Ernest Garcia III

Carvana began with a substantial family-business platform

Garcia worked at DriveTime, the used-car retailer controlled by his father Ernest Garcia II, before launching Carvana in 2012. Forbes says his father helped fund Carvana's initial development, giving the new venture a financial and operating base that an independent startup would not have had. ^[1]

Carvana's SEC filings make the relationship even clearer: the company was founded as a DriveTime subsidiary and remained wholly owned by DriveTime until a 2014 spinoff. DriveTime shareholders then received Carvana units in proportion to their existing ownership, linking the new company's initial capital structure directly to the family-controlled business. ^[2]

The companies also remained operationally connected after the separation. Carvana disclosed leases, shared facilities and other arrangements with DriveTime that helped it transition into a standalone business, while Garcia III served as chief executive and developed the online retail model around direct used-car sales and financing. ^[2][1]

Public-company equity turned operating growth into personal wealth

Carvana went public in 2017, creating a liquid market value for the ownership Garcia III had accumulated while building the company. Forbes continues to identify his Carvana stake as the source of his billionaire wealth, while his father remains a major shareholder in the same business. ^[1]

Carvana's market capitalization, revenue and vehicle sales are company-level measures rather than Garcia III's personal net worth. His fortune reflects the value of his own equity and leadership in the company, but that wealth was created on top of an unusually meaningful family business and capital advantage. ^[1][2]