How Tricolor Holdings was organised and owned

analysisTricolor Holdings, LLC is a Delaware limited liability company. The notice of its Chapter 7 case, filed on September 10, 2025, gives its address as 6021 Connection Drive, 4th Floor, Irving, Texas, its employer identification number as 47-4029315 and "Ganas Holdings, LLC" as another name used in the previous eight years. In Texas it is registered as a foreign (Delaware) limited liability company under file number 0803869654, with a charter date of December 17, 2020, C T Corporation System as registered agent and a registered office at 1111 W. Mockingbird Lane, Suite 1500, Dallas, the address the group's other companies used before the move to Irving. Those Texas details come from the Comptroller's franchise-tax data and an aggregator copy of the register, neither of which shows the Delaware file number. ^{1 2 3 4 5}

analysisTricolor was founded in about 2007 to sell used cars and finance them with subprime loans, focusing, in the indictment's words, on Hispanic customers with limited or no credit history; it described itself as a Community Development Financial Institution certified by the U.S. Treasury, and a federal court later summarised it as a vertically integrated "buy here, pay here" chain lending at interest rates regularly above 20%. Its own releases counted 30 dealerships in 12 markets in April 2019 and 50 in 18 markets in September 2021. The indictment puts it by about 2025 at about 65 retail centres in Texas, California, Nevada, Arizona, New Mexico and Illinois and a shared services centre in Guadalajara, Mexico, with more than 1,500 employees at its peak, revenue of about $1 billion in both 2023 and 2024 and more than 60,000 outstanding car loans at the bankruptcy. Tricolor's 2019 and 2020 releases name two main brands, Tricolor Auto Group in Texas and Ganas Auto Group in California, which they call an affiliate, and a 2024 federal lawsuit describes Tricolor California Auto Group, LLC as doing business as Ganas, Ganas Auto, TriColor Holdings and TriColor Finance. ^{6 7 1 8 9 10 11}

analysisTricolor Auto Group was owned for several years by the San Francisco private equity firm Serent Capital, whose portfolio page says it partnered with the executive team in a management buy-out; a deal database dates the acquisition to April 1, 2010. A November 2025 news investigation reported that Serent bought an 85% stake in 2010 and another 10% four years later, and that it exited the year after a 2015 federal penalty, leaving Chu back in control; the percentages rest only on that report. Serent's adviser Colonnade says it advised Serent in January 2016 on the sale of Tricolor Auto Group to "Ganas Group", a legal entity that no retained record identifies. An aggregator copy of the Texas register records Tricolor Auto Acceptance, LLC (Texas file 0801245603, a branch of the Delaware company of the same name, Delaware file 4791640, chartered on March 19, 2010) at 600 Montgomery Street, 37th Floor, care of Serent Capital, San Francisco, with "Tricolor Acceptance" as a trade name from 2010; the records do not explain the Serent address after Serent's exit. ^{1 2 3 4 5 6 7}

analysisThe first statements of who owned Tricolor come from litigation. In a contract case brought in December 2018 by Genuine Parts Company against "Ganas Holdings LLC", doing business as Tricolor Auto Group, the U.S. District Court for the Northern District of Texas ordered the defendant on February 1, 2019 to state the citizenship of each member of Ganas Investors, LLC, "including the members of the limited partnership", which indicates that a limited partnership was then among its members; the defendant's response is listed on the docket but its contents are not retained. In an April 2020 complaint in the Southern District of New York, Tricolor Holdings, LLC stated that it was 100% owned by Ganas Investors LLC, whose members were Daniel Chu and Tricolor Investors, a Texas limited liability company whose members all resided in Texas, and that Tricolor Auto Group, LLC and the Delaware company Ganas Auto Group, LLC were each 100% owned by Tricolor Holdings; both named Tricolor Holdings as their corporate parent in the case. The complaint does not give the members' shares, and it calls Tricolor Auto Group a Texas company, whereas the Texas register lists it as a branch of a Delaware company. ^{8 9 10}

analysisReporting on the September 2025 bankruptcy petitions, an auto-finance trade publication wrote that, according to the filing, Ganas Investors owns all of Tricolor Holdings' common equity interests and Tricolor Holdings owns the equity of the other debtors; the petition itself is not retained, and the same article calls Ganas Investors a "Tricolor subsidiary" and says the companies filed under Chapter 11, both at odds with the court records. Aggregator copies of Texas register search results list Ganas Investors, LLC (file 0802549859) and Tricolor Investors, LLC (file 0802362075) as inactive, with registered addresses at residential apartments in Dallas rather than at Tricolor's offices; they name no members, and the street addresses are not reproduced here. ^{11 12 13}

analysisThe Delaware register also holds a Ganas Holdings, LLC (file 5741070), with The Corporation Trust Company as registered agent, one of six Delaware companies whose names contain "Ganas", and in Texas a different company, Valzam Group, LLC, lists "Ganas Auto" as a former or alternative name. Neither record names an employer identification number, members or a link to Tricolor, so the Delaware company is not shown to be the "Ganas Holdings, LLC" named in the subject's court records and is kept separate from it. ¹⁴

