Verde Investments Form 4 CARVANA / ERNEST C. GARCIA II ownership change

SEC Form 4

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)

100 CRESCENT COURT, SUITE 1100

(Street)

DALLAS TX 75201

(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)
05/22/2024

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	05/22/2024		S(1)		28,343	D	$115.1157(2)	2,229,157	D
Class A Common Stock	05/22/2024		S(1)		23,082	D	$116.0391(2)	2,206,075	D
Class A Common Stock	05/22/2024		S(1)		6,075	D	$117.0343(2)	2,200,000	D
Class A Common Stock	05/22/2024		S(1)		2,500	D	$117.8096(2)	2,197,500	D
Class A Common Stock	05/23/2024		S(1)		12,843	D	$109.3042(3)	2,184,657	D
Class A Common Stock	05/23/2024		S(1)		5,651	D	$110.4299(3)	2,179,006	D
Class A Common Stock	05/23/2024		S(1)		10,278	D	$111.5281(3)	2,168,728	D
Class A Common Stock	05/23/2024		S(1)		11,200	D	$112.2809(3)	2,157,528	D
Class A Common Stock	05/23/2024		S(1)		6,128	D	$113.3531(3)	2,151,400	D
Class A Common Stock	05/23/2024		S(1)		7,600	D	$114.5475(3)	2,143,800	D
Class A Common Stock	05/23/2024		S(1)		6,300	D	$115.3015(3)	2,137,500	D
Class A Common Stock								2,578,314	I	Verde Investments, Inc.(4)
Class A Common Stock								850,000	I	Ernest Irrevocable 2004 Trust III(5)
Class A Common Stock								950,000	I	Ernest C. Garcia III Multi-Generational Trust III(6)
Class B Common Stock								41,442,317	D
Class B Common Stock								11,834,021	I	Ernest Irrevocable 2004 Trust III(7)
Class B Common Stock								11,952,000	I	Ernest C. Garcia III Multi-Generational Trust III(8)
Class B Common Stock								8,000,000	I	ECG II SPE, LLC(9)

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	(10)							(10)	(10)	Class A Common Stock	51,802,896		51,802,896	D
Class A Units	(11)							(11)	(11)	Class A Common Stock	14,792,526		14,792,526	I	Ernest Irrevocable 2004 Trust III
Class A Units	(12)							(12)	(12)	Class A Common Stock	14,940,000		14,940,000	I	Ernest C. Garcia III Multi-Generational Trust III
Class A Units	(13)							(13)	(13)	Class A Common Stock	10,000,000		10,000,000	I	ECG II SPE, LLC

1. Name and Address of Reporting Person^*

GARCIA ERNEST C. II

(Last) (First) (Middle)

100 CRESCENT COURT, SUITE 1100

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

VERDE INVESTMENTS, INC.

(Last) (First) (Middle)

100 CRESCENT COURT

SUITE 1100

(Street)

DALLAS TX 75201

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

ECG II SPE, LLC

(Last) (First) (Middle)

100 CRESCENT COURT

SUITE 1100

(Street)

DALLAS TX 75201

(City) (State) (Zip)

Explanation of Responses:

1. 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 March 11, 2024.

2. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $114.55 to $115.53, inclusive (weighted average of $115.1157); $115.55 to $116.54, inclusive (weighted average of $116.0391); $116.55 to $117.50, inclusive (weighted average of $117.0343); and $117.55 to $118.11, inclusive (weighted average of $117.8096), 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.

3. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $108.85 to $109.84, inclusive (weighted average of $109.3042); $109.88 to $110.87, inclusive (weighted average of $110.4299); $110.89 to $111.88, inclusive (weighted average of $111.5281); $111.90 to $112.86, inclusive (weighted average of $112.2809); $112.91 to $113.90, inclusive (weighted average of $113.3531); $113.91 to $114.90, inclusive (weighted average of $114.5475); and $114.96 to $115.88, inclusive (weighted average of $115.3015), 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. These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

5. These Class A Shares are owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust"). Mr. Garcia may have shared voting and dispositive power with respect to the Class A Shares held by the 2004 Trust. Mr. Garcia is a non-voting co-trustee with respect to the 2004 Trust and Mr. Garcia's son, Ernie Garcia III, is the sole beneficiary.

6. These Class A Shares are owned directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). Mr. Garcia may have shared voting and dispositive power with respect to the Class A Shares held by the Multi-Generational Trust. Mr. Garcia is a non-voting co-trustee with respect to the Multi-Generational Trust, and Ernie Garcia III and his children are the sole beneficiaries.

7. These Class B Shares are owned directly by the 2004 Trust.

8. These Class B Shares are owned directly by the Multi-Generational Trust.

9. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

10. These Class A Units are exchangeable for 0.8 Class A Shares 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").

11. These Class A Units are owned directly by the 2004 Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

12. These Class A Units are owned directly by the Multi-Generational Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

13. 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	05/24/2024
	/s/ Ernest C. Garcia II, Verde Investments, Inc.	05/24/2024
	/s/ Ernest C. Garcia II, ECG II SPE, LLC	05/24/2024
	** Signature of Reporting Person	Date
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