X0306 4 2019-06-04 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 2019-06-04 4 S 0 91132 60.4502 D 353979 I Verde Investments, Inc. Class A Common Stock 2019-06-04 4 S 0 22510 61.1878 D 331469 I Verde Investments, Inc. Class A Common Stock 2019-06-05 4 S 0 16813 60.1516 D 314656 I Verde Investments, Inc. Class A Common Stock 2019-06-05 4 S 0 2520 61.1648 D 312136 I Verde Investments, Inc. Class A Common Stock 100000 I Ernest C. Garcia III Multi-Generational Trust III Class B Common Stock 52937458 D Class B Common Stock 11922461 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 Class A Common Stock 66171823 D Class A Units Class A Common Stock 14903076 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 The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $60.00 to $60.975, inclusive (weighted average of $60.4502); and $61.02 to $61.325, inclusive (weighted average of $61.1878), 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. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $60.00 to $60.99, inclusive (weighted average of $60.1516); and $61.00 to $61.74, inclusive (weighted average of $61.1648), 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 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. 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. 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 ("Class A Units") of Carvana Group, LLC ("Carvana Group") are owned directly by Ernest C. Garcia II and are exchangeable for 0.8 Class A Shares pursuant to an 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"). 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 2019-06-06 /s/ Ernest C. Garcia II, Verde Investments, Inc. 2019-06-06