Bank Takes Control of Tricolor Auto, Leaving Hundreds of Employees in Limbo
September 29, 2023 | By Ethan Caldwell, World Today News
DALLAS, TX – An unidentified bank has assumed control of Tricolor Auto branches across Texas, Arizona, and California, triggering a widespread furlough affecting an estimated 80-90% of the used car dealership chain’s workforce. The sudden action has left employees uncertain about their future and customers scrambling for information regarding existing loans and service agreements.
Employees were notified late Friday of the temporary leave, receiving a human resources letter outlining the situation. While not outright terminations, the letter indicated that employees would remain on furlough for up too 30 days, pending a decision regarding reinstatement – with a potential return date of October 6th.
Tricolor Auto specializes in providing vehicle financing to individuals with limited credit history or those lacking customary Social Security numbers, often relying on Individual Taxpayer identification numbers (ITINs). This niche market has allowed the company to serve a notable portion of the Hispanic community, offering access to transportation frequently enough unavailable through conventional lenders.
The abrupt takeover has created operational chaos. Reports from the Dallas area indicate branches are operating with minimal staff. In at least one instance, a single employee was observed accepting a delivery of vehicles without the authority to process accompanying documentation.Critically, the company reportedly provided no guidance to employees on how to handle current customers – those with vehicles in for service or those actively repaying loans.
“The lack of interaction is deeply concerning,” said a source familiar with the situation who requested anonymity. “Employees are left in the dark, and customers are understandably anxious about their financial obligations and the status of their vehicles.”
Customers with active auto loans or vehicles currently undergoing service are being advised to contact their local Tricolor Auto branch directly for updates. However, with limited staff available, reaching a representative may prove challenging.
The reasons behind the bank’s intervention remain unclear. Further investigation is underway to determine the financial circumstances that lead to this unprecedented action and the potential impact on Tricolor Auto’s customers and employees. World Today News will continue to update this story as more information becomes available.
