X0306 4 2020-11-09 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 2020-11-09 4 C 0 2857 0.00 A 2857 D Class A Common Stock 2020-11-09 4 S 0 2857 195.9041 D 0 D Class A Common Stock 2020-11-09 4 C 0 2520 0.00 A 2520 D Class A Common Stock 2020-11-09 4 S 0 2520 196.7341 D 0 D Class A Common Stock 2020-11-09 4 C 0 1500 0.00 A 1500 D Class A Common Stock 2020-11-09 4 S 0 1500 197.4487 D 0 D Class A Common Stock 2020-11-09 4 C 0 800 0.00 A 800 D Class A Common Stock 2020-11-09 4 S 0 800 198.7806 D 0 D Class A Common Stock 2020-11-09 4 C 0 6570 0.00 A 6570 D Class A Common Stock 2020-11-09 4 S 0 6570 200.0618 D 0 D Class A Common Stock 2020-11-09 4 C 0 7753 0.00 A 7753 D Class A Common Stock 2020-11-09 4 S 0 7753 200.8862 D 0 D Class A Common Stock 2020-11-09 4 C 0 3012 0.00 A 3012 D Class A Common Stock 2020-11-09 4 S 0 3012 201.7203 D 0 D Class A Common Stock 2020-11-09 4 C 0 1800 0.00 A 1800 D Class A Common Stock 2020-11-09 4 S 0 1800 202.9661 D 0 D Class A Common Stock 2020-11-09 4 C 0 1800 0.00 A 1800 D Class A Common Stock 2020-11-09 4 S 0 1800 203.7961 D 0 D Class A Common Stock 2020-11-09 4 C 0 495 0.00 A 495 D Class A Common Stock 2020-11-09 4 S 0 495 205.2394 D 0 D Class A Common Stock 2020-11-09 4 C 0 793 0.00 A 793 D Class A Common Stock 2020-11-09 4 S 0 793 206.3824 D 0 D Class A Common Stock 2020-11-09 4 C 0 100 0.00 A 100 D Class A Common Stock 2020-11-09 4 S 0 100 206.93 D 0 D Class A Common Stock 555556 I Verde Investments, Inc. Class A Common Stock 100000 I Ernest C. Garcia III Multi-Generational Trust III Class B Common Stock 2020-11-09 4 J 0 30000 0.00 D 50727458 D Class B Common Stock 11834021 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 2020-11-09 4 C 0 37500 0.00 D Class A Common Stock 30000 63409323 D Class A Units Class A Common Stock 14792526 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 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"). 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. Column 4 reflects weighted average prices. Shares were sold in multiple transactions ranging from $195.32-$196.25 inclusive (weighted average of $195.9041); $196.33-$197.32 inclusive (weighted average of $196.7341); $197.33-$197.70, inclusive (weighted average of $197.4487); $198.335-$199.00 inclusive (weighted average of $198.7806); $199.44-$200.43 inclusive (weighted average of $200.0618); $200.46-$201.45 inclusive (weighted average of $200.8862); $201.47-$202.45 inclusive (weighted average of $201.7203); $202.47-$203.45 inclusive (weighted average of $202.9661); $203.48-$204.37 inclusive (weighted average of $203.7961); $204.78-$205.69 inclusive (weighted average of $205.2394); and $205.91-$206.77 inclusive (weighted average of $206.3824, respectively. The reporting person undertakes to provide issuer, a securityholder of the issuer or to SEC staff, 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 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 Ernest C. Garcia II. 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 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 2020-11-12 /s/ Ernest C. Garcia II, Verde Investments, Inc. 2020-11-12