Carvana CFO Mark Jenkins Exercises Options and Sells $4.56M in Stock via Rule 10b5-1 Plan

Insider Trading Analysis: Carvana Co. ($CVNA)

Executive Summary

On September 1, 2026, Mark W. Jenkins, Chief Financial Officer of Carvana Co., executed pre-scheduled transactions under a pre-established Rule 10b5-1 trading plan. The transactions included the exercise of 63,750 stock options and the subsequent open-market sale of 63,750 shares of Class A Common Stock, generating gross sale proceeds of approximately $4.56 million. In addition, 7,016 shares were withheld for tax obligations upon RSU vesting.

Transaction Details

• Option Exercises (Code M):
  • 50,000 options exercised at $2.01 per share
  • 10,000 options exercised at $8.41 per share
  • 3,750 options exercised at $10.39 per share
  • Total Exercise Cost: ~$223,562.50
• Open Market Sales (Code S):
  • 37,406 shares sold at a weighted average price of $71.36 (range: $70.68 – $71.67)
  • 26,344 shares sold at a weighted average price of $71.83 (range: $71.68 – $72.18)
  • Total Proceeds: $4,561,581.68
• Tax Withholding (Code F): 7,016 shares withheld at $72.18 per share ($506,414.88).

Post-Transaction Holdings

Following these transactions, Jenkins continues to hold 1,149,518 direct shares of Class A Common Stock, maintaining a significant long-term equity position in the company alongside substantial unexercised option awards.

Strategic Context & Significance

• Trading Plan: The option exercises and sales were executed under a Rule 10b5-1 plan adopted on August 5, 2024, indicating scheduled liquidity management rather than discretionary market timing.
• Significance Level: Medium — While the dollar value exceeds $4.5 million, the transaction represents routine monetization of expiring/vested stock options under an established plan, with the insider retaining a large ownership base.