Ernest Garcia is the Co-Founder and CEO @ Carvana. Under Ernie’s leadership, Carvana went from a back-of-the-napkin idea to a $50+ billion public company, became the fastest-growing online used car retailer in U.S. history, and landed on the Fortune 500 in under 10 years. However, it was not all up and to the right, in 2022, the stock plummeted 99% to a market cap of just $400M. Today they are back with a market cap of $35BN, that is a 100x in the public markets and selling 400,000 cars sold annually, with a logistics network that rivals Amazon.
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In Today’s Episode We Discuss:
00:00 Intro
00:46 Are all great founders just “stubborn egomaniacs”?
03:37 How Carvana Almost Died on Several Occasions
05:49 Is Carvana’s Inability to get VC Funding a Sign the VC Model is Broken?
11:51 Operators vs. Strategists: What Hires Can Make or Break a Company?
23:32 Billionaire’s Biggest Lessons on Parenting
28:21 Is Life About Happiness or Achieving
36:22 The Reality of Being a Public Company CEO
42:48 Why Companies Should Go Public
48:32 Why You Should Price Your IPO to Perfection with No Pop
55:54 “What I Wish I Had Known About Debt in Building Carvana”
58:04 Quick-Fire Round: Favourite CEO, Marriage Advice, Carvana in 10 Years
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