CVNA

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 14

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 13

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,196

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 12

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 11

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,566

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 10

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 9

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,553

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 8

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 7

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,303

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 6

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 5

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,700

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 4

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 3

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,786

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 2

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $254.00-$254.9950 (weighted average $254.5325); $255.05-$256.04 (weighted average $255.595); $256.05-$257.03 (weighted average $256.3695); $257.12-$258.06 (weighted average $257.5978); $258.145-$259.14 (weighted average $258.6543); $259.15-$260.14 (weighted average $259.7004); $260.15-$261.00 (weighted average $260.3905); and $261.15-$261.48 (weighted average $261.2633), 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.

SEC source: 0001209191-21-036343 · doc4.xml · nonDerivative · entry 1

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,296

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036339 · doc4.xml · derivative · entry 19

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,072,781

Underlying: Class A Common Stock · 50,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: 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").

F1 · derivative.exercise_date: 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").

F1 · derivative.expiration_date: 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").

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 15

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,458,225

F6 · price: 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 12

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $256.11-$256.94 (weighted average $256.6675); $257.38-$258.35 (weighted average $258.0311); $258.38-$259.36 (weighted average $258.8791); $259.39-$260.36 (weighted average $259.9104); $260.39-$261.35 (weighted average $260.7029); and $261.39-$262.10 (weighted average $261.6839), 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 11

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,100

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 10

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $256.11-$256.94 (weighted average $256.6675); $257.38-$258.35 (weighted average $258.0311); $258.38-$259.36 (weighted average $258.8791); $259.39-$260.36 (weighted average $259.9104); $260.39-$261.35 (weighted average $260.7029); and $261.39-$262.10 (weighted average $261.6839), 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 9

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,596

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 8

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $256.11-$256.94 (weighted average $256.6675); $257.38-$258.35 (weighted average $258.0311); $258.38-$259.36 (weighted average $258.8791); $259.39-$260.36 (weighted average $259.9104); $260.39-$261.35 (weighted average $260.7029); and $261.39-$262.10 (weighted average $261.6839), 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 7

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,311

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 6

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $256.11-$256.94 (weighted average $256.6675); $257.38-$258.35 (weighted average $258.0311); $258.38-$259.36 (weighted average $258.8791); $259.39-$260.36 (weighted average $259.9104); $260.39-$261.35 (weighted average $260.7029); and $261.39-$262.10 (weighted average $261.6839), 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 5

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,895

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 4

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $256.11-$256.94 (weighted average $256.6675); $257.38-$258.35 (weighted average $258.0311); $258.38-$259.36 (weighted average $258.8791); $259.39-$260.36 (weighted average $259.9104); $260.39-$261.35 (weighted average $260.7029); and $261.39-$262.10 (weighted average $261.6839), 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 3

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,698

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 2

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $256.11-$256.94 (weighted average $256.6675); $257.38-$258.35 (weighted average $258.0311); $258.38-$259.36 (weighted average $258.8791); $259.39-$260.36 (weighted average $259.9104); $260.39-$261.35 (weighted average $260.7029); and $261.39-$262.10 (weighted average $261.6839), 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.

SEC source: 0001209191-21-036339 · doc4.xml · nonDerivative · entry 1

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 400

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · derivative · entry 25

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,135,281

Underlying: Class A Common Stock · 40,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: 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").

F1 · derivative.exercise_date: 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").

F1 · derivative.expiration_date: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 21

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,508,225

F6 · price: 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 18

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 17

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 300

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 16

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 15

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,500

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 14

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 13

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,500

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 12

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 11

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,600

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 10

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 9

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,845

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 8

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 7

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,055

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 6

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 5

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,200

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 4

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 3

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 500

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 2

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F2 · kind: 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.

F3 · price: Column 4 reflects a weighted average price. Shares sold in multiple transactions at prices ranging from $248.25-$248.86 (weighted average $248.616); $250.56-$251.495 (weighted average $251.111); $251.64-$252.635 (weighted average $252.2339); $252.74-$253.73 (weighted average $253.3156); $253.74-$254.625 (weighted average $254.043); $254.745-$255.64 (weighted average $255.0551); $255.7775-$256.77 (weighted average $256.2793); $256.83-$257.71 (weighted average $257.2422); and $258.05-$258.27 (weighted average $258.1667), 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.

SEC source: 0001209191-21-035811 · doc4.xml · nonDerivative · entry 1

GARCIA ERNEST C. II · CIK 0001017608 · 10% owner

VERDE INVESTMENTS, INC. · CIK 0001704727 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 500

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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").

