The online used car retailer has seen stocks steadily decline since late 2021, and now things have gone from bad to worse. The somewhat rapid rise and fall of both Carvana and the Garcia father-son duo may be due to the fact that Carvana's business model was positioned to thrive during the pandemic the online car retailer buys, sells, and delivers used cars with little to no human interaction and so experienced unique success during Covid-lockdown, as consumers were hesitant to shop in-person. By reducing $600 million worth of inventory, Carvana will see an increase of $660 million in cash. Brendan McDermid/Reuters. As a result, Carvana plans to focus on cost-cutting and inventory trimming in order to maximize profits. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. Carvana raised $225 million at its IPO. 'Daisy Jones & The Six' is breaking records and topping charts. New research proves that willpower and rewards aren't enough to build sustainable habits. In addition, he makes $2,957,130 as Chairman of the Board, President, and Chief Executive Officer at Carvana Co. Ernest has made over 2 trades of the Carvana Co stock since 2017, according to the Form 4 filled with the SEC. Since then, Carvana's stock price has fallen from more than $360 a share to $8.76 per share as of this writing a 97% decline. Carvana was founded by Garcia's son, Ernest Garcia, III, as a subsidiary of DriveTime Automotive and was later spun out. Its raising another $1 billion with preferred stock. Ernest Garcia III is the CEO and cofounder of Carvana, an ecommerce platform for buying and selling used cars. "It was a very scary experience,"Jay Romero, a former Carvana employee, told CBS MoneyWatch. Did Carvana boss Ernest Garcia II get to Florida State Senators? Here we conservatively estimate average car sale prices to be 10% higher than costs. Carvana (CVNA 6.55%) . DriveTime provided the initial funding round for the startup. Alma mater. The offering would now be for $1.25b in proceeds and it included a proposed purchase of 5.4mm shares by Ernest Garcia II and Ernie Garcia III, Carvana's CEO . The fired Google engineer who thought its A.I. 11, 2020. The younger Garcia, Carvanas chief executive officer, has now lost 60% of his net worth, or about $4.1 billion, since the start of 2022. However, as people began to trickle back into the world, the model proved to be unsustainable. Forbes said his stake in Carvana alone is worth $1.5 . Moore. President, Chief Executive Officer & Chairman at Carvana . Sep. 16 2021, Published 12:36 p.m. How has the Suns' new starting group performed? 2023 Informa USA, Inc., All rights reserved, RIA Roundup: Lazard Asset Management Acquires Truvvo Partners to Create $8B Family Office, Eight Must Reads for CRE Investors Today (March 3, 2023), Charitable Giving With Non-Charitable Trusts, Watercoolers Become RTO Measure as Remote-Work Debate Rages, Blackstone Defaults on 531 Million Nordic Property CMBS, The 12 Best Business Books of 2022 for Advisors, The Most-Revealing Onboarding Questions Advisors Ask, Allowed HTML tags:

. [1] Copyright 2023 Entrepreneur Media, Inc. All rights reserved. But even the most optimistic outlooks don't anticipate us exiting a bear market for another year or so. Carvana was founded by Garcia's son, Ernest Garcia, III, as a subsidiary of DriveTime Automotive and was later spun out. Mr. Garcia is also Ch airman of the Carvana Co. Board. Registered in England and Wales. In fact, since August 2021, the company's co-owners, Ernie Garcia II and Ernie Garcia III, have lost more than 90% of their peak net worth. Learn More about Ernest C. Garcia II's net worth. Other prominent funds that reported large stakes as of year-end include Whale Rock Capital Management, Marshall Wace and Sculptor Capital Management. Shares of Carvana Co (NYSE: CVNA) tanked more than 20% this morning after the used car retailer reported disappointing results for its fiscal fourth quarter. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. The Garcia family controls over 87% of the votes despite selling billions in company stock. Mr. Garcia is also Chairman of the Carvana Co. Board. Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion. HOVER TO REVEAL NET WORTH BY YEAR. Learn More about Ernest C. Garcia, III's net worth. In the end, much of 2020 and 2021 both saw significant growth in just about every industry. