CVNA

SEC source: 0001690820-20-000276 · wf-form4_160436772110138.xml · nonDerivative · entry 3

GARCIA ERNEST C. III · CIK 0001700548 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 601,351

F3 · shares: Represents RSUs granted on February 14, 2020 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 14, 2020 ("2020 PRSU Agreement"). The performance condition in the 2020 PRSU Agreement has been met thus 25% will vest on April 1, 2021 and 2 1/12% will vest of the first of each month thereafter for 36 months.

SEC source: 0001690820-20-000276 · wf-form4_160436772110138.xml · nonDerivative · entry 2

GARCIA ERNEST C. III · CIK 0001700548 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 595,192

F2 · shares: Represents RSUs granted on February 25, 2019 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 25, 2019 ("2019 PRSU Agreement"). The performance condition in the 2019 PRSU Agreement has been met thus 5,378 RSUs vested on November 1, 2020 and 2 1/12% will vest on the first of each succeeding month for 29 months.

SEC source: 0001690820-20-000276 · wf-form4_160436772110138.xml · nonDerivative · entry 1

GARCIA ERNEST C. III · CIK 0001700548 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 581,606

F1 · shares: Represents restricted stock units ("RSUs") granted on May 1, 2018 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated May 1, 2018 ("2018 PRSU Agreement"). The performance condition in the 2018 PRSU Agreement has been met thus all RSUs vested on October 29, 2020.

SEC source: 0001690820-20-000277 · wf-form4_160436773739642.xml · nonDerivative · entry 5

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,034

F5 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs, including 1,878 withheld for RSUs that vested from the 2019 PRSU Agreement.

SEC source: 0001690820-20-000277 · wf-form4_160436773739642.xml · nonDerivative · entry 4

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,027

F4 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs from the 2018 PRSU Agreement.

SEC source: 0001690820-20-000277 · wf-form4_160436773739642.xml · nonDerivative · entry 3

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,763

F3 · shares: Represents RSUs granted on February 14, 2020 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 14, 2020 ("2020 PRSU Agreement"). The performance condition in the 2020 PRSU Agreement has been met thus 25% will vest on April 1, 2021 and 2 1/12% will vest of the first of each month thereafter for 36 months.

SEC source: 0001690820-20-000277 · wf-form4_160436773739642.xml · nonDerivative · entry 2

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,779

F2 · shares: Represents RSUs granted on February 25, 2019 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 25, 2019 ("2019 PRSU Agreement"). The performance condition in the 2019 PRSU Agreement has been met thus 4,466 RSUs vested on November 1, 2020 and 2 1/12% will vest on the first of each succeeding month for 29 months.

SEC source: 0001690820-20-000277 · wf-form4_160436773739642.xml · nonDerivative · entry 1

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,496

F1 · shares: Represents restricted stock units ("RSUs") granted on April 30, 2018 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated April 30, 2018 ("2018 PRSU Agreement"). The performance condition in the 2018 PRSU Agreement has been met thus all RSUs vested on October 29, 2020.

SEC source: 0001690820-20-000279 · wf-form4_160436777422214.xml · nonDerivative · entry 4

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,821

F4 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs from the 2018 PRSU Agreement.

SEC source: 0001690820-20-000279 · wf-form4_160436777422214.xml · nonDerivative · entry 3

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,481

F3 · shares: Represents RSUs granted on February 14, 2020 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 14, 2020 ("2020 PRSU Agreement"). The performance condition in the 2020 PRSU Agreement has been met thus 25% will vest on April 1, 2021 and 2 1/12% will vest of the first of each month thereafter for 36 months.

SEC source: 0001690820-20-000279 · wf-form4_160436777422214.xml · nonDerivative · entry 2

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,370

F2 · shares: Represents RSUs granted on February 25, 2019 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 25, 2019 ("2019 PRSU Agreement"). The performance condition in the 2019 PRSU Agreement has been met thus 2,643 RSUs vested on November 1, 2020 and 2 1/12% will vest on the first of each succeeding month for 29 months.

