Ernest Garcia II
Overview
- Source of Wealth
- Used cars
- Industry
- Automotive
- Residence
- Tempe, Arizona
- Education
- University of Arizona (Drop Out)
- Marital Status
- Married
Assets
- Carvana218,615,000 shares @ --CVNA-US
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.
About
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.