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices In 2017 Garcia II spun Carvana out of his father's company Drivetime in an IPO that raised $225 million. Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars online, today announced financial results for the quarter and full year ended December 31, 2022. Just days prior to Carvana announcing the layoffs, the company saw an 18 percent drop in the stock market, leaving it down 87 percent from its August peak, according to Fortune. All Rights Reserved. As the Chairman of the Board, President, and Chief Executive Officer of Carvana Co, the total compensation of Ernest Garcia at Carvana Co is $2,957,130. But as the reality sets in that common purchases such as groceries, restaurants, and home goods are all becoming more expensive and likely staying that way customers are starting to pull back on larger expenses. Related: Carvana to Lay Off 12% of Its Workforce, Ignites 'Mass Hysteria'. The current estimated net worth of Carvana Co's Chief Executive Officer, Ernest C. Garcia, III, is estimated to be about $108.65K . https://www.wealthmanagement.com/sites/wealthmanagement.com/files/logos/Wealth-Management-Logo-white.png. Phoenix-based Carvanas losses exceeded those of the broader market, falling 18% and leaving the stock down 87% from its August peak. 2023 Celebrity Net Worth / All Rights Reserved. Employees will receive four weeks of pay and one additional week for each year they have been with the company. Owners could also find themselves without A/C if they fall behind on payments. The company became public in April 2017 and started trading under the symbol CVNA on the New York Stock Exchange. Related by education: Stanford University. The most active insiders traders include Ernest C. Iiverde Investmen, House Partnership Lp Spruce, and House Partnership Llcspruce. Last night, the Tempe-headquartered firm also committed to trimming its costs by a whopping $1.0 billion over the next months. Garcia II has been in the used vehicle business for many years. You can see the complete history of Mr. Garcia stock trades at the bottom of the page. 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With Carvana, people can buy and sell cars online and make the process more convenient. . In November 2020, he used a 10b5-1 plan to start selling 30,000 shares a day. Those dragged down include Chase Colemans Tiger Global Management, which has lost $16 billion this year, and CAS Investment Partners, the hedge fund run by Clifford Sosin. Ernest Garcia II. Carvana was created in 2012 after the younger Garcia spun it out of DriveTime Automotive, an operator of used-car dealerships owned by his father. The father-son duo were worth a combined $32 billion at their peak in August 2021. The estimated Net Worth of Ernest C. Iii Garcia is at least $12.2 Million dollars as of 26 April 2022. Ernest Garcia, II is the biggest shareholder of Carvana, an online platform for selling used cars and making auto loans that conducted an IPO in 2017. Ernie Garcia: Thanks, Meg. As a result of his success, he has amassed an estimated net worth of $3.2billion as of May 2022, down from his $7.4billion worth in 2021, Forbes reports. 2022 has reminded us of that again," said Ernie Garcia, CEO and . The average transaction price for a used car was $25,410 in the . Ernie Garcia II Has Made Billions Off Carvana and Used-Car Business. Garcia II has sold over $3.6 billion in Carvana stock since October 2020. We were a passionate group of people who believe we . Number 8860726. Its bet on Carvana, specifically, hasbackfiredspectacularly. The idea came from wholesale car auctions, which . in management science and engineering from Stanford University. This net worth approximation does not reflect any other assets that Mr. Garcia II may own. Tech companies have been hit particularly hard. Carvana Co., is worth nearly $40 billion and sold around 400,000 cars this year. He's not exactly a household name, but Ernest "Ernie" Garcia II has quietly become one of America's richest men through selling and financing used cars, an unsexy business that has nonetheless proven highly lucrative. Web page addresses and e-mail addresses turn into links automatically. Prior to founding Carvana, Mr. Garcia held various roles at the DriveTime Automotive