Ernest C. Garcia II, a Director of Carvana, sold 4,000,000 Covered Call Options on May 9, 2025, each with a reference price of $24.75 and an expiration date of April 17, 2026. Additionally, he pledged 4,000,000 shares of Class B common stock and 5,000,000 Class A units of Carvana Group, LLC to secure the transaction. This significant sale of options by a director usually signals a bearish outlook for the company's stock price. Investors should closely monitor this activity.