X0306 4 2019-03-13 0 0001690820 CARVANA CO. CVNA 0001017608 GARCIA ERNEST C. II 1720 W. RIO SALADO PARKWAY, SUITE A TEMPE AZ 85281 0 0 1 0 0001704727 VERDE INVESTMENTS, INC. 1720 W. RIO SALADO PARKWAY, SUITE A TEMPE AZ 85281 0 0 1 0 Class A Common Stock 2019-03-13 4 C 0 1000 0.00 A 1000 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 S 0 1000 53.712 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 C 0 32100 0.00 A 32100 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 S 0 32100 55.0219 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 C 0 73622 0.00 A 73622 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 S 0 73622 55.9086 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 C 0 28499 0.00 A 28499 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 S 0 28499 56.7132 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 C 0 40724 0.00 A 40724 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 S 0 40724 57.875 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 C 0 2145 0.00 A 2145 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-13 4 S 0 2145 58.4215 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-14 4 C 0 51857 0.00 A 51857 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-14 4 S 0 51857 55.0886 D 0 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-14 4 C 0 23861 0.00 A 23861 I DriveTime Sales and Finance Company Class A Common Stock 2019-03-14 4 S 0 23861 55.7647 D 0 I DriveTime Sales and Finance Company Class A Common Stock 1464517 I Verde Investments, Inc. Class A Common Stock 13691 I Ernest Irrevocable 2004 Trust III Class A Common Stock 100000 I Ernest C. Garcia III Multi-Generational Trust III Class B Common Stock 2019-03-13 4 J 0 178090 0.00 D 1640217 I DriveTime Sales and Finance Company Class B Common Stock 2019-03-14 4 J 0 75718 0.00 D 1564499 I DriveTime Sales and Finance Company Class B Common Stock 52937458 D Class B Common Stock 11952000 I Ernest Irrevocable 2004 Trust III Class B Common Stock 11952000 I Ernest C. Garcia III Multi-Generational Trust III Class B Common Stock 8000000 I ECG II SPE, LLC Class A Units 2019-03-13 4 C 0 222613 0.00 D Class A Common Stock 178090 2050271 I DriveTime Sales and Finance Company Class A Units 2019-03-14 4 C 0 94648 0.00 D Class A Common Stock 75718 1955623 I DriveTime Sales and Finance Company Class A Units Class A Common Stock 66171823 D Class A Units Class A Common Stock 14940000 I Ernest Irrevocable 2004 Trust III Class A Units Class A Common Stock 14940000 I Ernest C. Garcia III Multi-Generational Trust III Class A Units Class A Common Stock 10000000 I ECG II SPE, LLC Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") 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"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $53.37 to $54.25, inclusive (weighted average of $53.712); $54.37 to $55.36, inclusive (weighted average of $55.0219); $55.365 to $56.36, inclusive (weighted average of $55.9086); $56.365 to $57.36, inclusive (weighted average of $56.7132); $57.375 to $58.37, inclusive (weighted average of $57.875); and $58.385 to $58.47, inclusive (weighted average of $58.4215), 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. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $54.61 to $55.60, inclusive (weighted average of $55.0886) and $55.605 to $56.06, inclusive (weighted average of $55.7647, 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. These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls. These Class A 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 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. 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 DriveTime Sales. These Class B Shares are owned directly by the 2004 Trust. These Class B Shares are owned directly by the Multi-Generational Trust. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls. These Class A Units are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement. 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. 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. 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 2019-03-15 /s/ Ernest C. Garcia II, Verde Investments, Inc. 2019-03-15