Group, Inc. from January 2007 to January 2013. However, in a telephonic interview with auto news, Carvana CEO, Ernie Garcia said that the company will not be laying off employees. Stanford University. Ernie Garcia II and Ernie Garcia III have now shed almost 80% of that wealth, one of the biggest and fastest declines of any billionaire family or individual fortune, according to the Bloomberg Billionaires Index. "While Carvana is still growing, our growth is slower than what we originally prepared for in 2022, and we made the difficult decision to reduce the size of certain operations teams to better align with the current needs of the business.". Carvana, the fastest-growing online dealership in the US, trusts the computer to make the . The estimated Net Worth of Ernest C. Iii Garcia is at least $11.5 Million dollars as of 26 April 2022. Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion. In addition, he makes $2,957,130 as Chairman of the Board, President, and Chief Executive Officer at . CARVANA has been dominating commercials and the car industry for its unique approach to selling and buying cars. This net worth evaluation does not reflect any other investments that Mr. Garcia, III may own. Get 5 free searches. Carvana ( CVNA) closed 5% higher after rallying as much as 33% on Thursday. The announcement was made by Carvana's Chief Executive Officer Ernie Garcia in an email to . He started with one that netted him $388 million, according to filings. Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far this year, according to the Bloomberg Billionaires Index. Dan has 8 jobs listed on their profile. In its simplest form, net worth is a company's assets minus its liabilities. 2023 Forbes Media LLC. Madeline Garfinkle When Ernie Garcia III came up with a plan to disrupt the . Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far this year. Prior to founding Carvana, Mr. Garcia held various roles at the DriveTime Automotive Group, Inc. from . Lines and paragraphs break automatically. Here, Scott and Lauren Neustadter talk about falling in love with Taylor Jenkins Reid's novel. Ernie Garcia, III, Chairman and CEO . Born in the early 1980s, Ernest Garcia III, 40, is known as an American billionaire businessman and the CEO and co-founder of Carvana. More On: Ernie Garcia II, the billionaire father of used car dealership Carvana's CEO, has sold more than $3.6 billion of company stock since October raising eyebrows over whether the . Carvana Net Worth, Ernie Garcia, History (Updated), Kreyol Essence Net Worth, Kreyol Essence Shark Tank Deal, Founder (Updated), AEW Net Worth (All Elite Wrestling Net Worth), Kanga Cooler Net Worth, Logan LaMance, Shark Tank Deal (Updated), Dr. Squatch Net Worth, Haldrup, Fundings (Updated), 19 Things You Didnt Know Billionaires Were Ruining, Minecraft Net Worth 2023; Founder, History, Stats (Updated), Michel Le Net Worth 2023; Biography, Wiki, Career (Updated), Wall Street Trapper Net Worth, Biography, Wiki (Updated). The wholesale car auctions inspired the idea, which takes less than 30 seconds and offers a return policy. Garcia, the father to Carvana CEO and co-founder Ernie Garcia III, also has a large stake in the Tempe-based online used auto retailer Carvana. Ernest Garcia II is worth an estimated $5.7 billion, thanks to his stake in Carvana and DriveTime Automotive, the publication said. He was a managing director of corporate finance from December 2008 to November 2009. Photo by Carvana. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Carvana's Founders This Carvana founder's net worth is currently $4.3 billion, according to the Forbes Real-Time Billionaires ranking. Garcia launched Carvana in 2012 as a subsidiary of DriveTime, a traditional used car business that operates 126 dealerships in 25 states. Email us atexclusive@the-sun.comor call212 416 4552. Thomas Griesel and Dominik Richter are the founders of Hellofresh, and the company's net worth is $2.3 billion, with investment capital worth hundreds of millions. Creed III isnt normally a film I would have paid much attention to, primarily because I understood that they were a continuation of the Rocky series and, believe it or not, I only saw the first of these that for the first time a couple of years ago. Home - Company - Carvana Net Worth, Ernie Garcia, History (Updated). Carvana