SEC source: 0000899243-21-020779 · doc4.xml · derivative · entry 4

CVAN Holdings LLC · CIK 0001705079 · 10% owner

Delaware Life Holdings Parent, LLC · CIK 0001705178 · 10% owner

Delaware Life Holdings Parent II, LLC · CIK 0001705179 · 10% owner

Delaware Life Holdings Manager, LLC · CIK 0001705180 · 10% owner

Walter Mark · CIK 0001705117 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,000,000

Underlying: Class A Common Stock · 2,000,000 shares

Expires not disclosed

F1 · derivative.exercise_price: On May 17, 2021, CVAN Holdings, LLC ("CVAN") amended three existing supplemental confirmations and entered into a fourth supplemental confirmation under its master prepaid variable forward sale contract with an unaffiliated third party. The effectiveness such amendment and additional confirmations were conditioned upon the satisfaction of certain conditions precedent. The conditions precedent were satisfied, and the parties' obligations became fixed, on May 24, 2021.

F2 · derivative.exercise_price: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · derivative.exercise_price: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · derivative.exercise_price: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F11 · derivative.exercise_price: The number of Class A Shares to be delivered to the counterparty at settlement with respect to each component of the transaction will be determined as follows: (a) if the Settlement Price for any component is less than or equal to $250.00, CVAN will deliver for that component no Class A Shares; and (b) if the Settlement Price for any component is greater than $250.00, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 200,000, multiplied by (B) a fraction the numerator of which is the Settlement Price minus $250.00, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F1 · kind: On May 17, 2021, CVAN Holdings, LLC ("CVAN") amended three existing supplemental confirmations and entered into a fourth supplemental confirmation under its master prepaid variable forward sale contract with an unaffiliated third party. The effectiveness such amendment and additional confirmations were conditioned upon the satisfaction of certain conditions precedent. The conditions precedent were satisfied, and the parties' obligations became fixed, on May 24, 2021.

F2 · kind: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · kind: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · kind: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F11 · kind: The number of Class A Shares to be delivered to the counterparty at settlement with respect to each component of the transaction will be determined as follows: (a) if the Settlement Price for any component is less than or equal to $250.00, CVAN will deliver for that component no Class A Shares; and (b) if the Settlement Price for any component is greater than $250.00, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 200,000, multiplied by (B) a fraction the numerator of which is the Settlement Price minus $250.00, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F4 · price: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F11 · price: The number of Class A Shares to be delivered to the counterparty at settlement with respect to each component of the transaction will be determined as follows: (a) if the Settlement Price for any component is less than or equal to $250.00, CVAN will deliver for that component no Class A Shares; and (b) if the Settlement Price for any component is greater than $250.00, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 200,000, multiplied by (B) a fraction the numerator of which is the Settlement Price minus $250.00, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F2 · derivative.exercise_date: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · derivative.exercise_date: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · derivative.exercise_date: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F2 · derivative.expiration_date: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · derivative.expiration_date: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · derivative.expiration_date: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F12 · ownership.direct: CVAN is a wholly-owned subsidiary of Delaware Life Holdings Parent, LLC ("Parent I"). Parent I is a wholly-owned subsidiary of Delaware Life Holdings Parent II, LLC ("Parent II"). Each of Parent I and Parent II is managed by Delaware Life Holdings Manager, LLC ("Manager") and each of Parent II and Manager is controlled by Mr. Mark Walter ("Mr. Walter"). Each of Parent I, Parent II, Manager and Mr. Walter may be deemed, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the shares owned by CVAN.

SEC source: 0000899243-21-020779 · doc4.xml · derivative · entry 3

CVAN Holdings LLC · CIK 0001705079 · 10% owner

Delaware Life Holdings Parent, LLC · CIK 0001705178 · 10% owner

Delaware Life Holdings Parent II, LLC · CIK 0001705179 · 10% owner

Delaware Life Holdings Manager, LLC · CIK 0001705180 · 10% owner

Walter Mark · CIK 0001705117 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,166,666

Underlying: Class A Common Stock · 1,166,666 shares

Expires not disclosed

F1 · derivative.exercise_price: On May 17, 2021, CVAN Holdings, LLC ("CVAN") amended three existing supplemental confirmations and entered into a fourth supplemental confirmation under its master prepaid variable forward sale contract with an unaffiliated third party. The effectiveness such amendment and additional confirmations were conditioned upon the satisfaction of certain conditions precedent. The conditions precedent were satisfied, and the parties' obligations became fixed, on May 24, 2021.

