Early Life
Ernest Garcia III was born in 1982 or 1983 in the United States and spent his childhood in the Phoenix metropolitan area of Arizona. He is the son of Ernest Garcia II, a businessman in the used car industry who founded DriveTime Automotive Group. He earned a Bachelor of Science degree in Management Science and Engineering from Stanford University in 2005.
Rise to Success
Garcia III began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital. In 2007, he joined DriveTime, his father's company. In 2012, he co-founded Carvana with Ryan Keeton and Ben Huston, serving as president and CEO since its inception. Carvana was spun off from DriveTime and went public in 2017. In 2016, Garcia was named Ernst & Young Entrepreneur Of The Year in the Mountain Desert region. He was also included in Fortune's 40 Under 40 list in 2017.
Key Business Strategies
Garcia III has focused on the online used car market by offering an e-commerce platform for buying and selling used cars. Carvana's innovative approach, including car vending machines, has set the company apart. Carvana went public in 2017, and in 2024, the company saw record revenue of $13.67 billion. Carvana has continued its recovery, reporting significant net income in recent quarters, and its stock price has risen substantially.
Philanthropy
Ernest Garcia III supports initiatives through the Garcia Family Foundation, established by his father in 2015. The foundation funds Arizona-based programs in education, arts, culture, and human services. In September 2025, the foundation committed $20 million to the University of Arizona.