has improved the way people buy - and sell - cars, demonstrated by its industry-leading Net Promoter Score (NPS) and 4.7 out of five star customer experience rating average, and it . The country's leadership set this year's economic growth target at around 5%, a target more modest than some had previously projected as policymakers take into account a wide range of difficulties besetting the worlds second-largest economy. Tiger Global Management owned 7.3 million shares as of Dec. 31, while D1 Capital had 4.2 million shares, its third-biggest U.S. stock position. The tech-heavy Nasdaq 100 Index fell 5% Thursday, its biggest one-day loss since Jun. Ernie Garcia III started 2021 with a net worth of $7.4 billion, which has now dropped to $3.2 billion, according to Forbes. As of 26 April 2022 he still owns at least 850,000 units of Carvana Co stock. 2022 Billionaires: Cities With The Most Billionaires, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Who is owner of Carvana? According to Forbes, this founder of Carvana has an estimated net worth of $8.3 billion. Mr. Garcia owns over 2,000,000 units of Carvana Co stock worth over $8,576,500 and over the last 6 years he sold CVNA stock worth over $0. Founded in 2012 and based in Phoenix, Carvana's mission is to change the way people buy cars. Ernie Garcia III, got the idea for Carvana while working for his father's company, DriveTime. Why does the US spend more per capita on health care than any other nation? Hints and clues to help you with today's Wordle. Despite its rising popularity, the company made headlines in May 2022 after it was revealed that it fired 2,500 workers over Zoom. CEO Ernie Garcia is prepared to get the company back on track. Ernest C. Garcia III (born 1982/1983) is an American businessman, and the CEO and co-founder of Carvana. [1][3][6][7] Carvana was eventually spun out from DriveTime and given an IPO in 2017. Dec 1, 2022. There are no executives at Carvana Co getting paid more. The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. Lead actor and first-time director Michael B. Jordan, Jonathan Majors, Tessa Thompson, and producer Ryan Coogler gathered in Los Angeles to discuss the movie. 2023 Forbes Media LLC. Ernest C. Garcia III (born 1982/1983) is an American businessman, and the CEO and co-founder of Carvana . Related by education: University of Arizona. Ernie Garcia II and Ernie Garcia III have lost more than $11 billion combined so far this year, according to the Bloomberg Billionaires Index. Carvana is an online retailer of used cars in Tempe, Arizona. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Thats taking a huge toll on the fortunes of the billionaire father-son duo behind the Phoenix-based company. Nine months ago, the father-son duo that runs used-car company Carvana Co. had a combined personal fortune of more than $32 billion. From January 2007 to December 2008, he served as a financial strategist. Why would Rep State Senator Tom Wright and Rep State Rep David Smith file identical bills, SB 1346 and HB 1517 to extend time car dealers have to provide titles to car purchasing customers. 3 risk-free ways to boost your net worth in 2023: Dale Jackson. In 1990 when he was 33, Garcia pleaded guilty to a bank fraud charge related to his dealings with Lincoln Savings & Loan. Amazon.com Inc. founder Jeff Bezos saw his net worth fall 7% to $140 billion, while Meta Platforms Inc.s Mark Zuckerberg dropped $5.3 billion to $76.6 billion. . The country's leadership set this year's economic growth target at around 5%, a target more modest than some had previously projected as policymakers take into account a wide range of difficulties besetting the worlds second-largest economy. However, as people adjusted to a post-pandemic world, the market climbed right back up. Here, Scott and Lauren Neustadter talk about falling in love with Taylor Jenkins Reid's novel. Ernest Garca II is an American billionaire businessman, in the used car sector. He's worth $267 million, after starting the year as a billionaire almost seven times . [5] He joined DriveTime in 2007, before co-founding (with Ryan Keeton and Ben Huston) its subsidiary Carvana in 2012, with Garcia as president and CEO since its inception. Mr. Garcia owns over 2,000,000 units of Carvana Co stock worth over $9,214,000 and over the last 6 years he