DALLAS, April 27, 2020 (GLOBE NEWSWIRE) -- Tricolor, the nation’s largest used vehicle retailer focusing on the sale and financing of vehicles to the Hispanic consumer, today announced that transformational automotive software industry executive Jennifer Lee has been named Chief Product and Strategy Officer.
“Now more than ever, companies must provide solutions for their customers which responsibly meet their needs,” said Tricolor CEO Daniel Chu. “Jennifer shares our vision for remaking the our industry as a digitally-driven experience that empowers and enables customers. Her incredible passion for innovation and entrepreneurial drive, combined with her deep and relevant industry experience, brings tremendous value to our team.”
With a career spanning more than two decades in the automotive and technology industries, Lee has served in senior leadership capacities for leading brands such as DealerTrack, Cox Automotive, and DealerSocket. In these roles, she earned a reputation for catalyzing innovative solutions, crafting transformational product strategies, and delivering attractive growth in an industry traditionally slow to embrace change.
At Tricolor, she will be part of the core leadership team tasked with rapidly scaling its platform and retail network while expanding availability for its high quality, used vehicles and access to responsible auto financing options in new markets.
“Tricolor has built a compelling track record delivering inclusive, affordable vehicle and financing solutions that can both scale and fulfill on demanding customer expectations,” said Lee. “I am excited to apply all that I’ve learned to accelerate Tricolor’s powerful direct-to-consumer model with a game-changing combined digital and in-person customer experience.”
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.
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. Since its founding in 2007, the company has served over 60,000 customers and disbursed $1 billion in affordable auto loans by using its proprietary model to segment risk.
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.
For more information about Tricolor and Ganas, please visit tricolor.com and ganas.com.
About Tricolor
Tricolor is a Community Development Financial Institution (CDFI) and 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 and its affiliate Ganas Auto Group operate 38 retail dealerships across 12 markets in Texas and California, as well as a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served nearly 60,000 customers and disbursed over $1 billion in affordable auto loans by using its proprietary model to segment risk.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
(805) 295-9455
stephanie@cosmo-pr.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/873a3427-5df5-4099-ae16-94a9a94e0112