Carvana CEO Erney Garcia met the company manager, Ben Huston, when they were university students in Stanford.
He didn’t imagine that they would later work alongside the leadership of a company with 13 billion dollars in revenue.
“We were very fortunate because we met mainly in the college, and we became close friends without knowing that we will work together at all,” Garcia said at the Forty Toy summit on Tuesday.
Because of their university friendship, the two were “linked in a way that was completely independent of trying to accomplish things together, but as a result, we have deep respect for each other,” added Garcia.
The schoolmates who turned into his colleagues had very different approaches to business, according to Garcia. Huston, as Coos, is often systematically and practical, focuses on implementing solutions for daily problems. While Garcia was known for bold visions, referring to himself as a “panther businessman.” These types of people tend to be attracted towards others who share the same enthusiastic approach, Gung Ho.
But they do this at their own responsibility, as suggested.
“They enjoy being around the same energy,” said Garcia. “As a result, companies are going in a specific direction, they make certain types of errors. You have a very high ceiling when you have this type of excitement, but I think you also have a very low floor and a very high possibility to strike that floor.”
The founders have discovered that they need supplementary skills groups.
“I think it is easy for operators to call entrepreneurs” indisputable, “said Garcia.
Garcia and Huston Carvana founded in 2012 alongside Ryan Keaton, who is now the position of the company’s chief brand official. Carvana specializes in selling used cars via the Internet, which is an incredibly complicated work that requires logistical services to get cars from sellers to buyers and financing operations to ensure that buyers can pay for their price in the end. In April 2017, Carvana went publicly.
“We have publicly published as a four -year -old company, which is something I do not wish for anyone,” said Garcia.
The company’s time in public markets was not less raucous. In August 2021, its shares were traded with an attractive arrow of $ 360 per share. Shortly after a year in December 2022, its share price was only $ 3.55. He was Decline About 99 %.
Garcia said: “I think a mixture of complex business is very early … Then it is a very aggressive company that tried to grow very quickly, which means that there will be some fluctuations along the way,” said Garcia.
Since then, Carvana has been fine turn aroundPaying his shares to $ 338 per share. “We are back,” said Garcia. “We are in a good place.”
This story was originally shown on Fortune.com
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