Carvana VP of Accounting Stephen Palmer Sells 5,000 Shares via Rule 10b5-1 Plan

Transaction Summary

On November 3, 2026, Carvana Co. (NYSE: CVNA) filed a Form 4 for Vice President of Accounting Stephen R. Palmer reporting the following transactions:

1. Tax Withholding (November 1, 2026):

   • Shares Withheld: 3,025 shares of Class A Common Stock at $68.29 per share ($206,577.25 total value) to satisfy tax withholding obligations triggered by RSU vesting.

2. Open Market Sales (November 2, 2026):

   • Shares Sold: 5,000 shares executed across multiple tranches at volume-weighted average prices between $69.54 and $72.98, yielding gross proceeds of approximately $358,571.
   • 100 shares at $69.54
   • 2,300 shares at a weighted average price of $71.23 ($70.67–$71.63)
   • 2,000 shares at a weighted average price of $72.00 ($71.68–$72.57)
   • 600 shares at a weighted average price of $72.98 ($72.74–$73.15)

Following these transactions, Mr. Palmer directly retains 112,840 shares of Carvana Class A Common Stock.

Context & Significance

• Trading Plan: The open-market sales were conducted pursuant to a Rule 10b5-1 trading plan established on May 28, 2025, confirming the trades were scheduled well in advance.
• Significance Level: Low. The disposition represents approximately 4.2% of the insider's holdings prior to the sales, executed systematically under a pre-scheduled plan without signaling discretionary sentiment changes.