Purposeful financial technology leader adds proven execs, aims for continued scaling of business into new geographies
DALLAS, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Tricolor, a tech-enabled Community Development Financial Institution (CDFI) and the nation’s largest used vehicle retailer and lender for the Hispanic consumer, today announced that it has named Nick Brown as Chief Risk Officer, Albert Hoover as Chief Corporate Development and Legal Officer, and Troy Sterk as Chief Supply Chain Officer.
These latest additions join recent hires Chief Product and Strategy Officer Jennifer Lee and Chief Compliance Officer Stacie Trier as the company positions itself to capitalize on consumer demand for its products and the appeal of its unique mission-driven, AI-powered risk scoring platform.
“I’m pleased to welcome Nick, Al, and Troy to our growing team at Tricolor,” said Tricolor Founder and CEO Daniel Chu. “The shared vision and tremendous horsepower of our senior leadership will help us realize our goal of national expansion so that Tricolor can provide a path to the American Dream for hardworking, underserved customers everywhere.”
Over the last five years, Nick Brown served as the Chief Risk Officer at OnDeck Capital. Previously, he held various leadership roles in risk management over a five year tenure at the Commonwealth Bank of Australia and his twelve years with Discover Financial Services. Brown earned his B.S. and M.S. in Industrial and Labor Relations, and Ph.D. in Statistics and Organizational Behavior from Cornell University.
Albert Hoover is a former Fortune 50 executive who served for more than a decade with AT&T, including as its Managing Director of Corporate Development. There, he provided strategic planning, legal, and M&A advisory services across its software, IT services, and media divisions. Prior to AT&T, he was General Counsel at Sterling Commerce and Assistant General Counsel at Sterling Software, as well as at various law firms. Hoover is a graduate of Harvard Law School, and earned a B.A. in Economics from Northwestern University.
Troy Sterk is a 20-year supply chain veteran of the semiconductor industry. Previously, he held senior roles as Director of Operations for Broadcom and TriQuint Semiconductor (now Qorvo, Inc.). Sterk holds a B.S. in Mechanical Engineering from the University of New Mexico.
Tricolor is a pioneer in the application of AI and other advanced technologies to drive its integrated used vehicle sales and financing platform. The company leverages advanced data analytics and AI to deliver high quality used vehicles at affordable loan rates for low income, credit invisible Hispanics.
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 7,000 customers and disbursed well in excess of over $1 billion in affordable auto loans by using its proprietary AI-powered 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.
Tricolor is a Community Development Financial Institution (CDFI) and mission-driven company that sells and finances high quality, certified used motor vehicles through its premium brands, Tricolor Auto Group in Texas and Nevada 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, Texas, Tricolor and its affiliate Ganas Auto Group operate over 40 retail dealerships across 14 markets in Texas, California, and Nevada with a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 70,000 customers and disbursed over $1 billion in affordable auto loans by using their proprietary model to segment risk.
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