SURPRISE, Ariz., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Tricolor, the third largest used automotive retailer in California and Texas and the largest in the country focused on addressing the needs of underserved Hispanic consumers, today unveiled its newest state-of-the-art mega reconditioning center in Surprise, Arizona. The 258,000-square-foot facility will employ more than 500 people from the area.
Tricolor hosted a ribbon cutting ceremony on September 4th to celebrate the opening of the Surprise facility. Tricolor Chief Customer Officer Eduardo Perez was joined by City of Surprise Vice Mayor Nick Haney, the Arizona Commerce Authority, Greater Phoenix Economic Council, and local economic development, government and business leaders.
“We are both proud and excited to join the community in Surprise and partner with the Greater Phoenix Economic Council as we grow to meet the mobility and financial needs of underserved Hispanic consumers everywhere,” said Daniel Chu, founder and CEO of Tricolor. “This facility was designed from the ground-up to set a new standard for operational excellence in the retail automotive industry. It’s been a pleasure and a tremendous advantage to work with a city that is aligned with our vision and expectations, and we look forward to a long and productive relationship.”
“Tricolor’s new facility in Surprise highlights Arizona's growing attractiveness for automotive industry leaders,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “With this new facility, Tricolor grows our robust automotive supply chain while showcasing the rapid economic growth taking place in the West Valley and across the state.”
“Tricolor continues to prove its commitment to Greater Phoenix with this massive new facility that will employ hundreds,” said Chris Camacho, President and CEO, Greater Phoenix Economic Council. “The company's dedication to buying and selling locally keeps money flowing within the regional and state economies, multiplying its impact on Surprise and neighboring communities.”
“The City of Surprise is thrilled to welcome Tricolor! Their investment in our community is only the start of a thriving partnership as well as many new career opportunities for over 500 residents,” said Jeanine Jerkovic, Economic Development Director, City of Surprise.
The Surprise facility will have the capacity to handle up to 500 vehicles per week, offering comprehensive services including thorough inspections, mechanical and cosmetic repairs, detailing, and quality control. The facility will ensure each vehicle meets high standards before being prepared for market.
In late 2022, Tricolor unveiled a 200,000 square foot reconditioning center in Wilmer, Texas. Together, these two facilities support Tricolor’s overall promise of quality to its customers. As part of its value proposition, Tricolor performs a 150-point inspection and provides each purchaser with a free 18-month/18,000-mile limited warranty on the vehicle’s major components.
In addition, Tricolor provides financing to its consumers for substantially all of its transactions, leveraging artificial intelligence (AI) to successfully underwrite and extend affordable loans to credit invisible customers. To date, the company has disbursed nearly $4 billion in affordable auto loans as part of its mission to empower underserved Hispanics and provide them a path to a better future through both physical mobility and upward financial mobility. By providing deserving people with access to reliable, affordable transportation and moving them into the financial mainstream, Tricolor aims to reverse systemic financial inequality in America.
The company is the only issuer in all of subprime auto ABS to be certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). It issued its first securitization in July 2013 and has completed thirteen ABS transactions in total.
“We provide superior value to our customers in the form of high-quality vehicles fully backed by a warranty and financed at affordable rates – an integrated value proposition simply unattainable elsewhere,” explained Chu. “This new, cutting-edge infrastructure enables us to deliver on our commitment to unrivaled vehicle quality as we expand our presence throughout California and the Western United States.”
Tricolor has been routinely recognized for its important work supporting consumers, including being named one of Inc. Magazine’s Best in Business and as the winner of Excellence in Financial Inclusion awards by both Finovate Awards and the LendIt Fintech Industry 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 55 retail centers across over 20 markets in Texas, California, Nevada, Arizona, and New Mexico with a shared services center in Guadalajara, Mexico. For more information, please visit tricolor.com.
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create - attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter @azcommerce.
Media Contacts
Stephanie Hicks, Cosmo PR on behalf of Tricolor, stephanie@cosmo-pr.com
Alyssa Tufts, Arizona Commerce Authority, alyssat@azcommerce.com