F2 · derivative.exercise_price: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · derivative.exercise_price: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · derivative.exercise_price: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F9 · derivative.exercise_price: The number of Class A Shares to be delivered to the counterparty at settlement with respect to each component of the transaction will be determined as follows: (a) if the Settlement Price for any component is less than or equal to $167.8166, CVAN will deliver for that component 100,000 Class A Shares; and (b) if the Settlement Price for any component is less than or equal to $284.00, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 100,000, multiplied by (ii) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $284.00, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 100,000, multiplied by (B) a fraction the numerator of which is $180.0091,

F10 · derivative.exercise_price: (continued from footnote 9) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 116,666 or 116,667 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $284.00, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F1 · kind: On May 17, 2021, CVAN Holdings, LLC ("CVAN") amended three existing supplemental confirmations and entered into a fourth supplemental confirmation under its master prepaid variable forward sale contract with an unaffiliated third party. The effectiveness such amendment and additional confirmations were conditioned upon the satisfaction of certain conditions precedent. The conditions precedent were satisfied, and the parties' obligations became fixed, on May 24, 2021.

F2 · kind: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · kind: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · kind: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F9 · kind: The number of Class A Shares to be delivered to the counterparty at settlement with respect to each component of the transaction will be determined as follows: (a) if the Settlement Price for any component is less than or equal to $167.8166, CVAN will deliver for that component 100,000 Class A Shares; and (b) if the Settlement Price for any component is less than or equal to $284.00, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 100,000, multiplied by (ii) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $284.00, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 100,000, multiplied by (B) a fraction the numerator of which is $180.0091,

F10 · kind: (continued from footnote 9) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 116,666 or 116,667 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $284.00, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F4 · price: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F9 · price: The number of Class A Shares to be delivered to the counterparty at settlement with respect to each component of the transaction will be determined as follows: (a) if the Settlement Price for any component is less than or equal to $167.8166, CVAN will deliver for that component 100,000 Class A Shares; and (b) if the Settlement Price for any component is less than or equal to $284.00, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 100,000, multiplied by (ii) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $284.00, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 100,000, multiplied by (B) a fraction the numerator of which is $180.0091,

F10 · price: (continued from footnote 9) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 116,666 or 116,667 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $284.00, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F2 · derivative.exercise_date: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · derivative.exercise_date: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · derivative.exercise_date: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F2 · derivative.expiration_date: The master contract and supplemental confirmations comprise four transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,500,000 shares of the Issuer's Class A common stock ("Class A Shares"), or at CVAN's election, an equivalent amount of cash, on the date that is one settlement cycle from the first trading day following the final day of the Valuation Period (as defined below) for each transaction. In exchange for assuming these obligations, CVAN received an aggregate of received a cash payment of $643,905,910.80 in the aggregate. CVAN has pledged an aggregate of 6,875,000 Class A units of Carvana Group, LLC and 5,500,000 shares of Class B common stock of the Issuer (the "Pledged Securities") to secure its obligations under the contract and the transactions.

F3 · derivative.expiration_date: (continued from footnote 2) CVAN retained voting and certain dividend rights in the Pledged Shares during the term of the master contract but is required to make cash payments upon the occurrence of certain dividends declared prior to the maturity date. The Pledged Securities are exchangeable for 5,500,000 Class A Shares at any time pursuant to an Exchange Agreement, dated as of April 27, 2017, between the Issuer and CVAN. The Issuer has agreed to physically settle any exchange request received with respect to the Pledged Shares. Prior to settlement, CVAN will not be permitted to exchange, transfer or otherwise dispose of the Pledged Securities (other than in connection with the settlement of the transactions) and will, at all times, maintain the ability to cover its delivery obligations under the master contract and transactions.

F4 · derivative.expiration_date: Each transaction will be divided into 10 individual components (each consisting of up to 200,000 Class A Shares) over the 10 trading days up to, and including, December 23, 2021 (the "Valuation Period"). The number of Class A Shares to be delivered to the counterparty with respect to each component at settlement will be based on the volume weighted average closing price per-Class A Share for each trading day during the Valuation Period (the "Settlement Price").

F12 · ownership.direct: CVAN is a wholly-owned subsidiary of Delaware Life Holdings Parent, LLC ("Parent I"). Parent I is a wholly-owned subsidiary of Delaware Life Holdings Parent II, LLC ("Parent II"). Each of Parent I and Parent II is managed by Delaware Life Holdings Manager, LLC ("Manager") and each of Parent II and Manager is controlled by Mr. Mark Walter ("Mr. Walter"). Each of Parent I, Parent II, Manager and Mr. Walter may be deemed, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the shares owned by CVAN.