Carvana Father-Son Duo Earns $11 Billion in 3,000% Stock Recovery for Online Used Car Dealer

New York City | The fortunes of the father-son duo behind Carvana have rebounded, as shares of the Phoenix-based online used car dealer have risen more than 3,000 percent from historic lows.

Ernie Garcia II and Ernie Garcia III have together added more than $11 billion ($16.7 billion) in net worth since December 2022, when Carvana’s stock fell below $4 per share as rising interest rates sapped sales and forced the company to close its restructure debts.