwnedFollowingTransaction>
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                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>ECG II SPE, LLC</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Class A Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-05-30</value>
            </transactionDate>
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                <transactionCode>C</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
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                <transactionShares>
                    <value>62500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>46740395</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Class A Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-06-02</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>62500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>46677895</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeHolding>
            <securityTitle>
                <value>Class A Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F7"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>ECG II SPE, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Reflects the conversion of Class A Common Units (&quot;Class A Units&quot;) of Carvana Group, LLC (&quot;Carvana Group&quot;) owned directly by Ernest C. Garcia II into shares of Class A Common Stock (&quot;Class A Shares&quot;) 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 &quot;Exchange Agreement&quot;).</footnote>
        <footnote id="F2">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.</footnote>
        <footnote id="F3">The price reported in Column 4 is a weighted average price. Shares were sold in multiple transactions at prices ranging from $325.00-$325.75, inclusive. 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.</footnote>
        <footnote id="F4">Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $325.00-$325.995, inclusive (weighted average of $325.5556); $326.00-$326.95, inclusive (weighted average of $326.2516); $327.01-$327.99, inclusive (weighted average of $327.385); and $328.13-$328.475, inclusive (weighted average of $328.2221), 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.</footnote>
        <footnote id="F5">Reflects the cancellation for no consideration of Class B Common Stock of the Issuer (&quot;Class B Shares&quot;) 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.</footnote>
        <footnote id="F6">These Class B Shares are owned directly by ECG II SPE, LLC (&quot;E-SPE&quot;), an entity which Mr. Garcia wholly owns and controls.</footnote>
        <footnote id="F7">These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ernest C. Garcia II</signatureName>
        <signatureDate>2025-06-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ernest C. Garcia II, ECG II SPE, LLC</signatureName>
        <signatureDate>2025-06-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
