Ernie Garcia III wants to do for used cars what Jeff Bezos did for books, but disrupting the sale of 5,000-pound SUVs is proving far more challenging than peddling paperbacks. Carva...
Show More
Ernie Garcia III wants to do for used cars what Jeff Bezos did for books, but disrupting the sale of 5,000-pound SUVs is proving far more challenging than peddling paperbacks. Carvana Co., the internet-based used-car dealer Garcia founded in 2012, has become a poster child for pandemic high-flyers whose stocks have plunged back to earth. Over the past nine months, Carvana has seen 92% of its market value vanish, taking with it the majority of a fortune amassed by Garcia and his father, a major shareholder.