Biography:
Ernest Garcia II is an American businessman who was born on May 1, 1957, in Gallup, New Mexico ² ³ ¹ ⁴. He is the owner of DriveTime and a major shareholder of Carvana ² ³ ¹ ⁴. Garcia II has faced legal challenges, including a felony bank fraud charge in 1990, but has continued to thrive in business ² ³ ¹ ⁴.
Early Life:
Garcia II was born to a family of entrepreneurs. His father, Ernest Garcia, co-owned a liquor store and was the mayor of Gallup, New Mexico ¹ ⁴. Garcia II dropped out of high school but later earned a bachelor’s degree from the University of Arizona ¹.
Career:
Garcia II’s career in the automotive industry began in 1991 when he purchased Ugly Duckling, a bankrupt rent-a-car franchise, for less than $1 million ² ³ ¹ ⁴. He merged it with his finance company and transformed it into a used car sales and financing business for sub-prime buyers ² ³ ¹ ⁴. In 1996, he took the company public on the NASDAQ exchange under the ticker “UGLY” ¹ ⁴. In 2002, he took the company private and renamed it DriveTime ² ³ ¹ ⁴.
Awards & Achievements:
Garcia II’s achievements include building DriveTime into the fourth-largest used car dealer in the United States and taking Carvana public in 2017 ² ³ ¹ ⁴.
Personal Life:
Garcia II is married and resides in Tempe, Arizona ¹. His son, Ernest Garcia III, serves as the CEO of Carvana ² ³ ¹ ⁴. Garcia II also owns an apartment in Trump Tower in New York City ¹.
Trivia:
Garcia II has been involved in various philanthropic efforts, including supporting the Boys and Girls Clubs of America ² ³ ¹ ⁴. He is also known for his love of luxury cars and has been featured in Forbes magazine.
