--- title: "Tricolor Holdings: companies, equity classes and the Serent exit" language: en canonical: https://dossiertwist.com/dossiers/tricolor-holdings/corporate-structure/ as_of: 2026-10-13 keywords: ["Tricolor Holdings","auto loans","securitization","warehouse financing","Daniel Chu","Chapter 7","TAST","Origin Bank","Vervent"] --- # Tricolor Holdings: companies, equity classes and the Serent exit - Also known as: Tricolor Holdings, LLC · Ganas Holdings, LLC - Jurisdiction: US (US) - Company register: 0803869654 (Texas foreign-company registration) - Employer identification number in retained bankruptcy record: 47-4029315 **Question.** Which companies and ownership interests belong in the Tricolor chain? **Answer.** The record separates Holdings from operating, financing and issuing entities. Common-equity ownership, preferred investment and the former Serent stake concern different dates and rights. ## Holdings, operating companies and equity classes - Analysis: Tricolor Holdings LLC is the Delaware holding company identified in the bankruptcy record by EIN 47-4029315 and the former name Ganas Holdings LLC. Its Texas foreign registration is 0803869654. A 2020 complaint filed by the company identified Ganas Investors LLC as its sole owner, with Daniel Chu and Tricolor Investors LLC as the members of Ganas Investors; their respective percentages were not stated. The later bankruptcy account identifies Ganas Investors as holding all common equity. That wording leaves room for the separately documented preferred investment. Tricolor Auto Group, Tricolor Auto Acceptance and the California operating companies performed different functions within the dealership and financing business. [s-d5] [s-d7] [s-d22] [s-d25] [s-d26] [s-d36] [s-d67] [s-d83] [s-d120] [s-d151] [s-d155] [s-d157] [s-d202] [s-d326] [s-d327] - Qualification: The 2020 ownership representation and the later common-equity statement concern different dates and equity classes. They do not establish that Chu personally owned 100% of Holdings. A Delaware directory entry for Ganas Holdings has not been conclusively reconciled to the subject and is not used as its incorporation number. A 2020 pleading calls Tricolor Auto Group a Texas company, while directory and Texas tax records identify a foreign registration: the unresolved formation discrepancy is retained. Ganas Auto appears both as a brand and as a separately named LLC; a trade name is not enough to merge them. Apoyo Financial is a trade name of Auto Group and also the name of a distinct debtor LLC. ## The dealership and lending business - Analysis: Founded around 2007, Tricolor combined used-car retail with financing for customers who had limited established credit. Its own 2021 description counted 50 dealerships in 18 cities and shared services in Guadalajara. The later indictment described roughly 65 centers across six states, more than 1,500 employees and approximately $1 billion of revenue in each of 2023 and 2024. The retained accounts describe a loan portfolio of about $1.4 billion before the collapse. [s-d9] [s-d26] [s-d32] [s-d114] [s-d178] - Qualification: These are dated company descriptions or prosecutorial background allegations, not audited figures independently reconstructed for this dossier. Counts of more than 60,000 loans at bankruptcy, approximately 70,000 in later reporting and roughly 100,000 in the successor servicer’s description refer to different accounts and potentially different portfolio scopes; they are not silently treated as one measured total. ## Serent’s investment and 2016 exit - Analysis: Serent Capital invested in Tricolor Auto Group in 2010. Its own portfolio description calls the transaction a management buyout. A transaction adviser records Serent’s sale of its portfolio company to Ganas Group in January 2016. Retained reporting describes an initial 85% stake and a later additional 10% purchase, followed by Chu’s return to control. Chu’s earlier experience included co-founding PAACO Automotive Group in 1992 and leaving it in 1999. [s-d113] [s-d114] [s-d161] [s-d209] - Qualification: The transaction sources support the investment and exit. The precise Serent percentages and accounts of earlier unrelated disputes are secondary reporting, not a complete historical capitalization register or an adjudication about Tricolor. A former investor’s ownership ended before the later conduct alleged in the current proceedings. ## Corporate identities and the limits of directory records - Analysis: Retained registration and issuer records distinguish the operating companies, depositors, warehouse companies and outside organizations in the professional network. SPV 4 is identified by LEI 549300JSE351WUCUA498 and Delaware number 3687536. The Texas tax record identifies Auto Group by SOS file 0801245591, Flexi Compras by 0800974455, and SPV 6 by 0804727906. The records preserve corporate identities without publishing residential registration addresses. [s-d70] [s-d77] [s-d92] [s-d93] [s-d120] [s-d157] [s-d202] [s-d210] [s-d248] [s-d287] [s-d288] [s-d318] [s-d326] [s-d327] [s-d328] [s-d329] [s-d330] - Qualification: A lapsed LEI is not dissolution. SPV 6’s Texas record carries status code F and right-to-transact code N from February 2024, but the source does not explain the event or establish dissolution in Delaware. Shared business addresses and similar names do not prove ownership. A GLEIF text search returning no matching entity is not proof that no LEI exists. ## Sources - [s-d5] Company statement concerning Tricolor or the identified participant, U.S. Securities and Exchange Commission - [s-d7] Other source · s-d7 - [s-d22] Company statement source · s-d22 - [s-d25] Court record source · s-d25 - [s-d26] Company statement source · s-d26 - [s-d36] Other source · s-d36 - [s-d67] Other source · s-d67 - [s-d83] Company statement source · s-d83 - [s-d120] Other source · s-d120 - [s-d151] Other source · s-d151 - [s-d155] Media source · s-d155 - [s-d157] Other source · s-d157 - [s-d202] Corporate registry source · s-d202 - [s-d326] Corporate registry concerning Tricolor or the identified participant, Texas Open Data Portal - [s-d327] Corporate registry concerning Tricolor or the identified participant, Texas Open Data Portal - [s-d9] Media source · s-d9 - [s-d32] Regulatory record concerning Tricolor or the identified participant, U.S. Department of Justice - [s-d114] Media source · s-d114 - [s-d178] Company statement source · s-d178 - [s-d113] Other source · s-d113 - [s-d161] Other source · s-d161 - [s-d209] Company statement source · s-d209 - [s-d70] Other source · s-d70 - [s-d77] Other source · s-d77 - [s-d92] Other source · s-d92 - [s-d93] Other source · s-d93 - [s-d210] Corporate registry concerning Tricolor or the identified participant, Federal Deposit Insurance Corporation - [s-d248] Corporate registry source · s-d248 - [s-d287] Corporate registry source · s-d287 - [s-d288] Corporate registry source · s-d288 - [s-d318] Corporate registry concerning Tricolor or the identified participant, Global Legal Entity Identifier Foundation - [s-d328] Other source · s-d328 - [s-d329] Other source · s-d329 - [s-d330] Other source · s-d330