Ernest Garcia II's Biography

Ernest Garcia II is a prominent American billionaire and businessman, best known as the chairman and major shareholder of DriveTime, one of the largest used car retailers in the United States. Born on May 1, 1957, Garcia has played a pivotal role in revolutionizing the automotive retail industry through his innovative leadership and entrepreneurial vision. After earning his degree from the University of Arizona, Garcia began his career in real estate and soon made a significant mark by acquiring Ugly Duckling, a rental car company facing bankruptcy. He transformed Ugly Duckling into a thriving used car dealership, which was later rebranded as DriveTime. Under his guidance, DriveTime grew exponentially, and Garcia further expanded his business empire by becoming an early investor and significant stakeholder in Carvana, an online used car retailer founded by his son, Ernest Garcia III. Despite facing legal controversies in the 1990s, Garcia rebuilt his reputation and fortune, consistently ranking among the wealthiest individuals in Arizona. As of 2024, his estimated net worth stands at $2.3 billion, reflecting both his resilience and acumen in the automotive sector. Garcia’s story showcases the power of perseverance and adaptability in the face of adversity, making him an influential figure in American business circles.