“In the beginning, customer care was instinct, empathy, and a lot of figuring out things in real time,” Teresa Aragon recalls of Caravana‘s beginnings. Born in 2010, the online used car buying/selling company started as “just a small group of people sitting together, taking calls.” Today, it’s the largest Hispanic-owned company in the country.
“We designed everything around one core idea: your next customer may be your mom,” the now vice president of customer service explained to Latino Leaders, which placed Caravana at the top of its ranking of Hispanic-American companies by revenue. “That means clarity over jargon, empathy over efficiency, and honesty even when it’s uncomfortable.”
It was founded by Hispanic-American entrepreneur Ernest Garcia III. He launched it as a subsidiary of DriveTime, a company owned by his father. In its first year, the company reached its first sales target: one day, one car. By the second year it was selling six a day. By 2025, more than 1,600.
According to the Index500, prepared by Latino Leaders and BMO Financial Group, Caravana has more than 23,000 employees and an annual revenue of more than $20 billion. This places it at the top of the ranking. Below is the full top 10.
- CARAVANA– Automobile retailing. Annual revenue: $20.322 billion
- MASTEC– Engineering, construction. $14.075 billion
- INTUITIVE RESEARCH AND TECHNOLOGY CORPORATION – Information, technology: $10 billion
- BIMBO BAKERIES USA – Food services, retail: $8.4 billion
- FANJUL CORPORATION/FLORIDA CRYSTALS – Food and beverage: $7.749 billion
- TELEVISAUNISION– Advertising, marketing and media: $4.8 billion
- QUIRCH FOODS – Food and beverage: $4.434 billion
- ACUITY INC. – Information, technology: $4.3 billion
- COCA COLA SW BEVERAGES – Food and beverage: $4.28 billion
- GRUMA CORPORATION – Food services, retail: $3.448 billion
Large Hispanic-American companies
“This year’s ranking shows continued momentum, with the largest company surpassing $20 billion in annual revenue and the threshold to make the list exceeding $40 million—clear markers of maturity, resilience, and long‑term economic contribution,” said Eduardo Tobon, director of BMO’s Latino segment. Growth that is seen in different industries: construction, healthcare, logistics, food….
“The Latino business community represents a vital engine of economic growth in the United States,” he says, along with Jorge Ferraez, co-creator of the index. This power has been demonstrated by data previously reported by VOZ:
This continued growth is also reflected in the 500 companies in the ranking: in one year their collective revenue grew by 37%, reaching $135 billion. The pace of the top 10 was particularly striking: $81.8 billion in total, an annual increase of 46%. Those accounted for 44.5% of the total revenue of the ranked companies.
Geographically, large Latino companies are concentrated in just a few states. Fifty-eight percent of total revenue came from just three states: California, Texas and Florida. There, 57.6% of the listed companies are located.
