How Did Ernest Garcia II Make His Money?

Ernest Garcia II’s Profile Summary

Company	DriveTime Automotive Group, Carvana
Position	Chairman, Major Shareholder
Source of wealth	Automotive Retail, Real Estate Investments
Also known as	Automotive Investor
Age	68
Education	University of Arizona
Citizenship	USA
Residence	Tempe, Arizona
Family	Married, two children
Website, Social Media	https://www.carvana.com https://www.drivetime.com https://www.linkedin.com/company/carvana https://twitter.com/carvana

Ernest Garcia II’s biography

Ernest Garcia II, born in 1957, is an American billionaire businessman and investor, best known as the founder of DriveTime Automotive Group and a major shareholder in Carvana, a leading online used-car retailer. Garcia started his career in real estate but later shifted his focus to the automotive financing sector, where he built his fortune.

Garcia’s early business ventures included real estate investments and working in the savings and loan industry. In the early 1990s, he purchased DriveTime Automotive, a company specializing in used-car sales and financing. Under his leadership, DriveTime grew into one of the largest used-car dealerships in the U.S., with over 130 locations.

In 2012, Garcia’s son, Ernie Garcia III, co-founded Carvana, an online platform for buying and selling used cars. Ernest Garcia II became one of the primary investors in the startup, which revolutionized the car-buying process by introducing car vending machines and a fully online purchasing experience. Carvana’s IPO in 2017 significantly boosted Garcia’s net worth, making him one of the wealthiest individuals in Arizona.

Despite setbacks, including Carvana’s fluctuating stock prices, Garcia remains a key figure in the automotive industry. His innovative approach to automotive retail has earned him recognition as a pioneer in digital car sales. His investments in real estate and finance have further diversified his wealth.

As of 2025, Garcia’s estimated net worth exceeds $5 billion, and he continues to play an active role in shaping the future of automotive retail.

How did Ernest Garcia II make money?
Ernest Garcia II’s wealth primarily stems from automotive retail and real estate investments. His business journey began in the 1980s, when he invested in real estate properties. However, his major breakthrough came in the 1990s, when he purchased DriveTime Automotive, a company specializing in used-car sales and financing.

Under Garcia’s leadership, DriveTime became one of the largest used-car dealerships in the U.S., catering to customers with limited credit histories. The company’s success laid the foundation for his future investments.

In 2012, Garcia supported his son, Ernie Garcia III, in launching Carvana, an online used-car retail platform. Carvana aimed to revolutionize the car-buying experience by offering a fully online process and innovative car vending machines. Garcia’s initial investment in Carvana proved to be highly lucrative, as the company went public in 2017, reaching a valuation of over $20 billion at its peak.

Carvana’s business model allowed customers to buy, finance, and trade-in vehicles online, disrupting the traditional car dealership model. Although Carvana faced challenges, including stock volatility and losses, Garcia’s stake in the company remains a significant source of his wealth.

Beyond automotive retail, Garcia has made strategic real estate investments and has interests in finance and private equity. His investment philosophy focuses on long-term growth and innovation, particularly in industries undergoing digital transformation.

Today, Garcia’s wealth is primarily driven by his stake in Carvana and his ongoing investments in real estate and finance. His pioneering contributions to digital automotive retail have made him a key figure in the U.S. automotive industry.
What is Ernest Garcia II net worth?

As of 2025, Ernest Garcia II’s net worth is estimated to be $22.6 B.

What is Ernest Garcia II also known as?

Ernest Garcia II is known as the founder of DriveTime Automotive Group and a major shareholder in Carvana, a leading online used-car retailer. He is recognized for revolutionizing the automotive retail industry through digital transformation.

Prominent achievements of Ernest Garcia II

Ernest Garcia II founded DriveTime Automotive, growing it into one of the largest used-car retailers in the U.S.. He invested in Carvana, which became a pioneer in online car sales. He is recognized as a key figure in digital automotive retail innovation.

What are Ernest Garcia II’s key insights?

Garcia believes in long-term investments and leveraging technology to disrupt traditional industries. He focuses on customer experience innovation and digital transformation, particularly in automotive retail.

Ernest Garcia II’s personal life

Ernest Garcia II is married and has two children, including Ernie Garcia III, who co-founded Carvana. His family is actively involved in business and philanthropic ventures, particularly through Carvana and DriveTime.