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)
08/10/2021

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	08/10/2021		C		300	A	$0.00(1)	300	D
Class A Common Stock	08/10/2021		S(2)		300	D	$359.54	0	D
Class A Common Stock	08/10/2021		C		100	A	$0.00(1)	100	D
Class A Common Stock	08/10/2021		S(2)		100	D	$360.56	0	D
Class A Common Stock	08/10/2021		C		1,600	A	$0.00(1)	1,600	D
Class A Common Stock	08/10/2021		S(2)		1,600	D	$365.4538(3)	0	D
Class A Common Stock	08/10/2021		C		1,600	A	$0.00(1)	1,600	D
Class A Common Stock	08/10/2021		S(2)		1,600	D	$366.3403(3)	0	D
Class A Common Stock	08/10/2021		C		4,109	A	$0.00(1)	4,109	D
Class A Common Stock	08/10/2021		S(2)		4,109	D	$367.8104(3)	0	D
Class A Common Stock	08/10/2021		C		9,911	A	$0.00(1)	9,911	D
Class A Common Stock	08/10/2021		S(2)		9,911	D	$368.6451(3)	0	D
Class A Common Stock	08/10/2021		C		12,289	A	$0.00(1)	12,289	D
Class A Common Stock	08/10/2021		S(2)		12,289	D	$369.6653(3)	0	D
Class A Common Stock	08/10/2021		C		14,463	A	$0.00(1)	14,463	D
Class A Common Stock	08/10/2021		S(2)		14,463	D	$370.5867(3)	0	D
Class A Common Stock	08/10/2021		C		7,374	A	$0.00(1)	7,374	D
Class A Common Stock	08/10/2021		S(2)		7,374	D	$371.7125(3)	0	D
Class A Common Stock	08/10/2021		C		1,033	A	$0.00(1)	1,033	D
Class A Common Stock	08/10/2021		S(2)		1,033	D	$372.4527(3)	0	D
Class A Common Stock								555,556	I	Verde Investments, Inc.(4)
Class A Common Stock								100,000	I	Ernest C. Garcia III Multi-Generational Trust III(5)
Class B Common Stock	08/10/2021		J		52,779	D	$0.00(6)	39,465,446	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	(1)	08/10/2021		C			65,974	(1)	(1)	Class A Common Stock	52,779	$0.00	49,331,807	D
Class A Units	(10)							(10)	(10)	Class A Common Stock	(10)		14,792,526	I	Ernest Irrevocable 2004 Trust III
Class A Units	(11)							(11)	(11)	Class A Common Stock	(11)		14,940,000	I	Ernest C. Garcia III Multi-Generational Trust III
Class A Units	(12)							(12)	(12)	Class A Common Stock	(12)		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)

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 June 15, 2020, as modified.

3. Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $364.9025-$365.90 (weighted average $365.4538); $365.91-$366.78 (weighted average $366.3403); $367.13-$368.12 (weighted average $367.8104); $368.13-$369.12 (weighted average $368.6451); $369.13-$370.115 (weighted average $369.6653); $370.13-$371.06 (weighted average $370.5867); $371.13-$372.11 (weighted average $371.7125); and $372.13-$373.12 (weighted average $372.4527), respectively. Reporting person undertakes to provide issuer, securityholder of issuer or SEC staff, upon request, information regarding number of shares sold at each separate price within 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 C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). Mr. Garcia has sole investment and dispository power over the Multi-Generational Trust assets and Mr. Garcia's son, Ernie Garcia, III, together with Ernie Garcia, III's children, are the sole beneficiaries of the Multi-Generational Trust.

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 the Ernest Irrevocable 2004 Trust III (the "2004 Trust"). Mr. Garcia has shared investment and dispository power over the 2004 Trust assets and Mr. Garcia's son, Ernie Garcia, III, is the sole beneficiary of the 2004 Trust. These Class B Shares are owned directly by the Multi-Generational 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 owned directly by the 2004 Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

11. 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.

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

Remarks:

	/s/ Ernest C. Garcia II	08/12/2021
	/s/ Ernest C. Garcia II, Verde Investments, Inc.	08/12/2021
	** Signature of Reporting Person	Date
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