Tricolor, a Dallas-based used vehicle retailer focusing on the sale and financing of vehicles to the Hispanic consumer, is now offering affordable auto insurance option for low-income and credit invisible customers through its affiliate company, Tricolor Insurance.
After testing the product earlier this year, Tricolor will begin rolling out the new insurance offering throughout all of its markets in Texas and California.
The nonstandard auto insurance industry comprises approximately 30% of the $140 billion personal auto insurance market. It is highly fragmented with roughly 25,000 nonstandard agents across the country yet concentrated geographically, with Texas, California and Florida accounting for 52 percent of all direct premiums in 2017, according to A.M. Best.
Tricolor says it eliminates excessive agency fees – including point of sale, endorsement and cancellation fees – using risk insights gained from its data-driven underwriting models.
Tricolor Insurance Agency, an affiliate of Tricolor Auto Group, currently serves as an agent for 10 nonstandard carriers and markets its services throughout Tricolor’s 28 dealerships in Texas and, beginning in 2019, through its eight Ganas Auto Group dealerships in southern California. Currently available only to Tricolor auto purchase customers, the company plans to extend its insurance offering to all vehicle owners later next year.
Tricolor was founded in 2007. Tricolor and Ganas have served nearly 50,000 customers and disbursed nearly $1 billion in affordable auto loans by using its proprietary model to segment risk.
Headquartered in Dallas, Tricolor and its affiliate Ganas Auto Group operate 36 retail dealerships across 12 markets in Texas and California, as well as a shared services center in Guadalajara, Mexico.
Source: Tricolor Insurance
Was this article valuable?
Here are more articles you may enjoy.