Tricor

What Tricor does

Tricor Automotive Group Inc. is a privately held, Canadian-owned financial services company founded in 1986 that distributes a portfolio of automotive protection products and lease-and-finance services exclusively through a network of more than 150 participating automotive dealerships across Canada. Its core offering is the Tricare product family: Tricare Ultimate Protect (extended mechanical and electronic warranty up to 10 years / 200,000 km), Tricare Appearance Protect (anti-corrosion and paint protection anchored by patented Electromagnetic Induced Corrosion Control Technology with reported 98-99.7% corrosion reduction), Tricare Hazard Protect, Tricare Theft Protect, Tricare Loss Protect (GAP insurance up to $50,000), Tricare Debt Protect, and Tricare Credit Protect (life, critical illness, and disability insurance on loan/lease balances). All Tricare-branded products are fully insured by licensed Canadian insurance carriers including Companion Life, Industrial Alliance Pacific General Insurance, and Assurant.

The company monetizes at the dealer point-of-sale through one-time F&I product premiums (warranty, appearance, hazard, theft, GAP) plus recurring premium-like payments for credit/debt protection, and through net interest income on its lending book. Financing is provided by Tricor Lease and Finance Corp. (TLFC), a DBRS AAA(sf)-rated captive lender that has cumulatively originated over $3 billion in Canadian automotive loans and leases since 2001; subprime lending is handled by affiliated Return to Prime Ltd. The company maintains dual-jurisdiction operations with a Markham, Ontario headquarters and a Dublin, Ohio U.S. corporate office, holds 22+ granted patents across Canada, the U.S., Europe, Australia, China, Hong Kong, and Taiwan, and operates an internal SDX Dealer Claims Portal plus a dealer login at dealer.tricorauto.com.

Name

Tricor

Legal name

Tricor Automotive Group Inc.

Website

https://tricorauto.com

Company type

Private

Founded year

1986

Operating status

Operating

Short description

Tricor Automotive Group is a privately held, Canadian-owned financial services company founded in 1986 that distributes a suite of Tricare vehicle protection products and lease-and-finance services through 150+ automotive dealerships across Canada.

Ownership category

akta.pro rank

Product category

Auto Aftermarket Protection Services

NAICS

Insurance Carriers and Related Activities (524)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Vehicle Protection & Add-on Product Financing (Warranties, GAP, Service Plans) (FSAKADAL)

akta.pro secondary industries

GAP & Vehicle Protection Products (GAP Waiver/Insurance, Lease/Loan Protection) (FSAJALAC), New & Used Auto Purchase Loans (FSAKADAA), Auto & Vehicle Leasing (Personal Use) (FSAKANAA)

Keywords

• Automotive protection products
• Vehicle service contracts
• Extended vehicle warranties
• Auto financing services
• GAP insurance coverage

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Vehicle Protection Products: Tricor generates revenue through sale of automotive protection products including extended warranties (Tricare Ultimate Protect), appearance protection (Tricare Appearance Protect), hazard protection (Tricare Hazard Protect), theft protection (Tricare Theft Protect), and credit protection products (Tricare Debt Protect, Tricare Credit Protect). Products are sold through automotive dealerships as value-added products at point of vehicle sale.
2. Vehicle Financing (Tricor Lease and Finance Corp.): Tricor Lease and Finance Corp. (TLFC) provides vehicle loans and leases directly to consumers through dealership partnerships. TLFC is rated AAA(sf) by DBRS and has provided over $3 billion in loans and leases since 2001. Revenue comes from interest on loans and leases.
3. GAP Insurance (Tricare Loss Protect): Closes the 'GAP' between auto insurance payout and balance owing on vehicle loan following total loss. Up to $50,000 coverage including refinanced amounts from previous contracts. Provides $500 loyalty credit towards replacement vehicle.
4. Theft Protection: Provides $5,000 benefit towards replacement vehicle if stolen and not recovered, plus deductible benefit up to $2,500 and reimbursement for travel expenses when theft occurs away from home.
5. Credit Life and Disability Insurance: Tricare Credit Protect and Tricare Debt Protect products provide coverage for death, critical illness, or disability. Revenue generated through insurance premiums. Products include Credit Life Insurance, Critical Illness Insurance, and Disability Insurance.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Tricor sells a portfolio of after-market automotive protection products (extended warranty, appearance/rust protection, hazard, theft, GAP, credit life and disability insurance) bundled with vehicle lease and finance services to Canadian vehicle buyers through a network of participating automotive dealerships. Subprime auto lending is offered through the affiliated Return to Prime Ltd. subsidiary. All products are backed by licensed Canadian insurance companies.

Product overview

Tricor is a Canadian-owned financial services company providing a portfolio of automotive protection products and lease/finance services since 1986. The core offering consists of the Tricare branded protection product suite: Tricare Ultimate Protect (extended mechanical/electronic warranty), Tricare Appearance Protect (rust and paint protection), Tricare Hazard Protect (cosmetic/damage coverage), Tricare Theft Protect (vehicle theft benefit), Tricare Loss Protect/GAP (total loss gap coverage), Tricare Debt Protect (life/disability/illness credit protection), and Tricare Credit Protect (loan payoff insurance). Supporting these products is Tricor Lease and Finance, a DBRS AAA-rated financing arm, and Return to Prime Ltd., a sub-prime lending partner. All Tricare branded products are backed by licensed Canadian insurance companies. Tricor also offers related vehicle service contracts including Tricare VSA, Tricare MBI, and Trinity Vehicle Service Agreements, and uses the SDX Dealer Claims Portal for claims processing.

