Ernest Garcia II is an American businessman, the owner of DriveTime Automotive, and a major shareholder of Carvana, an online used car retailer.
Garcia’s career began after he left the University of Arizona to become a stock broker, and later a real estate developer, in Phoenix and Tucson. Things took a turn in 1990, when he pled guilty to felony charges of bank fraud related to his dealings with the failing Lincoln Savings & Loan, operated by Charles Keating.
Garcia spent three years on probation, and his firm filed for bankruptcy. He began to turn things around with the purchase of rental car chain, Ugly Duckling. After merging it with his startup finance company, he built a company that sells and finances used cars for buyers with questionable or poor credit histories. The company went public in 1996, but after share prices struggled, Garcia and Gregory Sullivan, the company’s former CEO, took it private and renamed it DriveTime in 2002. It has since become profitable.
His son, Ernest Garcia III, joined DriveTime after graduating from Stanford University, and in 2012 he began building his company, Carvana, as a subsidiary. Carvana later spun off from DriveTime, and the Phoenix-based technology platform has become known as the “Amazon of cars.”
Not wanting to stain his son’s company with his controversial past, Garcia has not held a director or officer position in the business, but he has provided at least $100 million of funding. As a majority shareholder, he also holds significant voting power. Taking his son’s ownership and voting shares into account, the father-son duo retains full control of the company.
What is Ernest C. Garcia II's net worth?
The estimated net worth of Ernest C. Garcia II is at least $22.20 million as of August 23rd, 2024. Mr. Garcia II owns 90,814 shares of Carvana stock worth more than $22,204,023 as of November 20th. This net worth approximation does not reflect any other assets that Mr. Garcia II may own. Additionally, Mr. Garcia II receives a salary of $912,950.00 as Major Shareholder at Carvana. Learn More about Ernest C. Garcia II's net worth.
How old is Ernest C. Garcia II?
Mr. Garcia II is currently 41 years old. There are 5 older executives and no younger executives at Carvana. The oldest executive at Carvana is Mr. Thomas Taira, President of Special Projects, who is 53 years old. Learn More on Ernest C. Garcia II's age.
What is Ernest C. Garcia II's salary?
As the Major Shareholder of Carvana Co., Mr. Garcia II earns $912,950.00 per year. There are 3 executives that earn more than Mr. Garcia II. The highest earning executive at Carvana is Mr. Thomas Taira, President of Special Projects, who commands a salary of $1,020,000.00 per year. Learn More on Ernest C. Garcia II's salary.
How do I contact Ernest C. Garcia II?
Has Ernest C. Garcia II been buying or selling shares of Carvana?
During the past quarter, Ernest C. Garcia II has sold $191,214,144.24 in Carvana stock. Most recently, Ernest C. Garcia II sold 15,814 shares of the business's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $201.16, for a transaction totalling $3,181,144.24. Following the completion of the sale, the insider now directly owns 37,442,317 shares of the company's stock, valued at $7,531,896,487.72. Learn More on Ernest C. Garcia II's trading history.
Who are Carvana's active insiders?
Carvana's insider roster includes Paul Breaux (Insider), Ernest Garcia II (Major Shareholder), Ernest Garcia, III (CEO), Daniel Gill (Insider), Benjamin Huston (COO), Mark Jenkins (CFO), Ryan Keeton (CBO), Michael Maroone (Director), Stephen Palmer (VP), Neha Parikh (Director), Ira Platt (Director), J Quayle (Director), Gregory Sullivan (Director), and Thomas Taira (Insider). Learn More on Carvana's active insiders.
Are insiders buying or selling shares of Carvana?
In the last twelve months, Carvana insiders bought shares 2 times. They purchased a total of 2,600 shares worth more than $199,784.00. In the last twelve months, insiders at the sold shares 108 times. They sold a total of 6,111,273 shares worth more than $880,618,654.65. The most recent insider tranaction occured on November, 6th when CFO Mark W Jenkins sold 20,000 shares worth more than $4,835,600.00. Insiders at Carvana own 17.2% of the company.
Learn More about insider trades at Carvana. Information on this page was last updated on 11/6/2024.
