Ernest C. Garcia III (born 1982/1983) is an American businessman. He is the co-founder and chief executive officer of online used car retailer Carvana.
Early life, education and family
Ernest Garcia III is the son of businessman Ernest Garcia II.[1] He earned a bachelor's degree in Management Science and Engineering from Stanford University in 2005.[2][3] Garcia lives in Phoenix, Arizona.[4][5]
Career
Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital.[6] He joined DriveTime in 2007, before co-founding (with Ryan Keeton and Ben Huston) its subsidiary Carvana in 2012, with Garcia as president and CEO since its inception.[7][2][8][9] Carvana was eventually spun out from DriveTime and given an IPO in 2017.[7] At that time, Garcia became chairman of Carvana.[10]
In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region for the consumer technology category [11] Garcia, along with Carvana's co-founders, were included in Fortune's 40 Under 40 list in 2017.[12]
According to the Bloomberg Billionaires Index, Garcia's wealth dropped 98% in 2022, as Carvana's stock price continued to fall amid bankruptcy concerns.[13]
References
- Ernest Garcia, II. Forbes, retrieved 15 August 2019^
- Executive Profile: Ernest C. Garcia III Bloomberg LP, retrieved 9 January 2018^
- Haley Ringle. 2016 Business Person of the Year nominee: Ernie Garcia Phoenix Business Journal, Nov 15, 2016, retrieved 15 August 2019^
- Forbes profile: Ernest Garcia, III. Forbes, retrieved 5 October 2019^
- Business person of the year nominations www.bizjournals.com, 2016, retrieved 2020-02-11^
- Carvana Co (CVNA.N) Reuters, retrieved 15 August 2019^
- Nathan Vardi. How An Ex-Con Became A Billionaire From Used Cars Forbes, retrieved 9 January 2018^
- Goddess Diogenes. Carvana: Disguised As 'Disruption' In The Used Car Sales Business Backed By Unethical Management 7 June 2017, retrieved 10 January 2018^
- Amber Baldet 17 August 2017, retrieved 10 January 2018^
- Management and Directors investors.carvana.com, retrieved 10 January 2018^
- EY Announces Carvana CEO Ernie Garcia as EY Entrepreneur Of The Year® 2016 Consumer Technology Award Winner in the Mountain Desert Region PR Newswire, EY, retrieved 5 August 2019^
- Fortune Magazine: 40 under 40 Fortune, 17 August 2017, retrieved 5 August 2019^
- Amanda Albright. Carvana Founder's Fortune Plunges 98% as Firm Burns Through Cash Bloomberg News, 7 December 2022^