SEC source: 0001690820-20-000279 · wf-form4_160436777422214.xml · nonDerivative · entry 1

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,692

F1 · shares: Represents restricted stock units ("RSUs") granted on April 30, 2018 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated April 30, 2018 ("2018 PRSU Agreement"). The performance condition in the 2018 PRSU Agreement has been met thus all RSUs vested on October 29, 2020.

SEC source: 0001690820-20-000275 · wf-form4_160436770623583.xml · nonDerivative · entry 4

BREAUX PAUL W. · CIK 0001700545 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,625

F4 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs from the 2018 PRSU Agreement.

SEC source: 0001690820-20-000275 · wf-form4_160436770623583.xml · nonDerivative · entry 3

BREAUX PAUL W. · CIK 0001700545 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,288

F3 · shares: Represents RSUs granted on February 14, 2020 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 14, 2020 ("2020 PRSU Agreement"). The performance condition in the 2020 PRSU Agreement has been met thus 25% will vest on April 1, 2021 and 2 1/12% will vest of the first of each month thereafter for 36 months.

SEC source: 0001690820-20-000275 · wf-form4_160436770623583.xml · nonDerivative · entry 2

BREAUX PAUL W. · CIK 0001700545 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,525

F2 · shares: Represents RSUs granted on February 25, 2019 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 25, 2019 ("2019 PRSU Agreement"). The performance condition in the 2019 PRSU Agreement has been met thus 3,555 RSUs vested on November 1, 2020 and 2 1/12% will vest on the first of each succeeding month for 29 months.

SEC source: 0001690820-20-000275 · wf-form4_160436770623583.xml · nonDerivative · entry 1

BREAUX PAUL W. · CIK 0001700545 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,544

F1 · shares: Represents restricted stock units ("RSUs") granted on April 30, 2018 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated April 30, 2018 ("2018 PRSU Agreement"). The performance condition in the 2018 PRSU Agreement has been met thus all RSUs vested on October 29, 2020.

SEC source: 0001690820-20-000274 · wf-form4_160436769031831.xml · nonDerivative · entry 4

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,035

F4 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs from the 2018 PRSU Agreement.

SEC source: 0001690820-20-000274 · wf-form4_160436769031831.xml · nonDerivative · entry 3

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,771

F3 · shares: Represents RSUs granted on February 14, 2020 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 14, 2020 ("2020 PRSU Agreement"). The performance condition in the 2020 PRSU Agreement has been met thus 25% will vest on April 1, 2021 and 2 1/12% will vest of the first of each month thereafter for 36 months.

SEC source: 0001690820-20-000274 · wf-form4_160436769031831.xml · nonDerivative · entry 2

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,787

F2 · shares: Represents RSUs granted on February 25, 2019 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated February 25, 2019 ("2019 PRSU Agreement"). The performance condition in the 2019 PRSU Agreement has been met thus 4,466 RSUs vested on November 1, 2020 and 2 1/12% will vest on the first of each succeeding month for 29 months.

SEC source: 0001690820-20-000274 · wf-form4_160436769031831.xml · nonDerivative · entry 1

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,504

F1 · shares: Represents restricted stock units ("RSUs") granted on April 30, 2018 under the Reporting Owner's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Owner dated April 30, 2018 ("2018 PRSU Agreement"). The performance condition in the 2018 PRSU Agreement has been met thus all RSUs vested on October 29, 2020.

SEC source: 0000899243-20-029212 · 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: 1,666,666

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

Expires not disclosed

F1 · derivative.exercise_price: On September 15, 2020, CVAN Holdings, LLC ("CVAN") entered into a master prepaid variable forward sale contract with an unaffiliated third party, the effectiveness of which was conditioned upon the satisfaction of certain conditions precedent, including the execution of supplemental confirmations evidencing three transactions thereunder. The conditions precedent were satisfied, and the parties' obligations became fixed, on October 22, 2020.

