How Carvana Rebounded to a $41B Market Cap After a 99% Drop
February 22nd, 2025
Founded By
Ernie Garcia III
Monthly Revenue
$1.2B
Starting Costs
$10M
Founders
1
Monthly Traffic
18.7M
Profitable
Yes
Year Started
2012
Customer
B2B & B2C
Revenue Per Visitor
$63.90
Who is Ernie Garcia III?
Ernie Garcia III is the founder of Carvana, who hails from Phoenix and has a background in the automotive industry through his work with DriveTime Automotive Group, which is owned by his father. Before founding Carvana in 2012, he envisioned creating an innovative online platform to streamline the car purchasing process.
What problem does CARVANA solve?
Carvana eliminates the hassle of traditional car buying by allowing customers to browse, finance, and purchase used cars online, avoiding pushy salespeople and lengthy dealership visits.
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Disclaimer: The initial draft of this article was compiled by the Starter Story team based on publicly available interviews, podcasts, and other content from the founder. See the sources we used here.