sold CVNA stock worth over $0. Amazons Daisy Jones & The Six Tops Music And TV Charts, China Aims For Its Gross Domestic Product To Expand Around 5% In 2023, Todays Wordle #624 Hint, Clues And Answer For Sunday, March 5th, UFC 285 Results: Cody Garbrandt Defeats Trevin Jones In Return To The Octagon, The Early Returns Of Kevin Durant In The Phoenix Suns Offense, Desperate Russian Forces Are Sticking 80-Year-Old Naval Guns On 70-Year-Old Armored Tractors, What You Need To Know Before You Watch Creed III, Celebrities Dont Care To Perform For King Charles III, A Road Map For Action On Health Care Spending And Value: Part III Spending Growth Targets, Film Review: Jonathan Majors Energizes Creed III. By 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. Ernie Garcia II and Ernie Garcia III have now shed almost 80% . Today those same shares would be worth $108 million. Carvana purchased thousands of cars from DriveTime to meet surging customer demand during the pandemic, and failed to disclose that the younger Garcia owned a significant stake in DriveTime and other companies that supply services to Carvana, the Wall Street Journalreportedin December. [1][3][4], Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital. Carvana CEO Ernie Garcia: "We're now back to a place where we've spent most of our lives . With a net worth of $5 billion, Mark . During a funding round in 2014, they raised $50 . 'Daisy Jones & The Six' is breaking records and topping charts. That's a sharper drop than any other U.S. billionaire tracked by Bloomberg's index, exceeding the 46% decline of Netflix Inc.'s Reed Hastings. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. From Ex-Con To Billionaire Used Car Baron: The Ernest Garcia II Story, Elon Musk Just Unlocked A $2.7 Billion Bonus The Second Tier In His Unique Compensation Plan, These Five Billionaires have LOST The Most In Net Worth In 2020. Perhaps in anticipation of the decline or just pure dumb luck, Ernesto Garcia II sold $3.6 billion worth of his shares between October 2020 and September 2021. Ernest Garcia II made billions of dollars by timing his Carvana stock sales to perfection. Carvana, the online marketplace for vehicle sales, was founded in 2012 by Garcia III. His fortune soared to over $11 billion at Carvana's peak in August 2021. "Buying a car is this tremendously exciting moment in people's lives," said Ernie Garcia, CEO of Carvana. "Unfortunately, the experience of buying it sours that experience." Ernie Garcia III started 2021 with a net worth of $7.4 billion, which has now dropped to $3.2 billion, according to Forbes.As for his father, also the biggest shareholder of Carvana, Ernie Garcia . Hints and clues to help you with today's Wordle. Forbes says the 63-year-old DriveTime owner is Arizona's richest person, and the Bloomberg Billionaires Index pegs the combined net worth of Garcia and his son Ernie . He's the father of Carvana founder and CEO Ernie Garcia III. At the time, the company blamed a "recession" in auto sales and said the cuts would mostly be in its operations division, CBS News reports. But perhaps no company has suffered as much as used-car company Carvana. Like a lot of tech companies (used car companies really are not tech companies), Carvana expanded rapidly. Like us on Facebook atwww.facebook.com/TheSunUSand follow us from our main Twitter account at@TheSunUS, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, Carvana is known for its car "vending machine". Born in the early 1980s, Ernest Garcia III, 40, is known as an American billionaire businessman and the CEO and co-founder of Carvana. Most recently he bought 2,000,000 units of CVNA stock worth $160,000,000 on 26 April 2022. Before starting Carvana, Garcia III worked for his fathers company, DriveTime Automotive Group from 2007 to 2013. Lawyers say Carvana's founding family used unlawful means to stay in control of the online car dealer. As of April 2022, his net worth was estimated at US$7.2 billion. Ernie Garcia II has made a lot of money from used-car sales. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Unlock the secret to being a better leader, a better person and having a more productive life. Carvana's shares, following . Tech and online consumer firms that soared in value only months ago have been clobbered. Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. [12][13], Last edited on 20 February 2023, at 20:10, "How An Ex-Con Became A Billionaire From Used Cars", "Executive Profile: Ernest C. Garcia III", "2016 Business Person of the Year nominee: Ernie Garcia", "Carvana: Disguised As 'Disruption' In The Used Car Sales Business Backed By Unethical Management", "EY Announces Carvana CEO Ernie Garcia as EY Entrepreneur Of The Year 2016 Consumer Technology Award Winner in the Mountain Desert Region", "Carvana Founder's Fortune Plunges 98% as Firm Burns Through Cash", "Business person of the year nominations", https://en.wikipedia.org/w/index.php?title=Ernest_Garcia_III&oldid=1140590414, This page was last edited on 20 February 2023, at 20:10. Ernie Garcia II and Ernie Garcia III have now shed almost 80% . Garcia II pleaded guilty in 1990 to one count of bank fraud and served a three-year probation sentence. Net Worth Calculator Find your Exact Net Worth. The game is definitely as good as the first, but some may have wanted more than what this sequel offers. Reflects change since 5 pm ET of prior trading day. I tested the Aspire II against nine other contenders. His father, Ernest Garcia II, owns and runs DriveTime, and helped fund the initial development of Carvana; he remains its largest shareholder. Still, . The media outlet also notes that the father-son duo has lost almost 80 percent of their $32billion wealth. The estimated net worth of Ernest C. Garcia, III is at least $7.58 million as of April 26th, 2022. Garcia III believed this type of vehicle buying experience would be more appealing for retail customers, compared to negotiating with a traditional dealer for four hours or more. Prior to DriveTime, Mr. Garcia was an associate in the Principal Transactions Group at RBS Greenwich Capital from 2005 to 2006, where he focused on consumer-credit-based investments. Known for its car "vending machine," the used car retailer has been run by co-founder and CEO Ernest Garcia III since 2012. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? Ernie Garcia II and Ernie Garcia III, the father and son who control Carvana, have lost a combined $11 billion-plus in net worth since Jan. 1 because the company's stock has dropped more than 60%, Bloomberg reported. The only person among the worlds 15 richest to add to his fortune Thursday was Indias Gautam Adani, whose empire includes ports, mines and green energy. Ernest Garcia III serves as Chairman of the Board, President, Chief Executive Officer of the Company. Ryan Keeton serves as Carvanas chief brand officer a position he has held since he helped to co-find the firm in 2012. To avoid default, Carvana has to pay . 1 min read. could be sentient says Microsofts chatbot feels like watching the A cruise company is making a big play for remote workers to sail around the world for just $30,000 a year, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. "Nothing worth doing is easy. Businessman. [10], According to the Bloomberg Billionaires Index, Garcia's wealth dropped 98% in 2022, as Carvana's stock price continued to fall amid bankruptcy concerns. This Route to Ready video focuses on digital transformation in creating new customer experiences. 2022 . The CEO and his father might try to boost their profits at a risk to shareholders.. The younger Garcia, Carvana's chief executive officer, has now lost 60% of his net worth, or about $4.1 billion, since the start of 2022. of net long-term debt. Garcia II also owns and runs DriveTime Automotive, the nation's fourth-biggest used car retailer. His father, Ernest Garcia . Chairman and CEO, Carvana. Garcia comes from a wealthy family but has forged his own path with Carvana. [2] He earned a bachelor's degree in Management Science and Engineering from Stanford University in 2005. Together they have voting control of about four-fifths of Carvana, whose shares had tumbled 60% this year through Wednesday before the company reported a first quarter loss of $506 million. "Recent macroeconomic factors have pushed automotive retail into recession," the company said in a statement. Carvana was designed with a dual-share structure, which gives each share held by either of the Garcias a value of 10x the voting power of shares held by retail investors.
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ernie garcia carvana net worth 2023