New automotive facility opens in Surprise to help underserved Hispanic communities
Sep 7, 2024, 7:15 AM
Tricolor, an automotive retailer, opened its new Surprise location on Sept. 4, 2024. (Greater Phoenix Economic Council Photo)
(Greater Phoenix Economic Council Photo)
PHOENIX – A new automotive reconditioning facility that aims to provide for underserved Hispanic communities officially opened its doors in Surprise.
Tricolor, a used automotive retailer, cut the ribbon to its new 258,000-square-foot facility on Wednesday. Surrounded by Arizona government officials and business leaders, the company underlined its focus on addressing the needs of Hispanic consumers.
“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,” Daniel Chu, founder and CEO of Tricolor, said in a press release.
Tricolor uses AI to provide auto loans to customers with limited or no credit. It has delivered $4 billion in loans to help people in underserved communities become more mobile, which can lead to new financial opportunities.
The new Phoenix location is estimated to support over 500 new jobs.
The facility, which was created from the ground-up in partnership with Surprise, will have the ability to manage 500 vehicles per week. Tricolor offers inspections, detailing and quality control, along with mechanical and cosmetic repair.
To ensure automobiles are ready for market, Tricolor performs a 150-point inspection and offers a free 18-month, 18,000-mile limited warranty on the vehicles’ major parts.
“We provide superior value to our customers in the form of high-quality vehicles fully backed by a warranty and financed at affordable rates – an integrated value proposition simply unattainable elsewhere,” Chu said.
Surprise Vice Mayor Nick Haney attended the ribbon cutting ceremony, along with Arizona Commerce Authority and Greater Phoenix Economic Council.
“With this new facility, Tricolor grows our robust automotive supply chain while showcasing the rapid economic growth taking place in the West Valley and across the state,” Sandra Watson, president and CEO of the Arizona Commerce Authority, said.
Tricolor is based in Texas but has 55 retail centers spread across California, Nevada, Arizona, New Mexico and a shared service center in Guadalajara, Mexico.
“Tricolor continues to prove its commitment to greater Phoenix with this massive new facility that will employ hundreds,” Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said. “The company’s dedication to buying and selling locally keeps money flowing within the regional and state economies, multiplying its impact on Surprise and neighboring communities.”
