Tricolor May Have ‘Overstated’ Vehicle Inventory, Lender Says

Bankrupt subprime auto lender and dealership Tricolor Holdings appears to have “overstated” the number of vehicles it had in its possession, one of its lenders said in a court filing Wednesday.

• The trustee overseeing Tricolor’s liquidation has previously disclosed that Tricolor had almost 10,000 vehicles, TBK Bank said in the filing
• However, the bank said it has identified 5,405 vehicles on Tricolor’s lots
  • TBK and third-party advisory firm LCG Advisors visited 65 Tricolor lots in September and identified the vehicles across 60 lots, according to a separate filing
• Part of the difference can be attributed to the fact that Tricolor-owned ...