LAS VEGAS, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Tricolor, the nation’s largest used vehicle retailer focusing on the sale and financing of vehicles to the Hispanic consumer, today announced from the Auto Finance Summit in Las Vegas, NV that it has been named as one of only five winners of the 2019 Auto Finance News Excellence Awards, capturing the Excellence Award for Technology. The award recognizes Tricolor for excellence and innovation in its use of technology over the prior 12 months.
During that time, Tricolor has continued to integrate and apply Artificial Intelligence (AI) and machine learning, new software platforms, digital marketing strategies, and other IT-related innovations as part of its commitment to transform the $210 billion auto lending industry for Hispanics in the U.S. Tricolor has continued to transform the used auto purchasing and ownership experience for deserving customers through the use of WhatsApp for customer service, new online car buying tools, and cutting edge application of machine learning and AI in underwriting to better serve credit invisible customers.
Recently, the company also launched a new affiliate called Tricolor Insurance, leveraging its proprietary underwriting algorithms and successful scoring strategies to provide affordable, low-monthly premium insurance policies to auto owners.
Tricolor CEO Daniel Chu and company President-COO Don Goin were both speakers at the 2019 Auto Finance Summit and accepted the award at the event. Goin participated on a panel regarding innovative uses of AI and machine learning, while Chu delivered a keynote presentation on how to obtain and retain customer loyalty in the digital age.
“This award is a gratifying validation of the mission of our company – that technology powers our ability to provide underserved customers with affordable access to high quality vehicles and ultimately improve their lives with a path to mainstream financing,” said Tricolor CEO Daniel Chu. “With AI-powered risk and analytics at the core of our business, we are dramatically remaking the used car buying experience in America for the Hispanic consumer.”
Since its founding in 2007, Tricolor has empowered customers by providing access to affordable financing on high quality, certified vehicles in order to enhance the quality of their lives and ultimately help them to build a better future. The company operates 36 dealerships in Texas and California through its Tricolor and Ganas brands. On a combined basis, Tricolor and Ganas have served nearly 50,000 customers and disbursed nearly $1 billion in affordable auto loans by using its proprietary model to segment risk.
Tricolor’s proven and proprietary credit decisioning engine demonstrates its advanced analytical competency and serves as the foundation for a new direct lending model for subprime customers. Its AI-powered segmentation model assesses unique, nontraditional attributes for no credit and low-income consumers in order to assess intent and ability to repay. For more than a decade, Tricolor has successfully scored no file and thin file Hispanics, as evidenced by five well-received ABS securitizations.
For more information about Tricolor and Ganas, please visit tricolor.com and ganas.com.
About Tricolor
Tricolor is a mission-driven company which sells and finances high quality, certified used motor vehicles through its premium brands, Tricolor Auto Group in Texas and Ganas Auto Group in California, utilizing 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, Tricolor and its affiliate Ganas Auto Group operate 36 retail dealerships across 12 markets in Texas and California, as well as a shared services center in Guadalajara, Mexico.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
(805) 295-9455
stephanie@cosmo-pr.com