F2 · derivative.exercise_price: The master contract and supplemental confirmations comprise three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, 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 $244.0909,

F10 · derivative.exercise_price: (continued from footnote 9) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F1 · kind: On September 15, 2020, CVAN Holdings, LLC ("CVAN") entered into a master prepaid variable forward sale contract with an unaffiliated third party, the effectiveness of which was conditioned upon the satisfaction of certain conditions precedent, including the execution of supplemental confirmations evidencing three transactions thereunder. The conditions precedent were satisfied, and the parties' obligations became fixed, on October 22, 2020.

F2 · kind: The master contract and supplemental confirmations comprise three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, 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 $244.0909,

F10 · kind: (continued from footnote 9) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, 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 $244.0909,

F10 · price: (continued from footnote 9) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, 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 three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 · balance_after: 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $180.0091, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, 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 $244.0909,

F10 · balance_after: (continued from footnote 9) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $180.0091, and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F11 · 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: 0000899243-20-029212 · doc4.xml · derivative · entry 2

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: 1,666,667

Underlying: Class A Common Stock · 1,666,667 shares

Expires not disclosed

F1 · derivative.exercise_price: On September 15, 2020, CVAN Holdings, LLC ("CVAN") entered into a master prepaid variable forward sale contract with an unaffiliated third party, the effectiveness of which was conditioned upon the satisfaction of certain conditions precedent, including the execution of supplemental confirmations evidencing three transactions thereunder. The conditions precedent were satisfied, and the parties' obligations became fixed, on October 22, 2020.

F2 · derivative.exercise_price: The master contract and supplemental confirmations comprise three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F7 · 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $167.8166, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909,

F8 · derivative.exercise_price: (continued from footnote 7) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price, plus (ii) the product of (A)83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F1 · kind: On September 15, 2020, CVAN Holdings, LLC ("CVAN") entered into a master prepaid variable forward sale contract with an unaffiliated third party, the effectiveness of which was conditioned upon the satisfaction of certain conditions precedent, including the execution of supplemental confirmations evidencing three transactions thereunder. The conditions precedent were satisfied, and the parties' obligations became fixed, on October 22, 2020.

F2 · kind: The master contract and supplemental confirmations comprise three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F7 · 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $167.8166, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909,

F8 · kind: (continued from footnote 7) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price, plus (ii) the product of (A)83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F7 · 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $167.8166, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909,

F8 · price: (continued from footnote 7) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price, plus (ii) the product of (A)83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, 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 three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F7 · balance_after: 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 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $167.8166, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909,

F8 · balance_after: (continued from footnote 7) CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $167.8166, and the denominator of which is the Settlement Price, plus (ii) the product of (A)83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F11 · 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: 0000899243-20-029212 · doc4.xml · derivative · entry 1

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: 1,666,667

Underlying: Class A Common Stock · 1,666,667 shares

Expires not disclosed

F1 · derivative.exercise_price: On September 15, 2020, CVAN Holdings, LLC ("CVAN") entered into a master prepaid variable forward sale contract with an unaffiliated third party, the effectiveness of which was conditioned upon the satisfaction of certain conditions precedent, including the execution of supplemental confirmations evidencing three transactions thereunder. The conditions precedent were satisfied, and the parties' obligations became fixed, on October 22, 2020.

F2 · derivative.exercise_price: The master contract and supplemental confirmations comprise three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F5 · 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 $152.5486, CVAN will deliver for that component 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $152.5486, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $152.5486, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $152.5486,

F6 · derivative.exercise_price: (continued from footnote 5) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F1 · kind: On September 15, 2020, CVAN Holdings, LLC ("CVAN") entered into a master prepaid variable forward sale contract with an unaffiliated third party, the effectiveness of which was conditioned upon the satisfaction of certain conditions precedent, including the execution of supplemental confirmations evidencing three transactions thereunder. The conditions precedent were satisfied, and the parties' obligations became fixed, on October 22, 2020.

