Ernest Garcia III is the son of Ernest Garcia II, an American businessman. Ernest II is a major shareholder of Carvana, and he is also the owner of DriveTime. Earnest Garcia III is the chief executive officer and chairman of Carvana. He was born in 1982 in the United States of America.
Regarding his educational background, Ernest Garcia III has studied in the best schools; her father’s influence and affluence influenced this. After completing high school, Ernest joined Stanford University, pursuing a bachelor’s degree in Management Science and Engineering.
Upon completing his college education, Ernest Garcia III joined the family business; he first started working at RBS Greenwich Capital, where he was an associate. Garcia later joined his father’s company, DriveTime, where he worked for a while before co-founding Carvana, one of Arizona’s leading car retailers. In 2012, Ernest Garcia III partnered with Ben Huston and Ryan Keeton to start Carvana, an online car retailer and a subsidiary of DriveTime.
For over ten years, Ernest has been the company’s CEO and chairperson; throughout this time, the organization has seen tremendous growth. Four years after the start of Carvana, Ernest Garcia was named the entrepreneur of the year, and along with his two co-founders, Ben Huston and Ryan Keeton, were listed in Fortune’s 40 Under 40.
Ernest Garcia III has always been decorated as a business magnate but rarely exposes his personal life. It is unclear if he is married; however, given his age, he is probably married and has children. Garcia resides in Phoenix, Arizona. Ernest has participated in various charitable causes; he has donated money to multiple foundations, positively impacting the lives of different individuals.
Ernest’s father ventured into the business world in the 1990s; he first started working as a real estate developer in Arizona. In his line of work, he found himself on the wrong side of the law after he was found guilty of fraudulently obtaining 30 million dollars. He did not spend any time in prison but was on probation for three years.
Despite the first few years being rough, he was not dismayed; in 1991 he bought Ugly Duckling, a car franchise that was bankrupt at the time. He merged it with his finance company, turning it into an organization selling used cars. Over time, Ernest’s father’s fortunes changed, and he has been rising ever since.
The company name was later changed to DriveTime, and it has been doing well ever since. Given the success his company had enjoyed, Garcia’s Fortune increased, prompting him to invest in his son’s company, where he is a major shareholder. As of 2023, Garcia III’s father has a net worth of 7.5 billion dollars.
Garcia’s company experienced some bankruptcy issues in 2022, leading to his net worth dropping drastically. However, according to Forbes records, Garcia’s net worth is 1.6 billion dollars as of 2023. Given how much Ernest is worth, he and his family must lead a comfortable life.