Tricolor is looking to a high-level Equifax executive to provide guidance and leadership.
The used-vehicle retailer focusing on the integrated sale and financing of vehicles to Hispanic consumers on Tuesday announced the addition of veteran Equifax and financial services executive Dann Adams to its board of directors. Adams will help guide Tricolor’s growth as it explores new models and applications for its underwriting platform.
“I am thrilled to welcome Dann to the team,” Tricolor chief executive officer Daniel Chu said. “He has a proven track record of creating new data assets; helping industries identify greater risk transparency; and developing insights that help consumers gain greater access to credit.
“We believe his in-depth understanding of the unbanked consumer will help us expand our application of alternative data and artificial intelligence,” Chu added.
A 20-year veteran of Equifax, Adams currently serves as president of the company’s global consumer solutions business unit, and is a previous president of the company’s workforce solutions and former consumer information solutions business units. In addition, Adams has been instrumental in developing Equifax industry data exchanges focused on small businesses, telecommunications and utilities, as well as income and employment verification services.
Prior to joining Equifax in 1999, Adams held various leadership positions in sales, sales management and product marketing at Dun & Bradstreet Information Services.
“Through its use of data and novel technologies, Tricolor has enabled a vastly underserved market to access affordable credit,” Adams said. “I am excited to combine what I’ve learned about the unique needs of the unbanked consumer and the hourly worker with the risk assessment model of the Tricolor platform.
“In addition, I’m inspired by the opportunity to help others gain access to affordable credit and create enormous value,” he went on to say.
Tricolor’s proprietary credit decisioning engine serves as the foundation for a new direct lending model for subprime Hispanic customers. Its segmentation model can assess unique, non-traditional attributes for no credit and low-income consumers in order to assess intent and ability to repay.
Tricolor has recently begun to build upon its model for underwriting thin and no file customers. The company has also partnered with an artificial intelligence provider, Phenx Machine Learning Technologies, to advance its underwriting capabilities.