Ernest Garcia II

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Ernest Garcia II
Born
Ernest Garcia

1956/1957 (age 61–62)[1]
ResidenceTempe, Arizona, England
NationalityAmerican
EducationUniversity of Arizona
OccupationBusinessman
Known forOwner, DriveTime
Chairman, Carvana
Net worth$4.2 billion (November 2018)[2]
Spouse(s)Married
ChildrenErnest Garcia III
Parent(s)Ernest Garcia

Ernest Garcia II (born 1956/1957) is an American billionaire used car businessman, the owner of DriveTime, and major shareholder of Carvana.

Early life[edit]

Ernest Garcia II is the son of Ernest Garcia, who owned a liquor store, and was once the mayor of Gallup, New Mexico.[1] He dropped out, but eventually earned a bachelor's degree from the University of Arizona.[1]

Career[edit]

In October 1990, Garcia, then a Tucson-based real estate developer pleaded guilty to bank fraud, following the failure of Charles Keating's Lincoln Savings and Loan Association.[3] Garcia "fraudulently obtained a $30-million line of credit in a series of transactions that also helped Lincoln hide its ownership in risky desert Arizona land from regulators."[3] Garcia spent three years on probation, and he and his firm filed for bankruptcy.[4]

In 1991, he bought Ugly Duckling, a bankrupt rent-a-car franchise, for under $1 million and merged it with his own fledgling finance company, and turned it into a company selling and financing used cars for sub-prime buyers with poor credit history.[4]

As of December 2017, Garcia's net worth is estimated at $2.5 billion.[1]

Personal life[edit]

He is married, and lives in Tempe, Arizona.[2] His son, Ernest Garcia III, is CEO of Carvana.[1]

Garcia owns an apartment in New York's Trump Tower.[1]

References[edit]

  1. ^ a b c d e f Vardi, Nathan. "How An Ex-Con Became A Billionaire From Used Cars". Forbes. Retrieved 9 January 2018.
  2. ^ a b "Forbes profile: Ernest Garcia II". Forbes. Retrieved 4 November 2018.
  3. ^ a b GRANELLI, JAMES S. (31 October 1990). "Lincoln S&L Figure Pleads Guilty to Fraud : Crime: Ernest C. Garcia II admits acting to help the thrift hide its ownership of some risky desert land in Arizona". Los Angeles Times. Retrieved 9 January 2018 – via LA Times.
  4. ^ a b Vardi, Nathan. "Feathered Nest". Forbes. Retrieved 9 January 2018.