FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * GARCIA ERNEST C. II 2. Issuer Name and Ticker or Trading Symbol CARVANA CO. [ CVNA ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
1720 W. RIO SALADO PARKWAY, SUITE A
3. Date of Earliest Transaction (MM/DD/YYYY)
11/23/2020
(Street)
TEMPE, AZ 85281
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock  11/23/2020    C    1200  A $0.00 (1) 1200  D   
Class A Common Stock  11/23/2020    S(2)    1200  D $237.0575 (3) 0  D   
Class A Common Stock  11/23/2020    C    5835  A $0.00 (1) 5835  D   
Class A Common Stock  11/23/2020    S(2)    5835  D $238.1344 (3) 0  D   
Class A Common Stock  11/23/2020    C    6834  A $0.00 (1) 6834  D   
Class A Common Stock  11/23/2020    S(2)    6834  D $238.9371 (3) 0  D   
Class A Common Stock  11/23/2020    C    5979  A $0.00 (1) 5979  D   
Class A Common Stock  11/23/2020    S(2)    5979  D $239.9853 (3) 0  D   
Class A Common Stock  11/23/2020    C    5303  A $0.00 (1) 5303  D   
Class A Common Stock  11/23/2020    S(2)    5303  D $241.131 (3) 0  D   
Class A Common Stock  11/23/2020    C    3500  A $0.00 (1) 3500  D   
Class A Common Stock  11/23/2020    S(2)    3500  D $242.1626 (3) 0  D   
Class A Common Stock  11/23/2020    C    1149  A $0.00 (1) 1149  D   
Class A Common Stock  11/23/2020    S(2)    1149  D $242.9093 (3) 0  D   
Class A Common Stock  11/23/2020    C    200  A $0.00 (1) 200  D   
Class A Common Stock  11/23/2020    S(2)    200  D $243.955 (3) 0  D   
Class A Common Stock                 555556  I  Verde Investments, Inc. (4)
Class A Common Stock                 100000  I  Ernest C. Garcia III Multi-Generational Trust III (5)
Class B Common Stock  11/23/2020    J    30000  D $0.00 (6) 50427458  D   
Class B Common Stock                 11834021  I  Ernest Irrevocable 2004 Trust III (7)
Class B Common Stock                 11952000  I  Ernest C. Garcia III Multi-Generational Trust III (8)
Class B Common Stock                 8000000  I  ECG II SPE, LLC (9)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Units   (1) 11/23/2020    C        37500    (1)  (1) Class A Common Stock  30000  $0.00  63034323  D   
Class A Units   (10)                  (10)  (10) Class A Common Stock   (10)   14792526  I  Ernest Irrevocable 2004 Trust III 
Class A Units   (11)                  (11)  (11) Class A Common Stock   (11)   14940000  I  Ernest C. Garcia III Multi-Generational Trust III 
Class A Units   (12)                  (12)  (12) Class A Common Stock   (12)   10000000  I  ECG II SPE, LLC 

Explanation of Responses:
(1)  Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").
(2)  The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on June 15, 2020.
(3)  Column 4 reflects weighted average prices. These shares were sold in multiple transactions at prices ranging from $236.49-$237.48 inclusive (weighted average of $237.0575); $237.54-$238.53 inclusive (weighted average of $238.1344); $238.54-$239.52 inclusive (weighted average of $238.9371); $239.57-$240.53 inclusive (weighted average of $239.9853); $240.58-$241.56 inclusive (weighted average of $241.1310); $241.61-$242.58 inclusive (weighted average of $242.1626); $242.67-$243.49 inclusive (weighted average of $242.9093); $243.74-$244.17 inclusive (weighted average of $243.9550), respectively. The reporting person undertakes to provide issuer, a securityholder of the issuer or to SEC staff, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
(4)  These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.
(5)  These Class A Shares are owned directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). Mr. Garcia has sole investment and dispository power over the Multi-Generational Trust assets and Mr. Garcia's son, Ernie Garcia, III, together with Ernie Garcia, III's children, are the sole beneficiaries of the Multi-Generational Trust.
(6)  Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.
(7)  These Class B Shares are owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust"). Mr. Garcia has shared investment and dispository power over the 2004 Trust assets and Mr. Garcia's son, Ernie Garcia, III, is the sole beneficiary of the 2004 Trust.
(8)  These Class B Shares are owned directly by the Multi-Generational Trust.
(9)  These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
(10)  These Class A Units are owned directly by the 2004 Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
(11)  These Class A Units are owned directly by the Multi-Generational Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
(12)  These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GARCIA ERNEST C. II
1720 W. RIO SALADO PARKWAY, SUITE A
TEMPE, AZ 85281

X

VERDE INVESTMENTS, INC.
1720 W. RIO SALADO PARKWAY, SUITE A
TEMPE, AZ 85281

X


Signatures
/s/ Ernest C. Garcia II 11/24/2020
**Signature of Reporting Person Date
/s/ Ernest C. Garcia II, Verde Investments, Inc. 11/24/2020
**Signature of Reporting Person Date
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