Logo
SubscribeSign In
LeaderPortfolio
Billionaire Profile
E
Global Rank
#116

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

Ernest Garcia II

CEO, Used cars
UNITED STATES
Real-Time Net Worth
$20.912B
Estimated based on Used cars stock value as of March 6, 2026
-1.96% (24h)
Age
68
Source
Used cars
Industry
Automotive
Citizenship
UNITED STATES

Biography

Ernest Garcia II is an American billionaire businessman, primarily known for his significant contributions to the used car industry. Born May 1, 1957, he is the owner of DriveTime Automotive Group and a major shareholder of Carvana. His estimated net worth is $24.4 billion as of February 2, 2026. Garcia's career began in real estate, but his success stems from his strategic ventures in automotive retail. He transformed the bankrupt Ugly Duckling rent-a-car franchise into DriveTime, one of the largest used-car retailers in the United States. His investment in Carvana, founded by his son, further solidified his position as a leading figure in the automotive sector.

Fact Checked
Verified by Editorial Team
Live Data
Updated 3/6/2026

Wealth Over Time

In-Depth Profile

Early Life

Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. His father co-owned a liquor store and was a former mayor of Gallup. Garcia II attended the University of Arizona but did not complete his degree.

Rise to Success

Garcia II's career took a significant turn when he acquired the bankrupt Ugly Duckling rent-a-car franchise in 1991 for under $1 million. He merged it with his finance company, transforming it into DriveTime, a business focused on used-car sales and financing, particularly for customers with poor credit histories. DriveTime grew to become a major player in the used car market.

In 2012, Garcia II supported his son, Ernest Garcia III, in launching Carvana, an online used-car retail platform. Carvana revolutionized the car-buying process, which further boosted Garcia II's net worth.

Key Business Strategies

Garcia II's key strategies include:

  • **Acquiring and transforming distressed businesses:** Successfully turning around Ugly Duckling into a profitable venture.
  • **Focusing on underserved markets:** Targeting customers with limited credit history.
  • **Investing in innovative business models:** Supporting the launch of Carvana, an online used-car platform.

Philanthropy

The Garcia Family Foundation, based in Phoenix, gives to a variety of educational and other nonprofit groups with a focus on Arizona.

Career Milestones

1990

Bank Fraud Conviction

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

1991

Acquisition of 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 renamed it DriveTime.

2012

Investment in Carvana

Supported his son in launching Carvana, an online used-car retail platform.

Philanthropy & Social Impact

Education and Non-profit

Garcia Family Foundation

Unknown

Supports educational and other nonprofit groups with a focus on Arizona.

Controversies & Challenges

1990

Bank Fraud

Pled guilty to a felony bank fraud charge for his role in the Lincoln Savings and Loan Association collapse.

1999

Lawsuits over Real Estate Deal

Involved in six lawsuits alleging abuse of position in a real estate deal.

Compare Ernest Garcia II

Net Worth Face-off
Ernest Garcia II vs Elon Musk
Compare Wealth →
Net Worth Face-off
Ernest Garcia II vs Jeff Bezos
Compare Wealth →
Net Worth Face-off
Ernest Garcia II vs Mark Zuckerberg
Compare Wealth →