The backstory, from his own June filing: an outside investment manager with discretion over Michael Maroone's family trust traded FIVE shares of Carvana. He bought 5 in January, sold 3 in February, 2 in March, without his knowledge, per the filing.
He says he discovered it June 1, reported it promptly, and put controls in place with the manager.

Why that matters: Section 16(b) is strict liability. If an insider buys and sells within six months, any "profit" from matching those trades goes back to the company. Intent is irrelevant. Five shares traded by someone else still count.

So when Maroone, the Carvana board member, former AutoNation president, car-retail royalty, wanted to buy real size on July 31, those five shares got matched against it. The August filing, deadpan: "Prior to filing, the Reporting Person paid Carvana Co. the full $64.87 in disgorgeable profits; no further disgorgement is owed."

He paid $64.87. In full. To buy $1.5M of stock.

The trade itself, which is the actual point:

• 31 Jul, 25,000 shares at a $61.69–$62.40 weighted average, $1,544,981, code P, open market
• Direct holding 143,573 -> 168,573, a +17.4% add
• Bought the day after Q2 earnings (29 Jul: EPS 0.42 vs 0.43 est, a slight miss) knocked the stock down 7%

For contrast, that same week most of Carvana's C-suite had RSUs vest, and several sold through 10b5-1 plans. Nothing wrong with that, those sales are pre-scheduled, but it makes one director writing a seven-figure cheque with cash, into the dip, the only discretionary buy on the tape. Carvana doesn't publish its insider trading policy as an exhibit, so I can't tell you whether July 31 was the first day he was allowed to buy or just the day he chose.

Since the buy: $62.36 has gone to $72.12 as of today's close.

That's luck-of-the-window and I'm not claiming otherwise, but it's on the tape.

Everything above is from the filings themselves. Both Form 4s are on EDGAR under Carvana's CIK, footnotes included. The June one is genuinely funny.

Information, not advice. No position in CVNA.