A father and son own shares in the used car company, Carvana, increasing the fortune of $ 5 billion in one day, after the company's shares soared.

The company has yet to record a quarterly profit since it went public in 2017, but it has made Ernie Garcia II and his son Ernest Garcia III among the wealthiest people in America, according to a Bloomberg report.

The elder Garcia is the largest shareholder in Phoenix-based Carvana, an online retailer that sells cars through "massive vending machines".

His son Garcia III is the CEO of the company, and together they are worth $ 21.4 billion, according to the Bloomberg Billionaires Index.

The company's shares rose 31% in New York on Tuesday after it expected record revenues and profit margins.

The company's stock has risen nearly 150% this year, as Americans switch to household necessities, entertainment, and increasingly used cars online.

Carvana enables customers to choose from more than 19,000 cars, and complete purchases in less than 10 minutes, according to its website.

Buyers have the option to collect their cars from more than 12 vending machines spread across the country using a giant coin.

The company's revenues doubled to $ 3.9 billion last year, when it sold nearly 200,000 cars.

Garcia II's net worth is more than $ 15 billion, and that of his son is $ 6.4 billion, according to the Bloomberg Index, which tracks the daily fortunes of the world's 500 richest people.