Carvana CEO Garcia Sells Most Shares Ever as Stock Soars

Carvana Co. Chief Executive Officer Ernest Garcia III filed to sell shares worth $192 million as the used-car retailer’s stock surged, by far his largest cash-out since the company’s initial public offering.

In a 144 filing released Wednesday after market close, Garcia disclosed plans to sell 630,000 shares through a 10b5-1 trading plan he adopted last December. The shares, held in two trusts he controls, represent about 2% of the billionaire’s stake in Carvana. Form 144 filings indicate planned sales, as opposed to completed transactions.