Tricolor Launches New Facility in Surprise, Arizona, Creating Over 500 Jobs
Tricolor, noted for its focus on serving the Hispanic market, has expanded its operations with the inauguration of a cutting-edge reconditioning center in Surprise, Arizona. This facility, which spans 258,000 square feet, is set to employ more than 500 local residents, reinforcing the company’s commitment to community engagement and economic growth.
The grand opening of the Surprise facility was celebrated with a ribbon-cutting ceremony attended by Eduardo Perez, Tricolor’s Chief Customer Officer, along with local dignitaries including City of Surprise Vice Mayor Nick Haney. Representatives from the Arizona Commerce Authority and the Greater Phoenix Economic Council were also present, underscoring the facility’s significance to the region.
Daniel Chu, founder and CEO of Tricolor, remarked on the occasion, We are both proud and excited to join the community in Surprise as we grow to meet the mobility and financial needs of underserved Hispanic consumers everywhere.
He highlighted the facility’s design as a benchmark for operational excellence in the automotive retail industry.
Endorsing the development, Sandra Watson, President and CEO of the Arizona Commerce Authority, stated, Tricolor’s new facility in Surprise highlights Arizona’s growing attractiveness for automotive industry leaders.
She emphasized the role of the facility in enhancing the state’s automotive supply chain and contributing to its economic expansion.
The Surprise center is equipped to handle up to 500 vehicles weekly, offering services such as inspections, repairs, and detailing to ensure vehicles meet high standards before reaching the market. This aligns with Tricolor’s promise of quality, also evident in their 150-point vehicle inspection and the provision of an 18-month/18,000-mile warranty.
Tricolor’s innovative approach includes leveraging artificial intelligence for financing, allowing the company to extend affordable loans to customers with limited credit histories. This initiative has led to the disbursement of nearly $4 billion in loans, aimed at improving financial mobility for underserved Hispanics.
Further showcasing its commitment to financial inclusion, Tricolor stands out as the only subprime auto ABS issuer certified by the US Treasury as a Community Development Financial Institution (CDFI). Since its first securitization in 2013, the company has completed thirteen asset-backed securities transactions.
Tricolor has gained recognition for its impactful work, earning accolades such as Inc. Magazine’s Best in Business and awards for Excellence in Financial Inclusion. For more information, visit tricolorholdings.com and tricolor.com.
Contact Information:
Stephanie Hicks, Cosmo PR on behalf of Tricolor, [email protected]
Alyssa Tufts, Arizona Commerce Authority, [email protected]
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