Tricolor to Auction $125 Million Worth of Autos in Bankruptcy

Bankrupt subprime auto lender Tricolor Holdings won court permission to hold an auction for about 9,500 vehicles that it acquired for $125 million before the company collapsed earlier this year.

• US Bankruptcy Judge Michelle V. Larson said she would sign an order allowing the company to hire an auction company to liquidate the fleet
• The money raised from the auction will be set aside while the company tries to resolve disputes about who owns some of the vehicles and which lenders have legitimate liens
• The company paid on average $11,500 for the vehicles, or about $125 million altogether, company financial ...