Early Life
Ernest Garcia III was born in 1982 or 1983. He is the son of Ernest Garcia II, a businessman. He earned a bachelor's degree in Management Science and Engineering from Stanford University in 2005. He currently resides in Phoenix, Arizona.
Rise to Success
Garcia began his career at RBS Greenwich Capital in the Principal Transactions Group. In 2007, he joined DriveTime, and in 2012, he co-founded Carvana with Ryan Keeton and Ben Huston. Carvana, an online used car retailer, was a spin-off from DriveTime. Garcia has served as the CEO since its inception and became chairman after the IPO in 2017.
Key Business Strategies
Carvana revolutionized the used car market by offering an online platform, allowing customers to bypass traditional dealerships. The company's unique car vending machines also contributed to its innovative approach. Key strategies include heavy use of technology and centralized operations. Carvana focused on creating better customer experiences and economics, facilitating growth through direct sales, financing services, and home delivery.
Philanthropy
In 2018, Garcia gifted $35 million worth of his personal stock to Carvana employees in celebration of the company selling its 100,000th car.
