DALLAS, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Tricolor, a Community Development Financial Institution (CDFI) and the nation’s largest used vehicle retailer focusing on the sale and financing of vehicles to the Hispanic consumer, today announced that it has been named a finalist in the Excellence in Financial Inclusion category for the LendIt Fintech Awards. The award highlights companies that have made the biggest difference in expanding access to financial services in new and innovative ways.
“The growing financial inequality gap in America has underscored the need to transform finance in service to the broader needs of the population,” said Tricolor CEO Daniel Chu. “We are honored to be considered amongst these innovators for our mission to empower financially underserved consumers and provide them with access to affordable financing that will ultimately improve their lives for the better.”
Tricolor leverages advanced data analytics and AI technologies to deliver high quality used vehicles at affordable loan rates for low income, credit invisible Hispanics. It has been named a LendIt Fintech award finalist alongside Nova, Opploans, Branch, Current, and Steady in the Excellence in Financial Inclusion category for the exceptional quality of its offering.
According to the Consumer Financial Protection Bureau (CFPB), 26 million people in the United States are “credit invisible” and an additional 19 million are “unscoreable,” corresponding to a total of 45 million people in the United States whose lack of a credit score translates into limited options in terms of accessing financing for a major purchase such as a motor vehicle.
Tricolor empowers its 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. Since its founding in 2007, the company has served over 65,000 customers and disbursed over $1 billion in affordable auto loans by using its proprietary model to segment risk.
About Tricolor
Tricolor is a Community Development Financial Institution (CDFI) and 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 38 retail dealerships across 12 markets in Texas and California, as well as a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 65,000 customers and disbursed over $1 billion in affordable auto loans by using its proprietary model to segment risk.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
(805) 295-9455
stephanie@cosmo-pr.com