#336
Ernest Garcia, III
United States 44 years old
Overview
- Source of Wealth
- Used cars
- Industry
- Automotive
- Residence
- Phoenix, Arizona
- Organization
- Founder and Chief Executive Officer at Carvana
- Education
- Stanford University (Bachelor of Science)
Assets
- Carvana105,000 shares @ --CVNA-US
- Carvana146,440,000 shares @ --CVNA-US
- Carvana145,000 shares @ --CVNA-US
- Carvana1,770,000 shares @ --CVNA-US
- Carvana145,000 shares @ --CVNA-US
- Carvana320,000 shares @ --CVNA-US
- Carvana75,000 shares @ --CVNA-US
- Carvana220,000 shares @ --CVNA-US
- Carvana85,000 shares @ --CVNA-US
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.
About
In 2018, Garcia gave $35 million worth of his personal stock to Carvana employees to commemorate the company selling its 100,000th car.