Ernest Garcia II is an American businessman, the owner of DriveTime Automotive, and a major shareholder of Carvana, an online used car retailer.
Garcia’s career began after he left the University of Arizona to become a stock broker, and later a real estate developer, in Phoenix and Tucson. Things took a turn in 1990, when he pled guilty to felony charges of bank fraud related to his dealings with the failing Lincoln Savings & Loan, operated by Charles Keating.
Garcia spent three years on probation, and his firm filed for bankruptcy. He began to turn things around with the purchase of rental car chain, Ugly Duckling. After merging it with his startup finance company, he built a company that sells and finances used cars for buyers with questionable or poor credit histories. The company went public in 1996, but after share prices struggled, Garcia and Gregory Sullivan, the company’s former CEO, took it private and renamed it DriveTime in 2002. It has since become profitable.
His son, Ernest Garcia III, joined DriveTime after graduating from Stanford University, and in 2012 he began building his company, Carvana, as a subsidiary. Carvana later spun off from DriveTime, and the Phoenix-based technology platform has become known as the “Amazon of cars.”
Not wanting to stain his son’s company with his controversial past, Garcia has not held a director or officer position in the business, but he has provided at least $100 million of funding. As a majority shareholder, he also holds significant voting power. Taking his son’s ownership and voting shares into account, the father-son duo retains full control of the company.
What is Ernest C. Garcia II's net worth?
The estimated net worth of Ernest C. Garcia II is at least $2.41 million as of August 12th, 2021. Mr. Garcia II owns 7,479 shares of Carvana stock worth more than $2,408,163 as of September 27th. This net worth approximation does not reflect any other assets that Mr. Garcia II may own. Learn More.
How do I contact Ernest C. Garcia II?
The corporate mailing address for Mr. Garcia II and other Carvana executives is 1930 WEST RIO SALADO PARKWAY, TEMPE AZ, 85281. Carvana can also be reached via phone at (480) 719-8809 and via email at [email protected]
Has Ernest C. Garcia II been buying or selling shares of Carvana?
In the last ninety days, Ernest C. Garcia II has sold $281,082,680.00 in Carvana stock. Most recently, Ernest C. Garcia II sold 40,767 shares of the business's stock in a transaction on Monday, August 23rd. The shares were sold at an average price of $357.13, for a transaction totalling $14,559,118.71.
Who are Carvana's active insiders?
Are insiders buying or selling shares of Carvana?
In the last twelve months, Carvana insiders bought shares 1 times. They purchased a total of 10,000 shares worth mmore than $281,500.00. In the last twelve months, insiders at the sold shares 148 times. They sold a total of 5,981,530 shares worth mmore than $1,609,974,708.43. The most recent insider tranaction occured on September, 17th when Gregory B Sullivan Director bought 2,500 shares worth more than $850,525.00. Insiders at Carvana own 10.7 % of the company.
Information on this page was last updated on 9/17/2021.
