CARVANA CO.

Our Compensation and Nominating Committee conducts an annual evaluation to assess the performance of the Board, its committees, and directors, and to determine how to make the Board even more effective. This includes survey materials as well as conversations among each director, the Lead Director, and the Chairman. The evaluation focuses on the Board’s and the committees’ oversight of Carvana's business and has an enhanced focus on areas in which the Board or management believes that the Board function could improve.

As part of the annual Board self-evaluation, the Board evaluates whether the current leadership structure continues to be appropriate for Carvana and its stockholders. Our corporate governance guidelines provide the flexibility for our Board to modify our leadership structure in the future, as the Board deems appropriate.