E rnest Garcia III is an American billionaire entrepreneur and the co-founder and CEO of Carvana, the online-only used car retailer known for its distinctive, multi-story car vending machines. He is the son of Ernest Garcia II, the founder of the used car chain DriveTime. The younger Garcia started his career at his father's company before co-founding Carvana as a subsidiary of DriveTime in 2012.
Carvana's business model aims to disrupt the traditional used car industry by allowing customers to browse, finance, and purchase a car entirely online, with the option of having it delivered to their home or picking it up from one of the company's signature "vending machines." The company grew at a phenomenal rate and went public in 2017. The company's stock price has been extremely volatile, soaring during the pandemic and then crashing, but Garcia's large founding stake has made him, at various times, one of the wealthiest young entrepreneurs in America.
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