analysisA January 2026 business-journalism article described the lending business as a web of 18 entities controlled by Tricolor Holdings and its parent, Ganas Investors: Tricolor Auto Group and Tricolor Real Estate Services handled sales and dealerships; Tricolor Auto Acceptance, Tricolor Financial and Apoyo Financial handled financing and loan origination; other units provided insurance and tax services; and Tricolor Auto Receivables and TAG Asset Funding were used to bundle customer loans into securities. Its graphic cites a bankruptcy-court corporate ownership chart that is not among the retained documents. ¹

analysisThe registers fill in some of these companies. Tricolor Auto Group, LLC is registered in Texas under file number 0801245591, chartered on March 19, 2010, as a branch of the Delaware company Tricolor Auto Group, LLC (Delaware file 4791639), with the trade names Tricolor Auto (from 2010), Lucky Lane Motors (from January 3, 2025), Apoyo Financial (from January 16, 2025) and Upward Mobility (from May 23, 2025); "Apoyo Financial" is therefore both a trade name of Tricolor Auto Group and the name of a separate debtor, Apoyo Financial, LLC. Tricolor Insurance Agency, LLC (file 0803028048, chartered May 30, 2018), Tricolor Home Loans, LLC (0803000130, April 30, 2018), Tricolor Real Estate Services, LLC (0802997909, April 30, 2018) and Tricolor Tax, LLC (0803378538, July 29, 2019) are Texas limited liability companies registered at 6021 Connection Drive, Irving, as is Flexi Compras Autos, LLC (0800974455), chartered on May 6, 2008 and listed as formerly or also known as GANAS YA. ^{2 3 4 5 6}

analysisOn September 10, 2025 eighteen companies filed Chapter 7 petitions in the U.S. Bankruptcy Court for the Northern District of Texas: Tricolor Holdings, LLC (Case No. 25-33487); TAG Intermediate Holding Company, LLC; Tricolor Auto Group, LLC; Tricolor Auto Acceptance, LLC; Tricolor Insurance Agency, LLC; Tricolor Home Loans LLC, doing business as Tricolor Mortgage; Tricolor Real Estate Services, LLC; TAG California Holding Company, LLC; Flexi Compras Autos, LLC; TAG California Intermediate Holding Company, LLC; Tricolor California Auto Group, LLC; Tricolor California Auto Acceptance, LLC; Risk Analytics LLC; Tricolor Tax, LLC; Tricolor Financial, LLC; Tricolor Auto Receivables LLC; TAG Asset Funding, LLC; and Apoyo Financial, LLC, each with its own case number. TAG Asset Funding, also recorded as Tricolor Asset Funding, filed from the Irving head office address under employer identification number 37-1835435 (Case No. 25-33492). The warehouse special purpose vehicles, including Tricolor Funding SPV 4 LLC, and the securitisation trusts are not among the debtors. ^{7 8 9 10}

analysisThe Texas Comptroller's records list a series of Tricolor special purpose vehicles and trusts registered at the group's Dallas or Irving addresses: Tricolor Funding SPV LLC (file 0801791028, from May 28, 2013), Tricolor Auto Receivables LLC (0802578939, from November 8, 2016), Tricolor Auto Securitization Trust 2018-1 (0802955052), Tricolor Funding SPV 2, LLC and Tricolor Auto Receivables 2, LLC (0803162605 and 0803162590, both from November 5, 2018), Tricolor Auto Securitization Trust 2018-2 (0803162601), Tricolor Funding SPV 3, LLC (0803686332), Tricolor SPV 3 Holdings, LLC (0803763773, from September 14, 2020) and Tricolor Funding SPV 6 LLC (0804727906, from August 29, 2022), with tax registrations for Tricolor Funding SPV5, LLC, Tricolor SPV4, LLC and the trusts TAST 2020-1, 2021-1, 2022-1 and 2024-1 to 2025-2. The Texas record for Tricolor Funding SPV 6 LLC, the borrower under the Fifth Third warehouse facility, shows a Secretary of State status code "F" and no right to transact business from February 23, 2024, while the facility itself, according to the noteholders' complaint, stayed active until September 2025; the data set does not explain status code "F". ^{1 2 3 4}

analysisTricolor Funding SPV 4 LLC, the borrower of the largest warehouse facility, is a Delaware limited liability company (Delaware file 3687536) formed on September 17, 2020. Its GLEIF record gives legal entity identifier 549300JSE351WUCUA498, first registered on October 26, 2020 and now lapsed, a registered address care of The Corporation Trust Company in Wilmington and a headquarters address at 6021 Connection Drive, Irving, and reports exceptions rather than naming a parent. Its credit agreement of November 13, 2020 records that all of its equity is owned directly by Tricolor Auto Acceptance, LLC, and treats as a change of control Tricolor Holdings ceasing to own, directly or indirectly, and control at least 51% of Tricolor Auto Acceptance. The SEC complaint describes the securitisation depositor, Tricolor Auto Receivables 2 LLC, as a special purpose entity wholly owned by Tricolor Auto Acceptance; the depositor is a Delaware company registered with the SEC under Central Index Key 0001757871 at 1111 West Mockingbird Lane, Suite 1500, Dallas, and filed eleven Form ABS-15G reports of third-party due diligence between November 5, 2018 and June 2, 2025. ^{5 6 7 8 9}