Ernest Garcia III
$11.7B
Born
May 01, 1982
Age
44
Source of Wealth
Used cars
Residence
Phoenix, Arizona
Citizenship
United States
Marital Status
Children
0
Education
Bachelor of Science, Stanford University
- 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.
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