Tricolor Named Auto Finance Excellence Award Winner

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DALLAS, Oct. 31, 2022 (GLOBE NEWSWIRE) — Tricolor today announced it has been named the winner of the Auto Finance Excellence Award for Community Service in recognition of its groundbreaking success in expanding physical and financial mobility for underserved Hispanics. Tricolor was honored at the Auto Finance Summit in Las Vegas last week.

Over the last 15 years, the company has disbursed more than $2 billion in affordable auto loans and helped hundreds of thousands of customers – many of whom lack access to affordable credit – purchase a high-quality used vehicle. Through its commitment to superior vehicle quality and a unique integrated business model powered by artificial intelligence, Tricolor can accurately underwrite these customers, deliver a top-rated car buying experience and provide them with a reliable vehicle at affordable rates.

“The Hispanic population is the engine of the U.S. economy but has largely been ignored by the financial mainstream,” said Tricolor CEO Daniel Chu. “We founded this company with a conviction that these customers deserved better and resolved to use technology in combination with a differentiated approach to help set them on the path to the American Dream. We’re extremely grateful for this validation of our mission and our team’s hard work in making our vision a reality.”

The U.S. Hispanic market would collectively rank as the eighth largest economy in the world and according to the Bureau of Labor Statistics is responsible for 80% of the workforce growth in the country over the last dozen years. Yet, more than a third have no or limited access to mainstream credit and 69% say financial services don’t meet their needs, creating mobility challenges for a segment of the population in which fewer than one in six can work remotely.

This high barrier to affordable financing results in scarce options or a lack of access and leaves many susceptible to predatory operators.

Tricolor uses artificial intelligence (AI) and nearly 15 years of proprietary customer insights and with over 25 million unique non-traditional credit attributes to unlock financially inclusive opportunities for low-income, credit invisible Hispanics left behind by mainstream financial providers.

To date, this U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) has disbursed over $2 billion in affordable auto loans and saved borrowers more than $800M in potential interest compared to loans for which they would have otherwise qualified. It has also helped over 50% of its borrowers with no FICO score to establish a score with a major credit bureau.

Tricolor’s patent-pending, interactive tools provide unprecedented transparency and empower self-selection for its customers. Further, its integrated retail plus lending platform creates a seamless customer experience and superior value, resulting in high quality vehicles, backed by a free warranty, and made accessible through affordable credit. As a result, Tricolor routinely earns Net Promoter Scores that are superior to even the biggest names among both disruptors and traditional automotive retailers.

In addition to this Auto Finance Excellence Award, Tricolor is routinely recognized for its important work supporting consumers, including being named the winner of the Excellence in Financial Inclusion Award at the 2022 LendIt Fintech Industry Awards as well by the Finovate Awards.

For more information about Tricolor, please visit tricolorholdings.com and tricolor.com.

About Tricolor
Tricolor is a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) and a mission-driven company that leverages its direct-to-consumer, A.I.-powered platform to provide transportation and upward financial mobility solutions for underserved Hispanics in the United States. It utilizes advanced data analytics and technology to advance financial inclusion to a highly underserved market and offer responsible, affordable, credit-building auto loans to individuals with no or limited credit history.

Headquartered in Dallas, Texas, Tricolor and its affiliate Ganas Auto Group operate 50 retail centers across 20 markets in Texas, California, Nevada, and Arizona with a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 90,000 customers and disbursed over $2 billion in affordable auto loans using their proprietary model to segment risk.

CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
[email protected]