- December 17, 2021
- Posted by: Stratford Team
- Category: Business
When
Ernie Garcia III
came up with a plan to disrupt the used-car market by taking it online, he got help from his auto-dealer father.
A decade later, the company he created,
Carvana Co.
CVNA -9.88%
, is worth nearly $40 billion and sold around 400,000 cars this year. It is still leaning on Mr. Garcia III’s father for support.
Mr. Garcia III spun Carvana out of DriveTime Automotive Group Inc., a 132-dealer chain started in the 1990s by his father, Ernie Garcia II. Mr. Garcia III grew up around the business, and went to work there shortly after graduating from Stanford University in 2005 with entrepreneurial ambitions.
The Garcias took Carvana public in 2017 with agreements to pay DriveTime for various business services. Last year, Mr. Garcia II’s companies took in around $85 million in revenue from providing extended warranties to Carvana buyers,…
