Ernest Garcia III

Ernest C. Garcia III (born 1982/1983) is an American businessman, and the CEO and co-founder of Carvana.

Ernest Garcia III
Garcia III in 2020
Born
Ernest C. Garcia

1982 or 1983 (age 39–40)[1]
NationalityAmerican
Alma materStanford University
OccupationBusinessman
Known forChairman and CEO, Carvana
ParentErnest Garcia II

Early life and education

Ernest Garcia III is the son of Ernest Garcia II.[2] He earned a bachelor's degree in Management Science and Engineering from Stanford University in 2005.[1][3][4]

Career

Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital.[5] He joined DriveTime in 2007, before co-founding (with Ryan Keeton and Ben Huston) its subsidiary Carvana in 2012, with Garcia as president and CEO since its inception.[1][3][6][7] Carvana was eventually spun out from DriveTime and given an IPO in 2017.[1] At that time, Garcia became chairman of Carvana.[8]

In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region for the consumer technology category [9] Garcia, along with Carvana's co-founders, were included in Fortune's 40 Under 40 list in 2017.[10]

According to the Bloomberg Billionaires Index, Garcia's wealth dropped 98% in 2022, as Carvana's stock price continued to fall amid bankruptcy concerns.[11]

Personal life

Garcia lives in Phoenix, Arizona.[12][13]

References
  1. Vardi, Nathan. "How An Ex-Con Became A Billionaire From Used Cars". Forbes. Retrieved 9 January 2018.
  2. "Ernest Garcia, II". Forbes. Retrieved 15 August 2019.
  3. "Executive Profile: Ernest C. Garcia III". Bloomberg LP. Retrieved 9 January 2018.
  4. Ringle, Haley (Nov 15, 2016). "2016 Business Person of the Year nominee: Ernie Garcia". Phoenix Business Journal. Retrieved 15 August 2019.
  5. "Carvana Co (CVNA.N)". Reuters. Retrieved 15 August 2019.
  6. Diogenes, Goddess (7 June 2017). "Carvana: Disguised As 'Disruption' In The Used Car Sales Business Backed By Unethical Management". Retrieved 10 January 2018.
  7. "Amber Baldet". 17 August 2017. Archived from the original on 10 January 2018. Retrieved 10 January 2018.
  8. "Management and Directors". investors.carvana.com. Retrieved 10 January 2018.
  9. "EY Announces Carvana CEO Ernie Garcia as EY Entrepreneur Of The Year® 2016 Consumer Technology Award Winner in the Mountain Desert Region". PR Newswire. EY. Retrieved 5 August 2019.
  10. "Fortune Magazine: 40 under 40". No. August. Fortune. 17 August 2017. Retrieved 5 August 2019.
  11. Albright, Amanda (7 December 2022). "Carvana Founder's Fortune Plunges 98% as Firm Burns Through Cash". Bloomberg News.
  12. "Forbes profile: Ernest Garcia, III". Forbes. Retrieved 5 October 2019.
  13. "Business person of the year nominations". www.bizjournals.com. 2016. Retrieved 2020-02-11.
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