Early Life
Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. He is the son of Ernest Garcia, a co-owner of a liquor store and former mayor of Gallup. He attended the University of Arizona.
Rise to Success
Garcia's career began with real estate investments before transitioning to the automotive industry. His breakthrough came in the 1990s with the purchase of DriveTime Automotive, a used-car sales and financing company. Under Garcia's leadership, DriveTime became one of the largest used-car dealerships in the U.S.
Key Business Strategies
Garcia's investment philosophy focuses on long-term growth and innovation, particularly in industries undergoing digital transformation. He invested in Carvana, an online used car retailer founded by his son, Ernest Garcia III. Carvana's IPO in 2017 significantly boosted Garcia's net worth. Beyond automotive retail, Garcia has made strategic real estate investments and has interests in finance and private equity.
Philanthropy
Information on Garcia's specific philanthropic activities is limited, though his family is involved in various philanthropic ventures.