Invest Like The Best
Episode 396 Leading Through Crisis
Invest Like The Best

Episode 396: Leading Through Crisis

Invest Like The Best

Episode 396

Leading Through Crisis

Ernie Garcia is the co-founder and CEO of Carvana. We cover his strategies for staying calm and leading the team through a period of significant volatility and drawdown, how the acquisition of ADESA shaped Carvana's growth trajectory, and the legendary project management methodology used at the firm.

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Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:06:00) Carvana's Journey

(00:07:38) Facing the COVID-19 Challenge

(00:08:12) The Rise and Fall: Carvana's Rollercoaster

(00:10:05) Leadership and Resilience in Tough Times

(00:14:32) Handling Drawdowns and Communication

(00:16:58) Maintaining Calm and Leadership

(00:18:19) The True Story of Carvana's Journey

(00:20:36) Navigating Market Challenges

(00:23:40) Learning to Say No

(00:30:35) Project Management and Accountability

(00:34:22) The Importance of Player-Coach Leadership

(00:35:53) The Importance of Vertical Integration

(00:40:43) Customer Experience and Vertical Integration

(00:41:41) Navigating Economic Variables

(00:43:52) Building Resilience in Business

(00:45:27) Balancing Personal and Professional Life

(00:48:57) Efficiency and Growth in Carvana

(00:59:02) Insights on Investors and Entrepreneurship

(01:02:42) Lessons from Family and Origins of Carvana

(01:11:22) The Kindest Thing Anyone Has Done For Ernie

Leading Through Crisis

Introduction

Patrick
My guest today is Ernie Garcia III. Ernie is the co-founder and CEO of Carvana. Ernie joined me on this show in 2021, and despite all that the business has gone through since that conversation, you'll hear how he has the exact same demeanor and crystal-clear vision for the business and its operations today.

Carvana is one of the most remarkable business turnaround stories in recent history, and Ernie gives us a raw and candid explanation of navigating through a 99% stock price decline and ultimately emerging stronger on the other side. I don't know many leaders who could survive this. He credits his team again and again for successfully weathering the storm and maintaining morale.

We discussed leading through a crisis, building for the long term, and a focus on ruthless prioritization and efficiency gains. Please enjoy my conversation with Ernie Garcia.

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