F2 · kind: The master contract and supplemental confirmations comprise three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F5 · 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 $152.5486, CVAN will deliver for that component 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $152.5486, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $152.5486, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $152.5486,

F6 · kind: (continued from footnote 5) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F5 · 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 $152.5486, CVAN will deliver for that component 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $152.5486, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $152.5486, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $152.5486,

F6 · price: (continued from footnote 5) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, 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 three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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 three transactions which obligate CVAN to deliver to the counterparty an aggregate of up to 5,000,000 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 a cash payment of $631,305,910.80 in the aggregate. CVAN has pledged an aggregate of 6,250,000 Class A units of Carvana Group, LLC and 5,000,000 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 5,000,000 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 20 individual components (each consisting of up to 83,333 or 83,334 Class A Shares) over the 20 trading days up to, and including, June 14, 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").

F5 · balance_after: 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 $152.5486, CVAN will deliver for that component 75,000 Class A Shares; (b) if the Settlement Price for any component is less than or equal to $244.0909, but greater than $152.5486, CVAN will deliver for that component a number of Class A Shares equal to the product of (i) 75,000, multiplied by (ii) a fraction the numerator of which is $152.5486, and the denominator of which is the Settlement Price; and (c) if the Settlement Price for any component is greater than $244.0909, CVAN will deliver for that component a number of shares equal to the sum of (i) the product of (A) 75,000, multiplied by (B) a fraction the numerator of which is $152.5486,

F6 · balance_after: (continued from footnote 5) and the denominator of which is the Settlement Price, plus (ii) the product of (A) 83,333 or 83,334 (as applicable), multiplied by (B) a fraction the numerator of which is the Settlement Price minus $244.0909, and the denominator of which is the Settlement Price, in each case rounded up to the nearest whole share.

F11 · 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: 0001690820-20-000258 · wf-form4_160288395768355.xml · derivative · entry 3

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 128,749

Underlying: Class A Common Stock · 10,000 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.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · kind: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · derivative.underlying_shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 500,000 Class B common units on March 24, 2015 with a participation threshold of $0.00; 125,000 vested on the grant date and 8,333 vest on the first of each month thereafter.

SEC source: 0001690820-20-000258 · wf-form4_160288395768355.xml · nonDerivative · entry 2

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,670

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F3 · price: This transaction was executed in multiple trades at prices ranging from $210.05 to $224.56, inclusive; the price reported above reflects the volume weighted average sale price.

SEC source: 0001690820-20-000258 · wf-form4_160288395768355.xml · nonDerivative · entry 1

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,670

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 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on October 15, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · price: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

SEC source: 0001690820-20-000250 · wf-form4_160167476071077.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,614

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000256 · wf-form4_160167487747879.xml · derivative · entry 4

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 333,749

Underlying: Class A Common Stock · 10,000 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.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · kind: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · derivative.underlying_shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 1,000,000 Class B Units on March 24, 2015 with a participation threshold of $0.000; 200,000 of which vested on July 1, 2015 and 16,667 of which vest on the first of each month thereafter.

SEC source: 0001690820-20-000256 · wf-form4_160167487747879.xml · nonDerivative · entry 3

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,834

F3 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000256 · wf-form4_160167487747879.xml · nonDerivative · entry 2

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,909

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

SEC source: 0001690820-20-000256 · wf-form4_160167487747879.xml · nonDerivative · entry 1

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,909

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 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · price: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

SEC source: 0001690820-20-000255 · wf-form4_160167485541643.xml · nonDerivative · entry 1

GARCIA ERNEST C. III · CIK 0001700548 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 567,034

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000254 · wf-form4_160167483480819.xml · nonDerivative · entry 1

BREAUX PAUL W. · CIK 0001700545 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,522

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000253 · wf-form4_160167481539760.xml · derivative · entry 4

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 333,748

Underlying: Class A Common Stock · 10,000 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.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · kind: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · derivative.underlying_shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 1,000,000 Class B common units ("Class B Units") of Carvana Group, LLC ("Carvana Group") on March 24, 2015 with a participation threshold of $0.00; 250,000 vested on the grant date and 16,667 vest on the first of each month thereafter.

