Used car mogul is new richest person in Arizona, Forbes says
PHOENIX — The founder of the nation’s fourth-largest used car retailer is Arizona’s new richest person, according to Forbes.
Ernest Garcia II was valued to have a net worth of $5.6 billion in the business magazine’s 2019 list of the richest people in each state, which was released Wednesday.
Garcia overtook U-Haul’s Mark Shoen as the state’s richest person. Shoen was valued at $3 billion in Forbes’ 2018 list.
A Forbes analysis of billionaires from March valued Garcia and Shoen each at $3.2 billion, which tied for the No. 691 richest person in the world.
Garcia was one of nine Arizona billionaires as of March, Forbes said.
Garcia founded DriveTime Automotives and is the biggest shareholder in Carvana, an online platform for selling used cars and making auto loans founded by his son.
The owner of the Tempe-based used car kingdom bought Tucson’s Ugly Duckling cars in 1991.
By 2002, operations had been renamed and moved to Tempe. Garcia’s company oversees 138 dealerships in 26 states.
Forbes said it constantly tracks the net worth of billionaires and centimillionaires to ensure an accurate list of the country’s richest people.
Jeff Bezos, Amazon’s founder and CEO, is the country and world’s richest person and is valued at $157 billion.