Ernest Garcia III
Ernest C. Garcia III | |
|---|---|
| Born | 1982 or 1983 |
| Nationality | American |
| Occupation | Entrepreneur |
| Known for | Co-founder and CEO of Carvana |
Ernest C. Garcia III (born 1982 or 1983) is an American entrepreneur, recognized as the co-founder and chief executive officer of the online used vehicle marketplace Carvana.
Early life, education and family
Garcia is the son of businessman Ernest Garcia II. He completed his undergraduate studies in Management Science and Engineering at Stanford University, graduating in 2005. He currently lives in Phoenix, Arizona.
Career
Garcia started his professional journey as an associate within the Principal Transactions Group at RBS Greenwich Capital. In 2007, he joined DriveTime, and in 2012, he co-established its subsidiary Carvana alongside Ryan Keeton and Ben Huston, taking on the roles of president and CEO from the company's founding. Carvana later separated from DriveTime and went public with an IPO in 2017, at which point Garcia assumed the position of chairman.
In 2016, Garcia received the Ernst & Young Entrepreneur Of The Year award for the Mountain Desert region in the consumer technology sector. The following year, he and Carvana's other co-founders were featured on Fortune's prestigious 40 Under 40 list.
Per the Bloomberg Billionaires Index, Garcia experienced a 98% decline in net worth during 2022, attributed to Carvana's falling stock value and concerns over bankruptcy.