SEC source: 0001690820-20-000253 · wf-form4_160167481539760.xml · nonDerivative · entry 3

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,842

F3 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000253 · wf-form4_160167481539760.xml · nonDerivative · entry 2

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,917

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

SEC source: 0001690820-20-000253 · wf-form4_160167481539760.xml · nonDerivative · entry 1

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,917

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 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on October 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · price: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

SEC source: 0001690820-20-000252 · wf-form4_160167479541145.xml · nonDerivative · entry 1

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,670

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000251 · wf-form4_160167477846597.xml · nonDerivative · entry 1

Palmer Stephen R · CIK 0001783558 · Vice President of Accounting

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,610

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000236 · wf-form4_160029531729814.xml · derivative · entry 3

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 141,249

Underlying: Class A Common Stock · 10,000 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.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · kind: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · derivative.underlying_shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 500,000 Class B common units on March 24, 2015 with a participation threshold of $0.00; 125,000 vested on the grant date and 8,333 vest on the first of each month thereafter.

SEC source: 0001690820-20-000236 · wf-form4_160029531729814.xml · nonDerivative · entry 2

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,736

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F3 · price: This transaction was executed in multiple trades at prices ranging from $169.53 to $176.55, inclusive; the price reported above reflects the volume weighted average sale price.

SEC source: 0001690820-20-000236 · wf-form4_160029531729814.xml · nonDerivative · entry 1

KEETON RYAN S. · CIK 0001700542 · Chief Brand Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,736

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 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 9, 2020. The Reporting Person acquired the Class A Common Stock on September 14, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · price: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

SEC source: 0001690820-20-000230 · wf-form4_159917028571246.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,680

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000234 · wf-form4_159917036389347.xml · derivative · entry 4

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 346,249

Underlying: Class A Common Stock · 10,000 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.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · kind: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · derivative.underlying_shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 1,000,000 Class B Units on March 24, 2015 with a participation threshold of $0.000; 200,000 of which vested on July 1, 2015 and 16,667 of which vest on the first of each month thereafter.

SEC source: 0001690820-20-000234 · wf-form4_159917036389347.xml · nonDerivative · entry 3

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,909

F3 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000234 · wf-form4_159917036389347.xml · nonDerivative · entry 2

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,983

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

SEC source: 0001690820-20-000234 · wf-form4_159917036389347.xml · nonDerivative · entry 1

JENKINS MARK W. · CIK 0001700540 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,983

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 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · price: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

SEC source: 0001690820-20-000231 · wf-form4_159917030176873.xml · nonDerivative · entry 1

GARCIA ERNEST C. III · CIK 0001700548 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 567,113

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

SEC source: 0001690820-20-000233 · wf-form4_159917034326680.xml · derivative · entry 4

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 346,248

Underlying: Class A Common Stock · 10,000 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.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · kind: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 3, 2020. The Reporting Person acquired the Class A Common Stock on September 1, 2020 by exchanging 12,500 Class B common units of Carvana Group, LLC ("Class B Units") for 10,000 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").

F2 · derivative.underlying_shares: The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less theAdjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 1,000,000 Class B common units ("Class B Units") of Carvana Group, LLC ("Carvana Group") on March 24, 2015 with a participation threshold of $0.00; 250,000 vested on the grant date and 16,667 vest on the first of each month thereafter.

SEC source: 0001690820-20-000233 · wf-form4_159917034326680.xml · nonDerivative · entry 3

HUSTON BENJAMIN E. · CIK 0001700537 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,917

F3 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.