Wealth
Father, Son Used-Car Sellers Get $5 Billion Richer in a Day
- Online used-car company expects record sales, profit margins
- Carvana, which rallied 31% Tuesday, has never posted a profit
Carvana Co. has yet to post a quarterly profit since going public in 2017, but it’s made Ernie Garcia II and his son Ernest Garcia III two of the richest people in America.
The elder Garcia is the largest shareholder of Phoenix-based Carvana, the online retailer that sells cars out of massive vending machines. His son, Garcia III, is the company’s chief executive officer. Together they’re worth $21.4 billion, according to the Bloomberg Billionaires Index.