DALLAS, March 13, 2018 (GLOBE NEWSWIRE) -- Tricolor, the nation’s largest used vehicle retailer focusing on the sale and financing of vehicles to the Hispanic consumer, today announced its fourth securitization, an issuance of $131 million of asset-backed bonds secured by a pool of its installment loans. The portfolio included loans originated by Tricolor’s affiliate company, Ganas Auto Group, which operates in California.
The Class A and Class B bonds were placed with a diversified mix of institutional investors in a private offering pursuant to Rule 4(a)(2) under the Securities Act of 1933, as amended. J.P. Morgan Chase served as the Investment Advisor and Representative of the Purchasers.
“As we continue to build out a robust capital markets platform and drive down our cost of capital, we will gain even more flexibility to provide our consumer with the most affordable financing options possible,” remarked Daniel Chu, CEO of Ganas Holdings, the parent company of Tricolor Auto Group, which operates in Texas, and Ganas Auto Group, which operates in California.
According to the Consumer Financial Protection Bureau (CFPB), 26 million people in the United States are “credit invisible” and an additional 19 million are “unscoreable,” corresponding to a total of 45 million people in the United States whose lack of a credit score translates into limited options in terms of accessing financing for a major purchase such as a motor vehicle.
Since its founding in 2007, Tricolor empowers its customers by providing access to affordable financing on high quality, certified vehicles in order to enhance the quality of their lives and ultimately help them to build a better future. On a combined basis, Tricolor and Ganas have served more than 44,000 customers and disbursed nearly $800 million in affordable auto loans by using its proprietary model to segment risk.
Tricolor issued its first securitization in July 2013.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Tricolor is a mission-driven company which sells and finances high quality, certified used motor vehicles through its premium brands, Tricolor Auto Group in Texas and Ganas Auto Group in California, utilizing 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, Tricolor, together with its affiliate, Ganas Auto Group, operate thirty retail dealerships across twelve markets in Texas and California, as well as a shared services center in Guadalajara, Mexico.
Cosmo PR for Tricolor
Source:Tricolor Auto Group