Ernest Garcia III explained

Ernest Garcia III
Birth Name:Ernest C. Garcia
Nationality:American
Alma Mater:Stanford University
Occupation:Businessman
Known For:Chairman and CEO, Carvana
Parents:Ernest Garcia II

Ernest C. Garcia III (born 1982/1983) is an American businessman. He is the co-founder and chief executive officer of online used car retailer Carvana.

Early life, education and family

Ernest Garcia III is the son of businessman Ernest Garcia II.[1] He earned a bachelor's degree in Management Science and Engineering from Stanford University in 2005.[2] [3] Garcia lives in Phoenix, Arizona.[4] [5]

Career

Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital.[6] He joined DriveTime in 2007, before co-founding (with Ryan Keeton and Ben Huston) its subsidiary Carvana in 2012, with Garcia as president and CEO since its inception.[7] [2] [8] [9] Carvana was eventually spun out from DriveTime and given an IPO in 2017.[7] At that time, Garcia became chairman of Carvana.[10]

In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region for the consumer technology category [11] Garcia, along with Carvana's co-founders, were included in Fortune's 40 Under 40 list in 2017.[12]

According to the Bloomberg Billionaires Index, Garcia's wealth dropped 98% in 2022, as Carvana's stock price continued to fall amid bankruptcy concerns.[13]

Notes and References

  1. Web site: Ernest Garcia, II. . Forbes . 15 August 2019.
  2. Web site: Executive Profile: Ernest C. Garcia III. Bloomberg LP. 9 January 2018.
  3. News: Ringle . Haley . 2016 Business Person of the Year nominee: Ernie Garcia . 15 August 2019 . Phoenix Business Journal . Nov 15, 2016.
  4. Web site: Forbes profile: Ernest Garcia, III. . Forbes . 5 October 2019.
  5. Web site: Business person of the year nominations . www.bizjournals.com . 2016 . 2020-02-11.
  6. Web site: Carvana Co (CVNA.N) . Reuters . 15 August 2019.
  7. Web site: How An Ex-Con Became A Billionaire From Used Cars. Nathan. Vardi. Forbes. 9 January 2018.
  8. Web site: Carvana: Disguised As 'Disruption' In The Used Car Sales Business Backed By Unethical Management. Goddess. Diogenes. 7 June 2017. 10 January 2018.
  9. Web site: Amber Baldet. 17 August 2017. 10 January 2018. https://web.archive.org/web/20180110234205/http://fortune.com/40-under-40/amber-baldet-31/. 10 January 2018. dead.
  10. Web site: Management and Directors. investors.carvana.com. 10 January 2018.
  11. Web site: EY Announces Carvana CEO Ernie Garcia as EY Entrepreneur Of The Year® 2016 Consumer Technology Award Winner in the Mountain Desert Region . PR Newswire . EY . 5 August 2019.
  12. News: Fortune Magazine: 40 under 40 . 5 August 2019 . August . Fortune . 17 August 2017.
  13. Web site: Albright . Amanda . 7 December 2022 . Carvana Founder's Fortune Plunges 98% as Firm Burns Through Cash . . limited.

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