Ernest Garcia II
Ernest Garcia II
1956/1957 (age 61–62)
|Residence||Tempe, Arizona, England|
|Education||University of Arizona|
|Known for||Owner, DriveTime|
|Net worth||$4.2 billion (November 2018)|
|Children||Ernest Garcia III|
Ernest Garcia II is the son of Ernest Garcia, who owned a liquor store, and was once the mayor of Gallup, New Mexico. He dropped out, but eventually earned a bachelor's degree from the University of Arizona.
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. 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." Garcia spent three years on probation, and he and his firm filed for bankruptcy.
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.
As of December 2017, Garcia's net worth is estimated at $2.5 billion.
- Vardi, Nathan. "How An Ex-Con Became A Billionaire From Used Cars". Forbes. Retrieved 9 January 2018.
- "Forbes profile: Ernest Garcia II". Forbes. Retrieved 4 November 2018.
- 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.
- Vardi, Nathan. "Feathered Nest". Forbes. Retrieved 9 January 2018.
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