Ernest Garcia II
| Ernest Garcia II | |
|---|---|
| Born |
Ernest Garcia 1956/1957 (age 60–61)[1] |
| Nationality | American |
| Alma mater | University of Arizona |
| Occupation | Businessman |
| Known for |
Owner, DriveTime Chairman, Carvana |
| Net worth | $2.5 billion (December 2017) |
| Parent(s) | Ernest Garcia |
Ernest Garcia II (born 1956/1957) is an American billionaire used car businessman, the owner of DriveTime, and the chairman of Carvana.
Early life
Ernest Garcia II is the son of Ernest Garcia, who owned a liquor store, and was once the mayor of Gallup, New Mexico.[1] He dropped out, but eventually earned a bachelor's degree from the University of Arizona.[1]
Career
In October 1990, Garcia, then a Tucson-based real estate developer pleaded guilty to bank fraud, following the failure of Charles Keating's Lincoln Savings and Loan Association.[2] Garcia "fraudulently obtained a $30-million line of credit in a series of transactions that also helped Lincoln hide its ownership in risky desert Arizona land from regulators."[2] Garcia spent three years on probation, and he and his firm filed for bankruptcy.[3]
In 1991, he bought Ugly Duckling, a bankrupt rent-a-car franchise, for under $1 million and merged it with his own fledgling finance company, and turned it into a company selling and financing used cars for sub-prime buyers with poor credit history.[3]
As of December 2017, Garcia's net worth is estimated at $2.5 billion.[1]
Personal life
His son, Ernest Garcia III, is CEO of Carvana.[1]
Garcia owns an apartment in New York's Trump Tower.[1]
References
- 1 2 3 4 5 6 Vardi, Nathan. "How An Ex-Con Became A Billionaire From Used Cars". Forbes. Retrieved 9 January 2018.
- 1 2 GRANELLI, JAMES S. (31 October 1990). "Lincoln S&L Figure Pleads Guilty to Fraud : Crime: Ernest C. Garcia II admits acting to help the thrift hide its ownership of some risky desert land in Arizona". Los Angeles Times. Retrieved 9 January 2018 – via LA Times.
- 1 2 Vardi, Nathan. "Feathered Nest". Forbes. Retrieved 9 January 2018.