Ernest Garcia III

President, CEO, and Chairman at CARVANA

Board

Since 2012

Age

41 years

Education

Holds a B.S. in management science and engineering from Stanford University.

Tenure

Joined and co-founded CVNA in 2012, serving as President and CEO since inception and later taking on the role of Chairman after the IPO in 2017.

Also at CARVANA

Benjamin Huston

Chief Operating Officer (COO)

Daniel Gill

Chief Product Officer

Mark Jenkins

Chief Financial Officer (CFO)

About

Ernest Garcia III has been a driving force at CVNA since co-founding the company in 2012.

He has led the company as President and CEO from its inception, and later expanded his leadership by assuming the role of Chairman after the IPO in 2017, underscoring his commitment to shaping the company's strategic direction.

He holds a B.S. in management science and engineering from Stanford University, a credential that has supported his successful career in transforming automotive retail.

Before establishing CVNA, he honed his expertise by serving in several key roles at DriveTime Automotive Group, Inc., and as an associate in the Principal Transactions Group at RBS Greenwich Capital, developing financial models and strategies that have defined his approach to business and innovation.

$CVNA Performance Under Ernest Garcia III

Past Roles

Organization	Role	Date Range	Details
DriveTime Automotive Group, Inc.	Vice President and Treasurer and Director of Quantitative Analytics	November 2009 - January 2013	Responsible for development of consumer credit scoring models and their use in deal structuring and price optimization
DriveTime Automotive Group, Inc.	Managing Director of Corporate Finance	December 2008 - November 2009	N/A
DriveTime Automotive Group, Inc.	Financial Strategist	January 2007 - December 2008	N/A
RBS Greenwich Capital	Associate in the Principal Transactions Group	2005 - 2006	Focused on consumer-credit-based investments

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$912,238	Annual	Originally $930,000; voluntary salary waivers resulted in a received salary of $912,238
All Other Compensation	$712	As incurred	Solely attributable to cellphone expense

Performance Compensation

Data from FY 2023

Adjusted EBITDA PSUs

Metric	Detail
Performance Metric	Positive Adjusted EBITDA
Target/Condition	Must achieve positive Adjusted EBITDA for a calendar quarter ending on or before December 31, 2023
Vesting Condition	50% of the PSUs vested upon filing a Quarterly Report confirming positive Adjusted EBITDA on July 19, 2023
Vesting Schedule	Binary vesting based on the achievement of the performance metric; 50% vesting on the qualifying filing
Grant Date	February 22, 2023
Number of PSUs Granted	53,091
Grant Date Fair Value	$534,626
Threshold / Max Cap	No threshold or maximum level; vesting is contingent solely on achieving positive Adjusted EBITDA
Weight in Total Compensation	Represents 9.1% of total 2023 compensation

Core Free Cash Flow PSUs

Metric	Detail
Performance Metric	Positive Core Free Cash Flow
Target/Condition	Must file a Quarterly or Annual Report (Form 10-Q/10-K) reflecting positive Core Free Cash Flow on or before December 31, 2025
Vesting Condition	PSUs will vest when the performance metric is met; condition has not yet been met
Vesting Schedule	Vesting contingent upon the filing of the qualifying report (either Form 10-Q or 10-K)
Grant Date	February 22, 2023
Number of PSUs Granted	53,091
Grant Date Fair Value	$534,626
Threshold / Max Cap	No threshold or cap level; vesting is binary based solely on meeting the performance metric
Evaluation Period	Up to December 31, 2025

Note: Time-based RSUs and Stock Options granted in 2023 are not performance-based and therefore are not included in this performance compensation summary.