The Billionaire Father-Son Team Behind Carvana Is Losing Wealth Fast

CEO Garcia’s fortune has fallen 60% this year to $2.7 billion
Online used-car dealer’s shares have tumbled since January

Ernie Garcia III, second left, and his father Ernest Garcia II in 2017. Photographer: Michael Nagle/Bloomberg

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By Scott Carpenter

April 21, 2022 at 2:17 PM UTC

Updated on

April 21, 2022 at 5:07 PM UTC

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Used-car dealer Carvana Co. said it faced a “uniquely difficult environment” in the first three months of the year after reporting a larger-than-expected quarterly loss.

That’s taking a huge toll on the fortunes of the billionaire father-son duo behind the Phoenix-based company.