The net worth of Ernest Garcia, II, an American entrepreneur, is $7 billion.
Ernest Garcia, II, who is the owner of DriveTime and the chairman of Carvana, is a well-known figure.
His father held the position of mayor of Gallup, New Mexico, and Ernest II obtained his degree from the University of Arizona.
He pleaded guilty to bank fraud while working as a real estate developer.
The bankrupt Ugly Duckling rent-a-car franchise was bought by him for less than $1 million in 1991. In 2002, the company was renamed DriveTime, which now has over 140 locations in the U.S.
Approximately 3,800 individuals are employed.
In 2012, Carvana, a spinoff company, was established to sell second-hand cars on the internet.
Ernest Garcia, II holds the position of Chairman, while his son Ernest Garcia, III serves as the CEO.
DriveTime’s spinoff companies include GO Financial, Bridgecrest Acceptance Corporation, and SilverRock Group Inc.