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III
Ernest Garcia III
Rank #327
UNITED STATES•Automotive•Used cars

Ernest Garcia III

Net Worth
$10.295B
-3.31% (24h)
Ernest Garcia III, at 43 years old, is the CEO and co-founder of Carvana, revolutionizing the used car market. His wealth stems from this innovative e-commerce platform. Garcia's career began in the finance sector before transitioning to the automotive industry. He has achieved notable milestones, including taking Carvana public. His net worth is approximately 9.9 billion USD, ranking him among the top billionaires globally. He lives in Phoenix, Arizona.

How to read Ernest Garcia III'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 III, 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 $10.295B alongside global rank #327, 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 III was born in 1982 or 1983 in the United States and spent his childhood in the Phoenix metropolitan area of Arizona. He is the son of Ernest Garcia II, a businessman in the used car industry who founded DriveTime Automotive Group. He earned a Bachelor of Science degree in Management Science and Engineering from Stanford University in 2005.

Rise to Success

Garcia III began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital. In 2007, he joined DriveTime, his father's company. In 2012, he co-founded Carvana with Ryan Keeton and Ben Huston, serving as president and CEO since its inception. Carvana was spun off from DriveTime and went public in 2017. In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region. He was also included in Fortune's 40 Under 40 list in 2017.

Key Business Strategies

Garcia III has focused on the online used car market by offering an e-commerce platform for buying and selling used cars. Carvana's innovative approach, including car vending machines, has set the company apart. Carvana went public in 2017, and in 2024, the company saw record revenue of $13.67 billion. Carvana has continued its recovery, reporting significant net income in recent quarters, and its stock price has risen substantially.

Philanthropy

Ernest Garcia III supports initiatives through the Garcia Family Foundation, established by his father in 2015. The foundation funds Arizona-based programs in education, arts, culture, and human services. In September 2025, the foundation committed $20 million to the University of Arizona.

Career Timeline

2017

Carvana IPO

Carvana went public, and Garcia became chairman.

2016

Ernst & Young Entrepreneur Of The Year

Named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region for the consumer technology category.

2012

Co-founded Carvana

Co-founded Carvana with Ryan Keeton and Ben Huston, serving as President and CEO.

2005

Graduated from Stanford University

Earned a Bachelor of Science degree in Management Science and Engineering.

Philanthropic Impact

Education$20M

Garcia Family Foundation

Committed $20 million to the University of Arizona for expanding study abroad access for financially needy students.

Key Business Ventures & Holdings

CompanyStakeValue
Carvana14.00%$9.2M

Net Worth History

In-Depth Analysis

Early Life

Ernest Garcia III was born in 1982 or 1983 in the United States and spent his childhood in the Phoenix metropolitan area of Arizona. He is the son of Ernest Garcia II, a businessman in the used car industry who founded DriveTime Automotive Group. He earned a Bachelor of Science degree in Management Science and Engineering from Stanford University in 2005.

Rise to Success

Garcia III began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital. In 2007, he joined DriveTime, his father's company. In 2012, he co-founded Carvana with Ryan Keeton and Ben Huston, serving as president and CEO since its inception. Carvana was spun off from DriveTime and went public in 2017. In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region. He was also included in Fortune's 40 Under 40 list in 2017.

Key Business Strategies

Garcia III has focused on the online used car market by offering an e-commerce platform for buying and selling used cars. Carvana's innovative approach, including car vending machines, has set the company apart. Carvana went public in 2017, and in 2024, the company saw record revenue of $13.67 billion. Carvana has continued its recovery, reporting significant net income in recent quarters, and its stock price has risen substantially.

Philanthropy

Ernest Garcia III supports initiatives through the Garcia Family Foundation, established by his father in 2015. The foundation funds Arizona-based programs in education, arts, culture, and human services. In September 2025, the foundation committed $20 million to the University of Arizona.

Data Sources & Methodology

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

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