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Carvana’s Top Shareholder Files to Sell $245 Million in Stock

Ernie Garcia III, founder and CEO of Carvana, center left, and his father Ernest Garcia II, center right, during the company's IPO at the New York Stock Exchange in 2017. — Ernie Garcia III, founder and CEO of Carvana, center left, and his father Ernest Garcia II, center right, during the company's IPO at the New York Stock Exchange in 2017.
Photographer: Michael Nagle/Bloomberg

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By David Welch and Dylan Sloan

July 11, 2025 at 1:19 PM EDT

Carvana Co.’s largest shareholder, Ernie Garcia II, who is also the father of the auto retailer’s founder and chief executive officer, extended his recent run of stock sales by filing to dispose of $245 million in shares this week.

Garcia’s sales over the past six weeks have now reached $515 million, according to data compiled by Bloomberg, on top of the $1.4 billion in shares he sold between April and November last year. His son, CEO Ernest Garcia III, filed to sell his largest-ever stake at $192 million this past May.