Ernest Garcia III

Last updated
Ernest Garcia III
Ernest Garcia III by Gage Skidmore.jpg
Garcia III in 2020
Born
Ernest C. Garcia

1982or1983(age 41–42) [1]
NationalityAmerican
Alma mater Stanford University
OccupationBusinessman
Known forChairman and CEO, Carvana
Parent Ernest Garcia II

Ernest C. Garcia III (born 1982/1983) is an American businessman. He is the co-founder and chief executive officer of online used car retailer Carvana.

Contents

Early life, education and family

Ernest Garcia III is the son of businessman Ernest Garcia II. [2] He earned a bachelor's degree in Management Science and Engineering from Stanford University in 2005. [1] [3] [4] Garcia lives in Phoenix, Arizona. [5] [6]

Career

Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital. [7] 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] [8] [9] Carvana was eventually spun out from DriveTime and given an IPO in 2017. [1] At that time, Garcia became chairman of Carvana. [10]

In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region for the consumer technology category [11] Garcia, along with Carvana's co-founders, were included in Fortune's 40 Under 40 list in 2017. [12]

According to the Bloomberg Billionaires Index , Garcia's wealth dropped 98% in 2022, as Carvana's stock price continued to fall amid bankruptcy concerns. [13]

References

  1. 1 2 3 4 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. 1 2 "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. ↑ "Forbes profile: Ernest Garcia, III". Forbes. Retrieved 5 October 2019.
  6. ↑ "Business person of the year nominations". www.bizjournals.com. 2016. Retrieved 2020-02-11.
  7. ↑ "Carvana Co (CVNA.N)". Reuters. Retrieved 15 August 2019.
  8. ↑ Diogenes, Goddess (7 June 2017). "Carvana: Disguised As 'Disruption' In The Used Car Sales Business Backed By Unethical Management" . Retrieved 10 January 2018.
  9. ↑ "Amber Baldet". 17 August 2017. Archived from the original on 10 January 2018. Retrieved 10 January 2018.
  10. ↑ "Management and Directors". investors.carvana.com. Retrieved 10 January 2018.
  11. ↑ "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.
  12. ↑ "Fortune Magazine: 40 under 40". No. August. Fortune. 17 August 2017. Retrieved 5 August 2019.
  13. ↑ Albright, Amanda (7 December 2022). "Carvana Founder's Fortune Plunges 98% as Firm Burns Through Cash" . Bloomberg News .
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