OC’s Wealthiest 2023: Ernest Garcia II

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ERNEST GARCIA II
OWNER, CHAIRMAN
DRIVETIME AUTOMOTIVE GROUP

THE PARENT CO.: Owns majority of Tempe, Ariz.-based DriveTime, reported to be among the largest used car retailers in the country, with nearly 150 locations.

STOCK SWINGS: Privately held DriveTime spun off Carvana Co. (NYSE: CVNA), an online site for selling used cars and arranging car loans that went public in 2017. At its peak, it sported a nearly $60 billion valuation, putting Garcia’s wealth at nearly $20 billion. Shares have since fallen steeply; with a rally over the past year, it’s now valued around $6 billion. Garcia II counts a roughly 30% economic stake in the company, according to reports. The Business Journal’s estimate factors in DriveTime and other assets, alongside Carvana’s value.

THE HOME: Has owned several homes in the area over the years; housing blogs indicate Garcia was the seller of one pricey home near Arch Point in Laguna Beach to Patrick Soon-Shiong over a decade ago. Informed sources tell the Business Journal that Garcia now owns a home in Crystal Cove, though it is not his main residence. Also reported to have a beachfront mansion in Manhattan Beach.

THE FAMILY: Carvana was founded by Garcia’s son, Ernest Garcia III. The younger Garcia is not reported to have a home here. Both Garcias in 2022 bought large amounts of Carvana stock at a deflated price, reports indicate.

PHILANTHROPY: Phoenix-based Garcia Family Foundation gives to a variety of educational and other nonprofit groups with a focus on Arizona.

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