OC’s Wealthiest 2024: Ernest Garcia II

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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.

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Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.