VERDE INVESTMENTS, INC.

SEC source: 0001209191-19-032381 · doc4.xml · nonDerivative · entry 3

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,016,470

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $65.70 to $66.65, inclusive (weighted average of $66.1027); $66.725 to $67.72, inclusive (weighted average of $67.3628); $67.73 to $68.70, inclusive (weighted average of $68.1650); and $68.73 to $69.45, inclusive (weighted average of $69.0666), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-032381 · doc4.xml · nonDerivative · entry 2

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,055,801

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $65.70 to $66.65, inclusive (weighted average of $66.1027); $66.725 to $67.72, inclusive (weighted average of $67.3628); $67.73 to $68.70, inclusive (weighted average of $68.1650); and $68.73 to $69.45, inclusive (weighted average of $69.0666), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-032381 · doc4.xml · nonDerivative · entry 1

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,163,349

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $65.70 to $66.65, inclusive (weighted average of $66.1027); $66.725 to $67.72, inclusive (weighted average of $67.3628); $67.73 to $68.70, inclusive (weighted average of $68.1650); and $68.73 to $69.45, inclusive (weighted average of $69.0666), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031842 · doc4.xml · nonDerivative · entry 5

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,169,830

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $65.51 to $66.505, inclusive (weighted average of $66.1552); and $66.51 to $67.33, inclusive (weighted average of $66.8503), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031842 · doc4.xml · nonDerivative · entry 4

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,205,095

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $65.51 to $66.505, inclusive (weighted average of $66.1552); and $66.51 to $67.33, inclusive (weighted average of $66.8503), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031842 · doc4.xml · nonDerivative · entry 3

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,234,162

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.325 to $67.315, inclusive (weighted average of $66.9292); $67.505 to $68.50, inclusive (weighted average of $68.1667); and $68.51 to $69.065, inclusive (weighted average of $68.7383), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031842 · doc4.xml · nonDerivative · entry 2

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,242,801

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.325 to $67.315, inclusive (weighted average of $66.9292); $67.505 to $68.50, inclusive (weighted average of $68.1667); and $68.51 to $69.065, inclusive (weighted average of $68.7383), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031842 · doc4.xml · nonDerivative · entry 1

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,274,412

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.325 to $67.315, inclusive (weighted average of $66.9292); $67.505 to $68.50, inclusive (weighted average of $68.1667); and $68.51 to $69.065, inclusive (weighted average of $68.7383), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 7

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,282,912

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.30 to $67.278, inclusive (weighted average of $66.8311); $67.305 to $68.27, inclusive (weighted average of $67.7727); $68.30 to $69.295, inclusive (weighted average of $68.9876); and $69.30 to $69.69, inclusive (weighted average of $69.381), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 6

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,307,628

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.30 to $67.278, inclusive (weighted average of $66.8311); $67.305 to $68.27, inclusive (weighted average of $67.7727); $68.30 to $69.295, inclusive (weighted average of $68.9876); and $69.30 to $69.69, inclusive (weighted average of $69.381), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 5

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,359,502

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.30 to $67.278, inclusive (weighted average of $66.8311); $67.305 to $68.27, inclusive (weighted average of $67.7727); $68.30 to $69.295, inclusive (weighted average of $68.9876); and $69.30 to $69.69, inclusive (weighted average of $69.381), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 4

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,399,483

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $66.30 to $67.278, inclusive (weighted average of $66.8311); $67.305 to $68.27, inclusive (weighted average of $67.7727); $68.30 to $69.295, inclusive (weighted average of $68.9876); and $69.30 to $69.69, inclusive (weighted average of $69.381), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 3

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,410,367

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 2

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,410,417

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $63.80 to $64.79, inclusive (weighted average of $64.2896); and $64.80 to $65.79, inclusive (weighted average of $65.3784), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-031163 · doc4.xml · nonDerivative · entry 1

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Verde Investments, Inc.

Disclosed balance after: 1,436,910

F1 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Verde Investments, Inc. on March 14, 2019.

F2 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $63.80 to $64.79, inclusive (weighted average of $64.2896); and $64.80 to $65.79, inclusive (weighted average of $65.3784), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F3 · ownership.nature: These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.

SEC source: 0001209191-19-029812 · doc4.xml · derivative · entry 9

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Ernest Irrevocable 2004 Trust III

Disclosed balance after: 14,903,076

Underlying: Class A Common Stock · 29,539 shares

Expires not disclosed

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

F1 · derivative.exercise_price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). Mr. Garcia has shared investment and dispository power of the 2004 Trust assets and Mr. Garcia's son, Ernie Garcia, III, is the sole beneficiary of the 2004 Trust.

F1 · derivative.exercise_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). Mr. Garcia has shared investment and dispository power of the 2004 Trust assets and Mr. Garcia's son, Ernie Garcia, III, is the sole beneficiary of the 2004 Trust.

F1 · derivative.expiration_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). Mr. Garcia has shared investment and dispository power of the 2004 Trust assets and Mr. Garcia's son, Ernie Garcia, III, is the sole beneficiary of the 2004 Trust.

SEC source: 0001209191-19-029812 · doc4.xml · nonDerivative · entry 6

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Ernest Irrevocable 2004 Trust III

Disclosed balance after: 11,922,461

F5 · ownership.nature: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by the 2004 Trust.

SEC source: 0001209191-19-029812 · doc4.xml · nonDerivative · entry 2

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Ernest Irrevocable 2004 Trust III

Disclosed balance after: 0

F2 · shares: These Class A Shares are owned directly by the 2004 Trust. On May 10, 2019, the 2004 Trust distributed 43,230 shares of Class A Common Stock to its sole beneficiary.

