PHOENIX — Automobiles drove the wealth of two of the seven Arizonans on the 2019 Forbes 400 list of the richest people in the U.S., a recognition that included a new addition for the state this year.
As in 2018, Ernest Garcia II, 62, was named the richest person in the state and ranked No. 114 overall in the country with a net worth of $5.7 billion. Garcia, the owner of DriveTime Automotive, made much of his fortune selling used cars.
He's seen a boost in net worth — one that saw his overall place on the list climb from No. 127 last year — as the biggest shareholder of Carvana Co. (NYSE: CVNA), owning nearly 1.58 million shares. The company had its initial public offering in 2017, debuting at about $11 per share. It has since climbed to an all-time high of $85.07 per share earlier this year before falling back to its closing at $67.28 Thursday.
Click here for the full list from the Phoenix Business Journal.
