Carvana

Overview

Ernest Garcia II, the majority shareholder of Carvana, operates a family office based in Phoenix that manages the wealth created by his ownership in the company. Carvana was founded in 2012 by his son, Ernest Garcia III, and has grown into one of the largest online used-car retailers in the US. The family office's capital is almost entirely derived from this single publicly traded holding, making it a concentrated wealth vehicle with limited diversification. The office's investment strategy appears to focus on preserving and slowly diversifying the family's wealth through direct investments, real estate, and traditional asset classes. Public records indicate the Garcia family has invested in real estate projects in Arizona and maintains a portfolio of marketable securities. The office does not appear to run a formal fund structure or seek external capital, operating as a classic single-family office. Carvana's market capitalization has fluctuated dramatically, from over $60 billion in 2021 to under $1 billion in 2022, before recovering. As of mid-2025, Carvana stock was trading around $20 per share, with Garcia II's stake worth approximately $1.5 billion (per Bloomberg). The family also operates a philanthropic foundation, the Garcia Family Foundation, which donates to education and community causes in Arizona. What distinguishes this family office is its near-total dependence on a single public equity — a structure that mirrors the original founders of Amazon or Tesla but with less diversification. The family has not disclosed any plans to sell down the Carvana stake, and the office functions primarily as a stock-management vehicle rather than an institutional allocator. This concentrated posture is the key structural differentiator.