Early Life
Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. He is the son of Ernest Garcia, who co-owned a liquor store and served as mayor of Gallup. Garcia II attended the University of Arizona but did not complete his degree.
Rise to Success
Garcia II's path to becoming a billionaire began with his acquisition of the bankrupt Ugly Duckling rental car franchise in 1991 for under $1 million. He transformed this into a business focused on selling and financing used cars for sub-prime buyers. He later renamed the company DriveTime. In 2012, his son, Ernest Garcia III, co-founded Carvana, an online used-car retailer, where Ernest Garcia II became a major shareholder. The IPO of Carvana in 2017 significantly increased Garcia II's net worth.
Key Business Strategies
Garcia II's success can be attributed to several key strategies. Firstly, he identified an underserved market by focusing on used cars and financing options for buyers with less-than-perfect credit. Secondly, he took advantage of the growing demand for online car sales, by backing Carvana, which revolutionized the car-buying process.
Philanthropy
Information regarding specific philanthropic initiatives and amounts could not be found via search.