Tricolor Opens New 200,000 Square Foot Reconditioning Center to Support Value Proposition and Scale

September 22, 2022

DALLAS, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Tricolor today announced the opening of its new state-of-the-art mega reconditioning center in Wilmer, Texas, south of downtown Dallas. The 200,000 square foot indoor facility and adjacent 12-acre parking facility employs more 200 people and accommodates 200 service bays, a full paint and body center, and an automated car wash at scale. The facility is designed to be environmentally friendly, utilizing water-based paint, waste material recycling, and air monitoring features.

“Our unique, integrated model allows us to execute a full end-to-end solution that meets the mobility demands and affordability needs of the Hispanic consumer, many of whom require dependable transportation for survival,” said Daniel Chu, founder and CEO of Tricolor. “This substantial investment in our reconditioning infrastructure will enable us to scale the delivery of unprecedented value to our customers.”

As part of its overall value proposition, Tricolor performs a 150-point inspection, invests an average of $2,200 in every vehicle, and provides each purchaser with a free 18 month/18,000 mile limited warranty on the vehicle’s major components.

“Given today’s macro environment, as the burdens of high inflation impact the financially vulnerable, managing vehicle quality allows us to mitigate major mechanical issues, which can be devastating for a low-income borrower,” continued Chu.

Tricolor has more than doubled its origination volume over the past two years, as well as doubled its market share over the past three years. Only CarMax and Carvana sell more used vehicles than Tricolor in Texas.

During that same span, 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 allows them to build a better future.