Tricolor Holdings Named Inc. 2022 Best in Business Award Winner
Tricolor earns prestigious recognition for putting purpose ahead of profit in financial services
DALLAS, Dec. 06, 2022 (GLOBE NEWSWIRE) — Tricolor Holdings today announced that it has been named to the highly competitive Inc. 2022 Best in Business list, which honors companies that have made an extraordinary impact in their fields and on society. Tricolor Holdings was recognized for its groundbreaking success in expanding physical and financial mobility for underserved Hispanics.
Over the last 15 years, Tricolor 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. As a result of its focus on expanding financial inclusion to the underserved, Tricolor became the first ever lender in the United States to issue a social bond collateralized by consumer auto asset backed securities (ABS). This designation furthers the company’s mission to empower underserved, low-income communities and provide them with improved access to mainstream financing that ultimately helps them to build a better future.
“We are honored to be included among this distinguished group of purpose-driven companies and grateful to Inc. for this tremendous recognition of our strategy,” said Daniel Chu, founder and CEO of Tricolor Holdings. “We have a strong conviction that success derives from empowering our customers and helping them to achieve a higher quality of life. Our mission to create that path has been inextricably embedded in both our culture and strategy.”
Scott Omelianuk, editor-in-chief of Inc., says, “Inc. magazine is dedicated to showcasing America’s most dynamic businesses and the great things they do. The Best in Business awards shine a light on those that have gone above and beyond their original mission to make a social, environmental or economic impact, benefiting those around them.”
Rather than relying solely on quantitative criteria tied to sales or funding, Inc.’s editors reviewed the companies’ achievements over the past year and noted how they made a positive difference in the world. Honorees for general excellence across various industries and categories are featured online at https://www.inc.com/best-in-business.
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.
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.
About Inc.
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community they need to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
[email protected]
