LeaderPortfolio
II
E
Rank #121
UNITED STATESAutomotiveUsed cars

Ernest Garcia II

Net Worth
$21.553B
-2.34% (24h)
Ernest Garcia II is an American billionaire businessman and investor, primarily known for his significant contributions to the automotive industry. He is the founder of DriveTime Automotive Group and a major shareholder in Carvana, revolutionizing used car sales. His source of wealth stems from his investments in the used car sector and real estate. Garcia's career began in real estate, transitioning to automotive financing, where he built a fortune. As of 2024, his net worth is estimated to be $21.0 billion.

How to read Ernest Garcia II's profile

Public net-worth figures are estimates. They combine observable inputs—typically listed equity, disclosed transactions, and market prices—with editorial judgment where filings are incomplete (for example, private holdings, debt, or cross-holdings). For Ernest Garcia II, we anchor the narrative to Used cars and Used cars, then update the headline number as markets move. The chart on this page is meant to show trajectory, not a certified balance sheet.

When you see $21.553B alongside global rank #121, interpret it as our best synthesis of widely cited ownership and price signals—not a claim about cash on hand. Estimates can diverge from other publishers because of different treatment of options, trusts, charitable vehicles, or illiquid assets. We document the general approach in methodology and welcome corrections via corrections.

Country (UNITED STATES) and career milestones on this page are curated for reader context; they should be verified against primary sources when used for research. Editorial metadata for this profile is refreshed on a rolling basis, with deeper audits at least annually (last noted cycle: 2026).

Looking for depth? When available, the dossier and timeline sections below add long-form context beyond the headline number—prioritize those modules when evaluating claims about strategy, controversies, or philanthropic commitments.

The Full Dossier

Early Life

Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. He is the son of Ernest Garcia, a co-owner of a liquor store and former mayor of Gallup. He attended the University of Arizona.

Rise to Success

Garcia's career began with real estate investments before transitioning to the automotive industry. His breakthrough came in the 1990s with the purchase of DriveTime Automotive, a used-car sales and financing company. Under Garcia's leadership, DriveTime became one of the largest used-car dealerships in the U.S.

Key Business Strategies

Garcia's investment philosophy focuses on long-term growth and innovation, particularly in industries undergoing digital transformation. He invested in Carvana, an online used car retailer founded by his son, Ernest Garcia III. Carvana's IPO in 2017 significantly boosted Garcia's net worth. Beyond automotive retail, Garcia has made strategic real estate investments and has interests in finance and private equity.

Philanthropy

Information on Garcia's specific philanthropic activities is limited, though his family is involved in various philanthropic ventures.

Career Timeline

2017

Carvana IPO

Carvana went public, boosting Garcia's net worth significantly.

2012

Carvana Founding

Supported his son, Ernie Garcia III, in launching Carvana.

2002

DriveTime Rebranding

Took the company private and rebranded it as DriveTime.

1996

Ugly Duckling IPO

Took Ugly Duckling public on the NASDAQ exchange.

1991

Acquired Ugly Duckling

Purchased Ugly Duckling, a bankrupt rent-a-car franchise, and transformed it into a used car sales and financing business.

1990

Bank Fraud Conviction

Plead guilty to bank fraud charge related to the collapse of Lincoln Savings and Loan Association.

Philanthropic Impact

GeneralUndisclosed

Undisclosed

Information on Garcia's philanthropic activities is limited.

Key Business Ventures & Holdings

CompanyStakeValue
Carvana7.70%$8.4M

Net Worth History

In-Depth Analysis

Early Life

Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. He is the son of Ernest Garcia, a co-owner of a liquor store and former mayor of Gallup. He attended the University of Arizona.

Rise to Success

Garcia's career began with real estate investments before transitioning to the automotive industry. His breakthrough came in the 1990s with the purchase of DriveTime Automotive, a used-car sales and financing company. Under Garcia's leadership, DriveTime became one of the largest used-car dealerships in the U.S.

Key Business Strategies

Garcia's investment philosophy focuses on long-term growth and innovation, particularly in industries undergoing digital transformation. He invested in Carvana, an online used car retailer founded by his son, Ernest Garcia III. Carvana's IPO in 2017 significantly boosted Garcia's net worth. Beyond automotive retail, Garcia has made strategic real estate investments and has interests in finance and private equity.

Philanthropy

Information on Garcia's specific philanthropic activities is limited, though his family is involved in various philanthropic ventures.

Data Sources & Methodology

Figures for Ernest Garcia II are synthesized from the sources below and cross-checked against our net worth methodology. Estimates may lag market moves; see corrections to report discrepancies.