In celebration of Hispanic Heritage Month, the 2022 Hispanic Market Report generated by Claritas, a data-driven marketing company, showed the U.S. Hispanic population is exploding, with 89% growth since 2000.

According to the report, around 66.5 million Hispanic consumers live in the United States, representing more than $1.7 trillion in annual buying power.

Perhaps those trends are why Tricolor tech-enabled Community Development Financial Institution (CDFI) and one of the nation’s largest used-vehicle retailers that caters to Hispanic consumers, recently announced the closing of a $100 million warehouse facility with Cincinnati-based Fifth Third Bank, secured by contracts originated across its growing footprint, which spans five states, 20 markets and 55 retail hubs.

“The addition of Fifth Third Bank to our capital structure is another strong validation of our strategy and another significant step towards diversifying our sources of capital to support our growth as we continue expanding our platform into new markets,” Tricolor founder and CEO Daniel Chu said in a news release.

Tricolor has more than doubled its origination volume over the past two years, as well as doubled its market share over the past three years. The company said only CarMax and Carvana sell more used vehicles than Tricolor in Texas.

“We are excited to support Tricolor and its purpose-driven strategy to expand financial inclusion to a financially underserved yet critical segment of the U.S. population,” said Steven Ellis, managing director of asset securitization at Fifth Third Bank. “We’ve followed their progress for the last decade and the commitment of the Tricolor team to deliver a compelling and unique value proposition is highly admirable.”

Tricolor estimated the more than 59 million Hispanics in the United States would collectively rank as the eighth largest economy in the world. Yet, according to the FDIC National Survey of Unbanked and Underbanked Households, 32% of this U.S. Hispanic population has no or limited access to mainstream credit.

According to the U.S. Bureau of Labor Statistics, over 80% of the workforce growth in the U.S. over the last dozen years can be attributed to the Hispanic population, yet fewer than one in six Hispanics in the US can work remotely.

Meanwhile the latest installment of Claritas’ New American Mainstream data series showed figures found in the firm’s report have been recently updated to reflect the latest U.S. population data and the U.S. Census Bureau’s decennial Undercount and Overcount report for the 2020 Census.

After the updated U.S. Census data became available in May 2022, Claritas said its demographers went to work adjusting their estimates and projections to reflect the significant undercount of multicultural groups in many states.

Consequently, Claritas explained its 2023 update shows higher growth in multicultural population segments than any in recent memory.

Claritas expects growth in multicultural segments to continue, especially in the Hispanic population, which is estimated to account for 58% of total U.S. population growth in the next five years.

In fact, the Hispanic population is expected to add an average of 4,091 new members each day from 2023 to 2028 — growing to more than 74 million in total population by 2028. In contrast, the non-Hispanic White population is projected to LOSE a whopping 3,148 members each day on average.

“Multicultural consumers — including the 66.5 million Hispanic consumers living in the United States today — represent a largely untapped potential growth area for many marketers,” Claritas senior vice president of product leadership Ron Cohen said in another news release. “Marketers that build relationships with multicultural consumers today can reap big benefits as the population of these groups continue to explode in the future.”