E
Owner, Chairman
DriveTime Automotive Group
THE IPO: Privately held DriveTime spun off Carvana (NYSE: CVNA), an online site for selling used cars and arranging car loans that went public in 2017 an now sports a $58 billion valuation. Shares have more than doubled in the past year amid a surge in used-car prices. Garcia II is Carvana’s largest shareholder, with Class B shares that equate to about 44% of Carvana’s total outstanding shares if converted, the company’s latest proxy statement indicates. Our estimate of $18.5 billion is lower than the full valuation of those shares, and takes into account the stock’s potential volatility, though factoring in DriveTime and other assets Garcia’s wealth could be much higher. Forbes and Bloomberg estimates his wealth at around $20 billion. Said to be the wealthiest person in Arizona.
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. 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 also a multibillionaire, but is not reported to have a home here.
PHILANTHROPY: Phoenix-based Garcia Family Foundation gives to a variety of educational and other nonprofit groups, with a focus on Arizona.
• NET WORTH: $18.5 billion
• SOURCE OF WEALTH: auto sales, lending
