Ernest Garcia II
OWNER, CHAIRMAN
DRIVETIME AUTOMOTIVE GROUP
MAJOR SHAREHOLDER, CARVANA
CARS, CARS, CARS: Major shareholder in Carvana Co. (NYSE: CVNA), an online site for selling used cars and arranging car loans; company’s value slumped as buyers returned to showrooms after the pandemic but have tripled in past year with a valuation topping $25B.
DRIVETIME: Also owns majority of Tempe, Arizona-based DriveTime, reported to be among the largest used car retailers in the country, with nearly 150 locations. Garcia II is reportedly the richest person in Arizona.
STOCK SWINGS: Privately held DriveTime spun off Carvana in 2017. Garcia II is the largest private shareholder of Carvana with 7.7% of the shares; his family has voting control of the firm. The Business Journal’s estimate factors in DriveTime and other assets, alongside Carvana’s value, to peg Garcia II’s wealth having almost tripled to $12.1B.
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 fellow wealthy lister Patrick Soon-Shiong over a decade ago. Informed sources previously told the Business Journal that Garcia owns a home in Crystal Cove, though it is not his main residence.
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. Garcia II is the son of a former mayor of Gallop, New Mexico and a liquor store owner.
PHILANTHROPY: Phoenix-based Garcia Family Foundation gives to a variety of educational and other nonprofit groups with a focus on Arizona.