Ernest C. Garcia III, CEO of Carvana (CVNA), has filed 1,027 Form 4 transactions over his tenure, with a pronounced sell-side bias. His cumulative open-market sales total roughly $167.1 million, while he has recorded zero open-market purchases and zero acquisitions through grants or exercises. The most recent cluster of discretionary trades occurred on October 9, 2025, when Garcia executed 12 open-market sales of CVNA stock in a single day, ranging from roughly $5,400 to $52,700 per transaction and aggregating approximately $322,000. Those sales followed a pattern of consistent monthly activity, though the intervening months have been dominated by non-discretionary filings.
Since November 2025, Garcia’s Form 4 activity has shifted almost entirely to automatic transactions. Monthly "F" codes—shares withheld to cover tax obligations on vested compensation—appear in nearly every month from December 2025 through August 2026, with values fluctuating between roughly $377,000 and $1.4 million, plus a spike of about $3.68 million in late April 2026. Interspersed are "A" codes reflecting equity awards with no cash value. The absence of any "P" (purchase) or "M" (exercise) codes in the recent window underscores that Garcia has not added shares on the open market; his only discretionary action in the past year was the October 2025 sell cluster.
The data paints a clear directional picture: Garcia is a net seller of CVNA stock, with all discretionary activity on the sell side and a steady stream of tax-related liquidations. The October 2025 sales were modest in size relative to his total holdings, but they represent the only voluntary transactions in the last twelve months. No recent buys or exercises suggest any reversal of that bias, and the ongoing "F" transactions indicate continued equity compensation vesting rather than new accumulation.
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