Tricolor Auto Acceptance has received a $30 million preferred equity investment from a global institutional investor, the company announced today.
“We plan to first scale our footprint in California and Nevada before expanding to more states,” Chief Executive Daniel Chu told Auto Finance News, noting that the investment is a “tremendous validation of our model and technology-driven approach.”
Dallas-based Tricolor leverages artificial intelligence in its credit decisioning to provide auto loans for thin- and no-file borrowers. The subprime lender has originated nearly $1 billion to Hispanic customers, according to a release. The company also uses its proprietary technology to underwrite insurance policies to its customers.
Chu will join the speaker faculty at the Auto Finance Sales & Marketing Summit to discuss ways in which auto lenders can successfully market their product to new demographics, such as leveraging Google Mexico. In 2019, Tricolor won the Auto Finance Excellence Award for Technology at the 19th annual Auto Finance Summit for its innovative uses of data and analytics to serve credit-invisible customers.
