Tricolor Files Chapter 7 Amid Fraud Allegations
Tricolor Holdings filed for Chapter 7 bankruptcy on Sept. 10, 2025, after federal prosecutors indicted founder Daniel Chu and COO David Goodgame for allegedly misrepresenting the quality and value of the company's auto‑loan collateral, leaving lenders and investors exposed to more than $900 million in potential losses. Court records show Tricolor operated about 65 dealerships, generated roughly $1 billion in revenue, and held over 60,000 outstanding loans, while an internal review found an $800 million gap in reported collateral.
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