What is Ernest Garcia, II's Net Worth?
Ernest Garcia, II is an American businessman who has a net worth of $7 billion. Ernest Garcia, II is best known for being the owner of the company DriveTime and the chairman of Carvana. His father was the mayor of Gallup, New Mexico and Ernest II graduated from the University of Arizona. He worked as a real estate developer and pleaded guilty to bank fraud. He purchased the bankrupt rent-a-car franchise Ugly Duckling in 1991 for less than $1 million.
In 2002 the company was renamed to DriveTime which went on to have more than 140 locations in the U.S. with about 3,800 employees. The spinoff company Carvana was founded in 2012 as an online used car retailer. Ernest Garcia, II serves as the Chairman and his son Ernest Garcia, III is the CEO. Other spinoff companies of DriveTime include GO Financial, Bridgecrest Acceptance Corporation, and SilverRock Group Inc.
