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 $355,111.73 as of May 5th, 2021. Mr. Garcia II owns 1,433 shares of Carvana stock worth more than $355,112 as of May 8th. This net worth approximation does not reflect any other assets that Mr. Garcia II may own.
How old is Ernest C Garcia II?
Mr. Garcia II is currently 38 years old. There are 5 older executives and no younger executives at Carvana. The oldest executive at Carvana is Mr. Thomas Taira, Pres of Special Projects, who is 50 years old.
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?
During the last ninety days, Ernest C. Garcia II has sold $124,003,935.00 of Carvana stock. Most recently, Ernest C. Garcia II sold 23,992 shares of the business's stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $284.39, for a transaction totalling $6,823,084.88. Following the completion of the sale, the insider now directly owns 1,433 shares of the company's stock, valued at $407,530.87.
Are insiders buying or selling shares of Carvana?
In the last twelve months, insiders at the sold shares 89 times. They sold a total of 4,643,261 shares worth mmore than $1,147,511,124.97. The most recent insider tranaction occured on May, 05th when Ernest C Garcia II Major Shareholder bought 23,992 shares worth more than $6,823,084.88. Insiders at Carvana own 12.3 % of the company.
Information on this page was last updated on 5/5/2021.