CARVANA CO.: management transactions · United States · SEC (Form 4)

About CARVANA CO.

Carvana Co. (NYSE: CVNA) is a U.S.-based company headquartered in Tempe, Arizona, and one of the best-known e-commerce platforms for buying and selling used cars in the United States. Founded in 2012 by Ernie Garcia, Ben Huston, and Ryan Keeton, the company launched its first market in Atlanta in January 2013 and has since scaled a nationwide model built around online convenience, transparent pricing, and a low-pressure customer experience. Carvana’s core proposition is straightforward: customers can shop, sell, finance, and trade in vehicles entirely online, with options for home delivery or local pickup. ([press.carvana.com](https://press.carvana.com/about/)) From a business-model perspective, Carvana generates revenue from four primary streams: retail vehicle sales, wholesale vehicle sales, gains on the sale of auto finance receivables, and complementary products. The complementary offer includes vehicle service contracts, GAP waiver coverage, and an integrated auto insurance solution through a partnership with Root. This bundled approach increases transaction value and deepens monetization across the customer lifecycle, which is an important feature of Carvana’s operating model. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001690820/000169082026000009/cvna-20251231.htm)) Carvana’s competitive position is anchored by its proprietary logistics and reconditioning network. The company operates a nationwide “hub-and-spoke” fulfillment system supported by in-house transportation and vehicle reconditioning infrastructure designed to shorten delivery times and support scale. The 2022 acquisition of ADESA US Auction, LLC added 56 sites, and Carvana said 16 of those ADESA auction sites had been converted to IRC capabilities by year-end 2025. Management also describes the U.S. used-vehicle retail market as highly fragmented, with Carvana estimating its share at roughly 1.6%, leaving substantial runway if the company continues to gain penetration. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001690820/000169082026000009/cvna-20251231.htm)) Recent operating results have been strong. In February 2026, Carvana reported record full-year 2025 results, including 596,641 retail units sold, $20.3 billion of revenue, $1.9 billion of net income, and $2.2 billion of Adjusted EBITDA. In April 2026, it followed with a record first quarter 2026, highlighted by 40% year-over-year retail unit growth. Another notable milestone was Carvana’s addition to the S&P 500 in December 2025, underscoring its scale and market relevance. For international investors, CVNA is a U.S. NYSE-listed growth retailer with a differentiated digital model, but it remains exposed to used-car cyclicality, competition, execution risk, and leverage. ([investors.carvana.com](https://investors.carvana.com/news-releases/2026/02-18-2026-210513817?utm_source=openai))