Who is the owner of DriveTime?

chairman Ernie Garcia II
DriveTime Automotive founder and chairman Ernie Garcia II, a 60-year-old convicted felon, has made billions from used cars, according to a new Forbes article. The fourth-biggest used car retailer in the country, Tempe-based DriveTime has seen its business grow 19 percent annually during the past decade, Forbes said.

How much is DriveTime worth?

DriveTime now generates annual revenues of some $2.5 billion and is extremely profitable. Garcia recently declined offers to buy DriveTime for just under $1 billion, according to an individual familiar with the matter.

What is the net worth of Ernie Garcia the second?

# 495 Ernie Garcia $5.20B.

Who is the richest Garcia?

Ernest Garcia II
Ernest Garcia II: $5.3 billion Garcia, who also owns DriveTime Automotive, was worth $5.3 billion, according to the latest estimate by Forbes in its ranking of 400 richest Americans, finishing first in Arizona and 127th overall.

How much is Ernest Garcia worth?

4 billion USD (2022)Ernest Garcia II / Net worth
As of April 2021, Garcia’s net worth is estimated at $15.9 billion. It was announced in September 2021 that Garcia had sold more than $3.6 billion of Carvana stock since the previous October, which amounted to 16% of his holdings in the company.

Where is Ernest Garcia from?

Forbes Lists The son of a liquor store owner who was for a while also the mayor of Gallup, New Mexico, Garcia was on the golf team at the University of Arizona. He dropped out of school before graduating to become a stock broker and eventually turned to real estate development in Phoenix.

Is Carvana CEO a felon?

He is the owner of DriveTime (originally named UglyDuckling), and a major shareholder of Carvana. In 1990 he pled guilty to a felony bank fraud charge for his role in the Lincoln Savings and Loan Association collapse. As of April 2022, his net worth was estimated at US$7.2 billion.

How much of Carvana does Garcia own?

Carvana was eventually spun out from DriveTime and given an IPO in 2017. At that time, Garcia became chairman of Carvana. Garcia owns $600 million in Carvana shares, his father is the company’s largest shareholder and they have full control due to their super-voting shares.

Is the owner of Carvana a felon?

Is Carvana cheaper than a dealership?

Car prices at local dealerships are negotiable, unlike the prices listed on online dealership sites like Carvana’s. This means you can save hundreds or even thousands at the dealership. In fact, you’ll sometimes even find that dealership pricing is lower overall.

Is Carmax better than DriveTime?

Results were generated by 305 employees and customers of CarMax and 256 employees and customers of DriveTime. CarMax’s brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of CarMax….CarMax vs DriveTime.

45%	Promoters
44%	Detractors

Is DriveTime a subprime?

DriveTime is a private company headquartered in Tempe, Arizona. The company’s business model is focused on selling previously owned vehicles to car-buyers. It uses a proprietary credit scoring model to finance car purchases at its dealerships in-house, including subprime lending.

Is Carvana owned by DriveTime?

Carvana. In 2013, DriveTime became the majority owner of Carvana; the two companies are operated completely separately. Carvana was founded in 2012 and launched nationwide in November 2013. The Phoenix-based company is an online used car retailer.