Tricolor Appoints Kathryn Petralia and Antonio Garza To Board of Directors
December 07 2020 - 8:00AM
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 the
appointment of Kathryn Petralia and Antonio Garza to its Board of
Directors. Petralia is a serial entrepreneur with over 25 years of
experience building successful technology companies in financial
services, while former U.S. Ambassador Antonio Garza draws on
decades of high profile political, legal, and business experience.
“I am pleased to extend a warm welcome to Kathryn
and Tony as the newest members of our Board of Directors,” said
Tricolor Founder and CEO Daniel Chu. “As both pioneers and
professionals, each brings enormous relevant and aligned
experiences to our purpose-driven strategy to empower underserved
consumers striving to achieve the American Dream. Their
contributions will be critical to guiding our next phase of
aggressive national expansion.”
Kathryn Petralia
is the Co-Founder and President of Kabbage, an American Express
company, where she helped pioneer the use of real-time data and
automation to democratize access to financial services for
historically marginalized, underbanked and credit-deficient small
businesses. Under Petralia’s leadership Kabbage became the nation’s
largest online lending platform for small businesses, helping over
500,000 customers access more than $16 billion to-date. Before
co-founding Kabbage in 2008, Kathryn spent 15 years focused on
digital credit, payments and e-commerce. She was named on Forbes’
2018 list of the World’s Most Powerful Women and currently serves
on the boards of CARE USA, Fannie Mae Digital Advisory Council, The
Woodruff Arts Center, Padsplit, and the Atlanta Chamber Music
Festival. She also co-authored the 2019 Geneva Report on World
Economics.
Antonio Garza currently acts
as Counsel to the Mexico City office of White & Case, one of
the world’s leading global law firms. Garza previously served as
U.S. Ambassador to Mexico (2002-2009), was elected statewide to the
Texas Railroad Commission in 1998 and served as the Chairman of
that body through 2002 and was appointed Texas’ 99th Secretary
of State and Senior Policy Advisor to then Governor George W. Bush
and served from 1994-1997. The Ambassador has been honored
with the “Aguila Azteca” or Aztec Eagle, the Mexican government’s
highest award given to a foreign national, was recently inducted
into the McCombs School Business Hall of Fame at the University of
Texas, and has been named a Distinguished Alum at both the
University of Texas at Austin and Southern Methodist University.
Garza holds a B.B.A. from University of Texas, a J.D. from Southern
Methodist University, Dallas, Tx. and is a Member of the State Bar
of Texas, the District of Columbia Bar, and admitted to practice
before the US Supreme Court. Garza currently serves as a director
to Kansas City Southern (NYSE:KSU), MoneyGram (NYSE: MGI) and is a
Trustee to Southern Methodist University. Mr. Garza formerly served
on the board of BBVA Compass.
Tricolor is a pioneer in the application of AI and
other advanced technologies to drive its integrated used vehicle
sales and lending 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,”
representing a total of 45 million people in the United States
whose lack of a credit score limits their financing options for
major purchases, such as a motor vehicle.
Tricolor empowers its customers by providing access
to affordable financing for high quality, certified used vehicles,
enhancing the quality of their lives and helping them build a
better future. Since its founding in 2007, the company has served
over 70,000 customers and disbursed over $1billion 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.
For more information about Tricolor and Ganas,
please visit tricolor.com and ganas.com.
About Tricolor
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 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.
CONTACT INFORMATIONStephanie Hicks Cosmo PR for
Tricolor(805)
295-9455stephanie@cosmo-pr.com
Photos accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf411b00-cc1e-43bf-90ab-bc2fc59a929f
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