Rank #283
Ernest Garcia III
Net worth $11.4B
Used cars · United States
- Born
- May 01, 1982
- Age
- 44
- Source
- Used cars
- Residence
- Phoenix, Arizona
- Citizenship
- United States
- Marital status
- Children
- 0
- Education
- Bachelor of Science, Stanford University
Net worth over time
Biography
- Ernest Garcia III is the cofounder and CEO of Carvana, an ecommerce platform for buying and selling used cars.
- Garcia launched Carvana in 2012 as a subsidiary of DriveTime, a traditional used car business that operates 149 dealerships in 29 states.
- Garcia started Carvana as a way to sell used cars directly instead of relying on middlemen; the company also offers financing services.
- In 2017, Carvana spun out of Drivetime in an IPO that raised $225 million.
- Garcia's father, Ernest Garcia II, owns and runs DriveTime. He helped fund the initial development of Carvana and remains its largest shareholder.
- In 2018, Garcia gave $35 million worth of his personal stock to Carvana employees to commemorate the company selling its 100,000th car.
Financial assets
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