Ernest Garcia II: Ernest Garcia II Net Worth, Biography, Age, Spouse, Children & More

About Ernest Garcia II

Ernest Garcia II, an entrepreneurial powerhouse from Gallup, New Mexico, overcame his high school dropout status by obtaining a degree from the University of Arizona. Despite a felony bank fraud conviction in 1990, Garcia rebounded, acquiring Ugly Duckling and subsequently fostering its evolution into DriveTime, a prominent sub-prime vehicle financing firm. With a $15.9 billion fortune and his abode in Tempe, Arizona, Garcia's son now leads Carvana, marking a family legacy in the auto-sales industry.

Born

May 21, 1957

Age

68 years

Source Of Wealth

Used Cars

Industries

Automotive

Citizenship

United States

Residence

Tempe, Arizona

Education

Drop Out, University of Arizona

Children

Ernest Garcia III

Ernest Garcia II was born on May 1, 1957, in Gallup, New Mexico. His father, Ernest Garcia, was the co-owner of a liquor store and a former mayor of Gallup. Garcia II dropped out of high school but later earned a bachelor's degree from the University of Arizona.

Ernest Garcia II: Family

Garcia II is married and resides in Tempe, Arizona. His son, Ernest Garcia III, serves as the CEO of Carvana. Garcia II also owns an apartment in Trump Tower in New York City.

Ernest Garcia II: Career Highlights

In 1990, Garcia II pleaded guilty to a felony bank fraud charge related to the collapse of Lincoln Savings and Loan Association. He served three years of probation and filed for bankruptcy. In 1991, he purchased Ugly Duckling, a bankrupt rent-a-car franchise, for less than $1 million. Garcia II merged Ugly Duckling with his finance company and transformed it into a used car sales and financing business for sub-prime buyers. He took the company public on the NASDAQ exchange in 1996 under the ticker "UGLY."

In 1999, Garcia II faced lawsuits alleging abuse of position for personal gain in a real estate deal. In 2002, he took the company private, renamed it DriveTime, and became its CEO.

Ernest Garcia II: Companies

Garcia II has been involved with the following companies:

Lincoln Savings and Loan Association
Ugly Duckling
DriveTime
Carvana

Ernest Garcia II: Major Achievements

Garcia II's major achievements include:

Taking Ugly Duckling public on the NASDAQ exchange
Transforming Ugly Duckling into a successful used car sales and financing business
Building DriveTime into one of the largest used car retailers in the United States

Ernest Garcia II: Awards & Achievements

Garcia II has received the following awards and achievements:

Ernst & Young Entrepreneur of the Year Award (1997)
Time magazine's list of the 100 Most Influential People in the World (2006)
Forbes magazine's list of the 400 Richest Americans (2007)

Ernest Garcia II: Personal Life & Legacy

Garcia II is known for his flamboyant lifestyle and his love of luxury cars.

He has been married and divorced multiple times. He has three children, including Ernest Garcia III, who is the CEO of Carvana.

Ernest Garcia II: Trivia

Garcia II is a licensed pilot and owns several private planes.
He is a collector of classic cars and has a collection of over 100 vehicles.
He is a supporter of the Republican Party and has donated money to several Republican candidates.

Wealth History

Timeline

May 1, 1957

Ernest Garcia II is born in Gallup, New Mexico.

1990

Ernest Garcia II pleads guilty to a felony bank fraud charge related to the collapse of Lincoln Savings and Loan Association.

1991

Ernest Garcia II purchases Ugly Duckling, a bankrupt rent-a-car franchise, for less than $1 million.

1996

Ernest Garcia II takes Ugly Duckling public on the NASDAQ exchange under the ticker "UGLY".

1999

Ernest Garcia II faces lawsuits alleging abuse of position for personal gain in a real estate deal.

2002

Ernest Garcia II takes the company private, renames it DriveTime, and becomes its CEO.

April 2021

Ernest Garcia II's net worth is estimated to be $15.9 billion.

Ernest Garcia II : FAQs

What is Ernest Garcia II's current net worth?

Ernest Garcia II's current net worth is $20.50 billion.

What is Ernest Garcia II's current global rank among billionaires?

Ernest Garcia II holds the 122nd position globally among billionaires.

What is Ernest Garcia II's current ranking within the United States?

Ernest Garcia II holds the 49th position in United States.

What was the change in Ernest Garcia II's net worth compared to the previous year?

Ernest Garcia II's net worth decreased by 4.99 billion dollars compared to the previous year 2025, when his net worth was 25.48 billion dollars.

What is the recent change in Ernest Garcia II's net worth?

Ernest Garcia II's net worth decreased by 100.13 million dollars recently, a 0.49% decrease, with his net worth standing at 20.50 billion dollars.

What are Ernest Garcia II's main sources of wealth?

Ernest Garcia II's main source of income comes from Used Cars.

In which industry does Ernest Garcia II primarily operate?

Ernest Garcia II is primarily involved in the Automotive industry.

What is Ernest Garcia II educational background?

Ernest Garcia II is a dropout from the University of Arizona.

How old is Ernest Garcia II?

Ernest Garcia II is 68 years old.

Who is Ernest Garcia II, and where was he born?

Ernest Garcia II, born on May 1, 1957, in Gallup, New Mexico, is an American businessman known for his involvement in the used car sales and financing industry.

Can you outline Ernest Garcia II's rise in the auto sales industry?

Ernest Garcia II took over Ugly Duckling, a bankrupt rent-a-car franchise, in 1991, transforming it into DriveTime, a prominent used car sales and financing business for sub-prime buyers, and serving as its CEO after taking the company private again in 2002.

Has Ernest Garcia II faced any legal or financial challenges during his career?

Yes, in 1990, Ernest Garcia II pleaded guilty to felony bank fraud and served three years of probation. He also faced lawsuits in 1999 for allegedly abusing his position for personal gain but continued to thrive in business afterwards.