Investing
Carvana Father-Son Duo Cashed Out $147 Million on Stock Rebound
- Garcia family’s May share sales netted most since 2021
- Used-car retailer reported unexpected quarterly profit
A Carvana vending machine in Uniondale, New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
The father-son duo behind Carvana Co. has been reaping profits from the online used-car dealer’s share rebound.
The elder Ernie Garcia II, a major shareholder and the wealthier of the two, sold nearly 1.3 million shares worth $145 million in May. That’s the biggest monthly dollar amount since August 2021, when he sold over $329 million worth of stock near its pandemic-fueled all-time high — and the most shares he’s unloaded since December 2020.