Trial date set for october for Tricolor executives. March 25, 2026 A trial date has been set for Oct. 19 for the fraud case against Tricolor executives Daniel Chu and David Goodgame. Chu was charged with Continuing Financial Crimes Enterprise; Conspiracy to Commit Bank Fraud and Wire Fraud Affecting a Financial Institution; Bank Fraud and Wire Fraud Affecting a Financial Institution. The penalties range from life in prison to up to 30 years. Goodgame was charged with Conspiracy to Commit Bank Fraud and Wire Fraud Affecting a Financial Institution; Bank Fraud and Wire Fraud Affecting a Financial Institution. Both men pleaded not guilty in January and are currently free on bond, awaiting trial. In December 2025, the United States Attorney for the Southern District of New York, along with the FBI and FDIC, announced the unsealing of a 20-page indictment against the Tricolor founder and CEO, Chu, charging him with defrauding multiple banks and leading a series of fraudulent schemes. The indictment alleged that, between 2018 and 2025, Tricolor used two primary schemes to defraud banks: the double-pledging of collateral to multiple lenders and manipulating loan data to make delinquent accounts appear current. The indictment includes text messages on the activity. The indictment states Tricolor pledged $2.2 billion of collateral to lenders but only had $1.4 billion in real collateral, with $800,000 in fraudulent collateral created by the conspirators. In September, Tricolor placed its more than 1,000 employees on unpaid leave and then filed for Chapter 7 bankruptcy. Vervent was appointed by the bankruptcy court to service Tricolor's more than 100,000 subprime auto loan accounts. According to a March press release announcing its expanded partnership with Quanta Credit Services, Vervent stated it has been managing elevated delinquency rates that pre-dated the bankruptcy filing and have continued during the portfolio transition. NIADA is a nonprofit trade association representing over 13,000 members throughout the nation. Since 1946, NIADA has worked to advance, educate and promote the independent used vehicle industry. Alongside our state affiliates, NIADA advocates on behalf of the industry at both the state and federal levels. March 25, 2026 As the calendar nears April, the clock is ticking on the tax selling season, which has produced mixed... March 25, 2026 From in-person classes, webinars, 20 Groups to the NIADA Convention and Expo, NIADA is offering multiple opportunities for... March 25, 2026 From the March issue of UCD By Kip Cochran For many buy-here-pay-here operators, nothing feels better than a... March 25, 2026

Vervent, a fintech servicing company, has secured an $80 million forward flow agreement led by Mesirow Alternative Credit. The funding will be deployed over the next 12 months to support origination of unsecured credit cards across Vervent's portfolio. The transaction marks a significant capital partnership for the fintech as it expands its consumer credit card programmes. Mesirow Alternative Credit is an independent financial services firm specialising in alternative credit investments.