The shares of Phoenix-based online used-car dealer Carvana have surged from historic lows, but the company still faces challenges.
Ernie Garcia II and Ernie Garcia III have added more than $US11 billion in combined net worth since December 2022, when Carvana stock fell below $US4 a share as rising interest rates sapped sales and the company was forced to restructure debt.
“2022 and 2023 were a tough run for us,” Ernie Garcia III said on Thursday in an interview on Bloomberg TV. “When we went through that period, the team came together, we responded incredibly well and I think this quarter is undoubtedly the best quarter we’ve had in our history.”Ernie Garcia III, 42, who is Carvana’s chief executive officer, derives his wealth mainly from his stake in the company, which he co-founded in 2012 with his 67-year-old father, who’s also a major shareholder.
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