Billionaire Profile

Global Rank

#106

Image: Mackinlay, Malcolm Sterling, b. 1876 | Public domain | via Wikimedia Commons

Ernest Garcia II

CEO, Used cars

UNITED STATES

Real-Time Net Worth

$24.427B

Estimated based on Used cars stock value as of April 20, 2026

+2.66% (24h)

Age

Source

Used cars

Industry

Automotive

Citizenship

UNITED STATES

Biography

Ernest Garcia II is an American billionaire businessman and investor, primarily known for his significant contributions to the automotive industry. He is the founder of DriveTime Automotive Group and a major shareholder in Carvana, revolutionizing used car sales. His source of wealth stems from his investments in the used car sector and real estate. Garcia's career began in real estate, transitioning to automotive financing, where he built a fortune. As of 2024, his net worth is estimated to be $21.0 billion.

Fact Checked

Verified by Editorial Team

Live Data

Updated 4/20/2026

Wealth Over Time

Portfolio Holdings

Carvana

In-Depth Profile

Early Life

Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. He is the son of Ernest Garcia, a co-owner of a liquor store and former mayor of Gallup. He attended the University of Arizona.

Rise to Success

Garcia's career began with real estate investments before transitioning to the automotive industry. His breakthrough came in the 1990s with the purchase of DriveTime Automotive, a used-car sales and financing company. Under Garcia's leadership, DriveTime became one of the largest used-car dealerships in the U.S.

Key Business Strategies

Garcia's investment philosophy focuses on long-term growth and innovation, particularly in industries undergoing digital transformation. He invested in Carvana, an online used car retailer founded by his son, Ernest Garcia III. Carvana's IPO in 2017 significantly boosted Garcia's net worth. Beyond automotive retail, Garcia has made strategic real estate investments and has interests in finance and private equity.

Philanthropy

Information on Garcia's specific philanthropic activities is limited, though his family is involved in various philanthropic ventures.

Career Milestones

1990

Bank Fraud Conviction

Plead guilty to bank fraud charge related to the collapse of Lincoln Savings and Loan Association.

1991

Acquired Ugly Duckling

Purchased Ugly Duckling, a bankrupt rent-a-car franchise, and transformed it into a used car sales and financing business.

1996

Ugly Duckling IPO

Took Ugly Duckling public on the NASDAQ exchange.

2002

DriveTime Rebranding

Took the company private and rebranded it as DriveTime.

2012

Carvana Founding

Supported his son, Ernie Garcia III, in launching Carvana.

2017

Carvana IPO

Carvana went public, boosting Garcia's net worth significantly.

Philanthropy & Social Impact

General

Undisclosed

Information on Garcia's philanthropic activities is limited.

Business Philosophy & Leadership

Notable Quotes

"Information on notable quotes is not available."

Leadership Principles

Long-Term Growth and Innovation

Focusing on identifying and backing industries undergoing digital transformation for long-term growth.

Customer Experience

Belief in improving the traditional car-buying process for the customer.

Controversies & Challenges

1990

Bank Fraud Charge

Plead guilty to a bank fraud charge related to the Lincoln Savings and Loan Association collapse.

1999

Lawsuits

Involved in six lawsuits alleging he had abused his position for personal gain in a real estate deal.

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