Tricolor is recognized for responsible lending and financial inclusion in underserved Hispanic communities using AI and advanced financial technologies
DALLAS, Oct. 31, 2022 (GLOBE NEWSWIRE) — Tricolor announced today that it has been named a winner of the Auto Finance Excellence Award for Community Service in recognition of its pioneering 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 past 15 years, the company has disbursed more than $2 billion in affordable auto loans and helped hundreds of thousands of customers – many of whom do not have access to affordable credit – to purchase a quality used vehicle. Through its commitment to superior vehicle quality and a unique integrated business model powered by artificial intelligence, Tricolor is able to accurately subscribe to these customers, provide a premium car buying experience, and provide them with a reliable vehicle at affordable prices.
“The Hispanic population is the engine of the US economy, but has been largely ignored by the financial mainstream,” said Daniel Chu, CEO of Tricolor. “We founded this company believing that these customers deserved better and decided to use technology combined with a differentiated approach to put them on the American Dream journey. We are very grateful for this validation of our mission and the hard work of our team in realizing our vision.”
The U.S. Hispanic market would rank as the eighth largest economy in the world overall and is responsible for 80% of the country’s labor force growth over the past decade, according to the Bureau of Labor Statistics. However, more than a third have no or limited access to major credit and 69% say financial services do not meet their needs, creating mobility issues for a segment of the population where fewer than one in six can work remotely.
This high barrier to affordable financing results in scarce options or lack of access, leaving many vulnerable to predatory operators.
Tricolor leverages artificial intelligence (AI) and nearly 15 years of proprietary customer insights and over 25 million unique, non-traditional credit attributes to create financially inclusive opportunities for low-income, credit-invisible Hispanics left behind by mainstream finance providers.
To date, this U.S. Treasury Department-certified Community Development Financial Institution (CDFI) has disbursed over $2 billion in affordable auto loans and saved borrowers more than $800 million in potential interest compared to loans they would otherwise take out would have qualified. It has also helped over 50% of its non-FICO borrowers get a score with a major credit bureau.
Tricolor’s patent-pending, interactive tools offer unparalleled transparency and enable self-selection for their customers. Additionally, the integrated retail and 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 lending. As a result, Tricolor regularly achieves Net Promoter Scores that surpass even the biggest names among disruptors and traditional car dealerships.
In addition to this Auto Finance Excellence Award, Tricolor is regularly recognized for its important work in empowering consumers, including being named the Excellence in Financial Inclusion Award Winner at the 2022 LendIt Fintech Industry Awards as well as the Finovate Awards.
For more information about Tricolor, visit tricolorholdings.com and tricolor.com.
Tricolor is a U.S. Treasury Department-certified Community Development Financial Institution (CDFI) and mission-driven company leveraging its AI-powered direct-to-consumer platform to provide transportation and financial mobility solutions to underserved Hispanics in the United States. It uses advanced data analytics and technology to drive financial inclusion in a severely underserved market, providing responsible, affordable, credit-building auto loans to those with no or limited credit history.
Headquartered in Dallas, Texas, Tricolor and its subsidiary Ganas Auto Group operates 50 retail centers in 20 markets in Texas, California, Nevada and Arizona with a shared services center in Guadalajara, Mexico. Combined, Tricolor and Ganas have served over 90,000 customers and disbursed over $2 billion in affordable auto loans using their proprietary risk segmentation model.
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