Carvana Chief Product Officer Sells Over $18M in Common Stock

Executive Summary

On November 3, 2026, Daniel J. Gill, Chief Product Officer of Carvana Co. ($CVNA), filed Form 4 disclosing the sale of 253,639 shares of Class A Common Stock at a volume-weighted average price of $71.46, generating approximately $18.13 million. In addition, 7,705 shares were withheld on November 1, 2026, at $68.29 per share to satisfy tax obligations upon the vesting of restricted stock units.

Transaction Details

• Open Market Sale (Code S): 253,639 shares disposed on November 3, 2026, at an average price of $71.46 (trade range: $71.08 to $72.01), totaling $18,125,042.94.
• Tax Withholding (Code F): 7,705 shares withheld on November 1, 2026, at $68.29 per share, totaling $526,174.45.
• Post-Transaction Ownership: Direct ownership decreased from 1,034,892 shares prior to November transactions to 773,548 shares, reflecting an approximate 25% reduction in total holdings.
• Rule 10b5-1 Plan Status: The filing indicates aff10b5One is marked as 0, suggesting the open-market sale was not conducted pursuant to an affirmative Rule 10b5-1 trading plan.

Trading Significance

This transaction carries High significance due to the substantial size of the disposition (~$18.1M), the proportion of the insider's holdings liquidated (~25%), and the absence of a stated Rule 10b5-1 pre-scheduled trading plan.