DALLAS -

Tricolor — a tech-enabled Community Development Financial Institution (CDFI) and one of the nation’s largest used-vehicle retailers that caters to Hispanic consumers — said in a new white paper that, in fact, 96% of its customers are Hispanic.

And the company explained that the pandemic heightened its mission to be an outlet for Hispanics to secure their own transportation.

“The Tricolor platform breaks the cycle and provides a compelling solution for underserved Hispanic consumers, estimated at 43% of the total US Hispanic population, faced with the challenge of accessing affordable credit for the purpose of addressing their transportation needs,” the company said in its 14-page white paper released this week.

“Clearly, the past year has illuminated on the importance of dependable transportation for this consumer profile, as a large cross section of Tricolor’s target market served on the front lines of the pandemic, given their limited capacity to transition to a remote working environment. Tricolor’s proprietary, AI-enabled technology has demonstrated precision power to identify potentially lower risk borrowers among a pool of underserved consumers,” the company continued.

In a message to BHPH Report, Tricolor founder and chief executive officer Daniel Chu emphasized that it takes a deep commitment and expert use of advanced technologies to effectively and affordably offer credit to this population.

“This paper details our work and shows how we provide a superior and responsible loan and retail experience for these credit invisible customers,” Chu said.

“As we continue to scale our mission-driven platform, we are invigorated by the tremendous support for our vision to leverage technology to meaningfully expand financial inclusion and provide a path to the American dream for hardworking, underserved customers,” he went on to say.

The company’s white papers can be downloaded via this website.