Rank #120
Ernest Garcia II
Net worth $23.1B
Used cars · United States
- Born
- May 21, 1957
- Age
- 68
- Source
- Used cars
- Residence
- Tempe, Arizona
- Citizenship
- United States
- Marital status
- Married
- Children
- 0
- Education
- Drop Out, University of Arizona
Net worth over time
Biography
- Ernest Garcia, II is the biggest shareholder of Carvana, an online platform for selling used cars and making auto loans that conducted an IPO in 2017.
- Garcia II also owns and runs DriveTime Automotive, the nation's fourth-biggest used car retailer.
- Garcia's son, Ernest Garcia III, founded Carvana as a subsidiary of DriveTime and later spun it out.
- In 1990 when he was 33, Garcia pleaded guilty to a bank fraud charge related to his dealings with Lincoln Savings & Loan.
- The son of a liquor store owner who was for a while also the mayor of Gallup, New Mexico, Garcia II was on the golf team at the University of Arizona.
- Garcia II dropped out of school before graduating to become a stockbroker and eventually turned to real estate development in Phoenix.
Financial assets
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