Tricolor opens Wilmer facility

WILMER – Tricolor Holdings’, a Dallas-based company opened a new 200,000-square-foot reconditioning center.

The facility includes a 12-acre parking facility with 200 service bays, a paint and body center, and an automated car wash to “recondition” Tricolor’s supply of used cars financed and sold primarily to Hispanic buyers

The project will create 200 jobs in the southern Dallas area.

The company performs a 150-point inspection and invests an average of $2,200 in every vehicle before reselling them

The price of used cars has skyrocketed in the last year because of inflation and supply shortages. Data from the U.S. Bureau of Labor Statistics shows used car prices surged 6.6% year-over-year in July 2022.

Kelley Blue Book, one of the leading automotive pricing sites, stated the average used car sold for $28,219 in July and listing prices now stand 11% higher than a year ago.

A year ago, Tricolor received a $90 million growth investment from Wall Street behemoth Black Rock for a minority stake in the firm.

Tricolor operates 50 retail centers in Texas, California, Nevada and Arizona under Tricolor Auto Group.

It also has a shared services center in Guadalajara, Mexico.

It has 1,000 employees in the U.S. and 350 in Dallas-Fort Worth.

The company is a community development financial institution offering auto loans to buyers with no or limited credit history.