Ernest Garcia II 101: American Billionaire Businessman
Zatrun Published at May 31, 2023

In our article titled “Ernest Garcia II 101: Who is the American Billionaire Businessman?” on, we will delve into everything you need to know about Ernest Garcia II, the American billionaire businessman that our readers are curious about, in detail.

Ernest Garcia II

Who is Ernest Garcia?

Ernest Garcia II is the son of Ernest Garcia, a former mayor who once co-owned a liquor store in Gallup, New Mexico with Frank Colaianni. Though he dropped out of school, Ernest eventually earned a bachelor’s degree from Arizona State University.

Ernest II is an American billionaire businessman in the used car industry. He is the owner of DriveTime (formerly known as UglyDuckling) and a significant shareholder in Carvana. He admitted to a major bank fraud charge for his role in the Lincoln Savings and Loan Association collapse in 1990. As of April 2022, his net worth is estimated to be $7.2 billion USD. Ernest Garcia II is married and lives in Tempe, Arizona. His son, Garcia III, is the CEO of Carvana. Additionally, Garcia owns an apartment in Trump Tower in New York.

Career Path

In October 1990, Garcia admitted to a major bank fraud charge for his role as a straw borrower in the collapse of Charles Keating’s Lincoln Savings and Loan Association, where he was involved as a Tucson-based real estate developer. Ernest Garcia was “accused of arranging Lincoln’s ownership of worthless Arizona desert land and fraudulently obtaining a $30 million credit line in a regular series of transactions.” Garcia served three years of probation and his company went bankrupt.

In 1991, Garcia turned a bankrupt car rental franchise called Ugly Duckling into a company that sells and finances used cars for subprime buyers with poor credit histories by merging it with his newly established finance company. Garcia took the company public on NASDAQ under the ticker symbol “UGLY” in 1996. In 1999, Garcia was involved in six lawsuits, alleging he “abused his position” to profit from a real estate deal in which he eventually obtained 17 properties from the company at a 10% discount. In 2002, Garcia and former Ugly Duckling CEO Gregory Sullivan privatized the company and renamed it DriveTime.

As of April 2021, Garcia’s net worth is estimated to be $15.9 billion USD. In September 2021, it was announced that Garcia had sold $3.6 billion worth of Carvana shares, representing 16% of his ownership, since the previous October.

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