SEC source: 0001209191-19-029812 · doc4.xml · nonDerivative · entry 1

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · Ernest Irrevocable 2004 Trust III

Disclosed balance after: 43,230

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 · shares: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). Mr. Garcia has shared investment and dispository power of the 2004 Trust assets and Mr. Garcia's son, Ernie Garcia, III, is the sole beneficiary of the 2004 Trust.

SEC source: 0001209191-19-025836 · doc4.xml · derivative · entry 17

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

Underlying: Class A Common Stock · 55,302 shares

Expires not disclosed

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

F1 · derivative.exercise_price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · derivative.exercise_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · derivative.expiration_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · balance_after: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 12

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F7 · ownership.nature: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by DriveTime Sales.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 8

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $62.14 to $63.13, inclusive (weighted average of $62.5191); $63.21 to $64.18, inclusive (weighted average of $63.7839); $64.215 to $65.20, inclusive (weighted average of $64.7069) and $65.215 to $66.20, inclusive (weighted average of $65.6773), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 7

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 37,783

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 6

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $62.14 to $63.13, inclusive (weighted average of $62.5191); $63.21 to $64.18, inclusive (weighted average of $63.7839); $64.215 to $65.20, inclusive (weighted average of $64.7069) and $65.215 to $66.20, inclusive (weighted average of $65.6773), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 5

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 7,649

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 4

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $62.14 to $63.13, inclusive (weighted average of $62.5191); $63.21 to $64.18, inclusive (weighted average of $63.7839); $64.215 to $65.20, inclusive (weighted average of $64.7069) and $65.215 to $66.20, inclusive (weighted average of $65.6773), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 3

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 5,600

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 2

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $62.14 to $63.13, inclusive (weighted average of $62.5191); $63.21 to $64.18, inclusive (weighted average of $63.7839); $64.215 to $65.20, inclusive (weighted average of $64.7069) and $65.215 to $66.20, inclusive (weighted average of $65.6773), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025836 · doc4.xml · nonDerivative · entry 1

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 4,270

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025559 · doc4.xml · derivative · entry 15

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 69,128

Underlying: Class A Common Stock · 30,879 shares

Expires not disclosed

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

F1 · derivative.exercise_price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

F1 · derivative.exercise_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

F1 · derivative.expiration_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

F1 · balance_after: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 10

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 55,302

F7 · balance_after: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by DriveTime Sales. Column 5 reflects a correction of two Class B Shares due to rounding discrepancies on prior transactions.

F7 · ownership.nature: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by DriveTime Sales. Column 5 reflects a correction of two Class B Shares due to rounding discrepancies on prior transactions.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 6

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 5

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 100

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 4

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $61.195 to $62.155, inclusive (weighted average of $61.6167); and $62.20 to $63.18, inclusive (weighted average of $62.8970), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 3

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 20,677

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 2

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $61.195 to $62.155, inclusive (weighted average of $61.6167); and $62.20 to $63.18, inclusive (weighted average of $62.8970), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025559 · doc4.xml · nonDerivative · entry 1

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 10,102

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder. Column 9 in Table II reflects a correction of one Class A Unit due to rounding discrepancies on prior transactions.

SEC source: 0001209191-19-025310 · doc4.xml · derivative · entry 23

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 107,726

Underlying: Class A Common Stock · 7,179 shares

Expires not disclosed

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

F1 · derivative.exercise_price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · derivative.exercise_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · derivative.expiration_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 17

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 86,183

F8 · ownership.nature: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by DriveTime Sales.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 12

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $61.24 to $62.20, inclusive (weighted average of $61.6181); $62.36 to $63.345, inclusive (weighted average of $62.9136); and $63.37 to $64.16, inclusive (weighted average of $63.6191), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 11

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 1,600

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 10

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $61.24 to $62.20, inclusive (weighted average of $61.6181); $62.36 to $63.345, inclusive (weighted average of $62.9136); and $63.37 to $64.16, inclusive (weighted average of $63.6191), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 9

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 1,170

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 8

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F4 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $61.24 to $62.20, inclusive (weighted average of $61.6181); $62.36 to $63.345, inclusive (weighted average of $62.9136); and $63.37 to $64.16, inclusive (weighted average of $63.6191), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 7

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 4,409

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025310 · doc4.xml · derivative · entry 22

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 116,700

Underlying: Class A Common Stock · 44,897 shares

Expires not disclosed

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

F1 · derivative.exercise_price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · derivative.exercise_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

F1 · derivative.expiration_date: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 16

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 93,362

F8 · ownership.nature: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by DriveTime Sales.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 6

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $62.63 to $63.62, inclusive (weighted average of $63.2429); $63.63 to $64.625, inclusive (weighted average of $64.1476); and $64.64 to $65.63, inclusive (weighted average of $65.0783), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 5

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 11,159

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

F1 · price: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by DriveTime Sales and Finance Company, LLC ("DriveTime Sales") into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement"). DriveTime Sales is a wholly owned subsidiary of DriveTime Automotive Group, Inc., of which Mr. Garcia is the chairman of the board of directors and the controlling stockholder.

SEC source: 0001209191-19-025310 · doc4.xml · nonDerivative · entry 4

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · DriveTime Sales and Finance Company

Disclosed balance after: 0

F2 · kind: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by DriveTime Sales on September 17, 2018.

F3 · price: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $62.63 to $63.62, inclusive (weighted average of $63.2429); $63.63 to $64.625, inclusive (weighted average of $64.1476); and $64.64 to $65.63, inclusive (weighted average of $65.0783), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.