Differentiator

Problem solved

Functional benefit

Brands

• Tricare Ultimate Protect: Mechanical and electronic repair protection product offering up to 10 years of comprehensive exclusionary coverage and up to 200,000 kilometres of coverage, including roadside assistance and transportation allowance.
• Tricare Appearance Protect
• Tricare Hazard Protect
• Tricare Theft Protect
• Tricare Loss Protect (GAP)
• Tricare Debt Protect
• Tricare Credit Protect
• Return to Prime Ltd.

Products and services

• Tricare Ultimate Protect Extended warranty product providing comprehensive exclusionary coverage for mechanical and electronic repairs beyond the manufacturer's original warranty, with up to 10 years and 200,000 km of coverage, roadside assistance, trip interruption, and transportation allowance benefits. Sold to vehicle buyers through participating Canadian dealerships.
• Tricare Appearance Protect Multi-component appearance protection package including an electromagnetic rust inhibitor module (proprietary EICCT technology), carbon polymeric paint coating (Tricare TCX), ceramic paint protection (Tricare Ceramic), interior protection treatment, undercoating, and chemical rust inhibitor for corrosion protection. Sold to vehicle buyers through participating Canadian dealerships.
• Tricare Hazard Protect Coverage for non-mechanical vehicle hazards including tire and rim road hazard protection, paint scratches, dent and ding coverage, key/remote replacement, windshield repair/replacement, and headlight/taillight/fog light coverage. Available individually or in bundled packages. Sold to vehicle buyers through participating Canadian dealerships.
• Tricare Theft Protect Vehicle theft protection providing a $5,000 benefit towards a replacement vehicle if the vehicle is stolen and not recovered, up to $2,500 deductible benefit, and reimbursement for transportation and lodging expenses when theft occurs away from home. Sold to vehicle buyers through participating Canadian dealerships.
• Tricare Loss Protect (GAP) Guaranteed Asset Protection (GAP) that covers the gap between auto insurance payout and the balance owing on the vehicle finance contract following a total loss, with up to $50,000 coverage including refinanced amounts, a $500 loyalty credit towards a replacement vehicle, and up to $1,000 credit for insurance deductible. Sold to vehicle buyers through participating Canadian dealerships.
• Tricare Debt Protect Credit and financial protection insurance covering life, critical illness, disability, and accidental death events. Allows vehicle retention with payments made for up to 12 months or vehicle return with the balance shortfall paid to the stated policy amount. Sold to vehicle buyers through participating Canadian dealerships.
• Tricare Credit Protect Loan/lease balance protection insurance covering death, critical illness, or disability events. Pays off or reduces outstanding loan balances or covers monthly payments during disability, including coverage for heart attack, stroke, bypass surgery, organ transplant, cancer, and paralysis. Sold to vehicle buyers through participating Canadian dealerships.
• Tricor Lease and Finance Vehicle financing services including purchase financing and lease financing (closed-end and open-end leases) provided by Tricor Lease and Finance Corp. (TLFC), a DBRS AAA(sf)-rated financial institution that has provided over $3 billion in loans and leases since 2001. Provided through participating Canadian dealerships to vehicle buyers.
• Return to Prime Ltd. Subprime automotive lending services offered to Canadians who cannot obtain traditional bank financing, featuring a Rate Reducing Loan designed to help consumers save money, pay loans off faster, and improve credit scores. Available through participating Tricor dealers.

Quantifiable outcome

• 99.7% corrosion rate reduction on automotive sheet metal panels (CCT Laboratories independent testing)
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Renascent Protection SolutionscoreImplementation/ SI/ Consulting PartnerHandles customer service and claims for Tricare Service Contracts purchased after May 28, 2018. Customer Service: 844-601-2018, Monday-Friday 8:00 a.m.-6:00 p.m. (EST). Also handles Appearance Protect (Corrosion Module, Interior, Paint) claims.
• Premier Dealer ServicescoreImplementation/ SI/ Consulting PartnerHandles customer service and claims for Tricare Service Contracts purchased before May 28, 2018. Customer Service: 800-886-8176, Monday-Friday 8:00 a.m.-8:00 p.m. (EST), Saturday 9:00 a.m.-3:00 p.m. (EST).
• Companion Life InsurancecoreOthersProvides insurance products for Tricare Debt Protect and Tricare Credit Protect. Products include Companion Freedom from Debt, Companion Extend, Companion II, Companion Maxum. Customer Service: 800-663-9498.
• Industrial Alliance Pacific General Insurance CorporationcoreOthersProvides Tricare Credit Protect insurance products including Critical Illness Insurance, Life Insurance, and Disability Insurance. Claims: 800-549-7227.
• AssurantminorOthersProvides Tricare Creditor Protection and Tricare Creditor Protection Plus products. Customer Service: 866-583-2080.
• Return to Prime Ltd.coreChannel Partner/ Reseller/ DistributorBroad-spectrum lender providing automotive loans to Canadians who cannot obtain traditional bank financing. Offers Rate Reducing Loan allowing consumers to save money, pay loans off faster, and improve credit scores. Available through participating Tricor dealers.
• Canadian Licensed Insurance CompaniescoreOthersAll Tricor-branded products are fully insured by licensed Canadian insurance companies, providing financial backing and security for all protection products.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• LGM Financial Services: Canadian-headquartered F&I product provider selling extended warranties, GAP, and credit protection through automotive dealer networks. LGM is the closest direct competitor to Tricor in the Canadian F&I channel with overlapping product suites and dealer-based distribution.
• EasyCare (Motors Warranty): Provider of vehicle service contracts, GAP coverage, and appearance protection products sold through North American dealerships. Directly competes with Tricare Ultimate Protect and Tricare Loss Protect in the extended warranty and GAP categories.
• Assurant (assurantconnect): Major F&I product provider in North America offering extended warranties, credit insurance, and dealer solutions. Already a partner (provides Tricare Creditor Protection products) but also competes with Tricor in the same dealer channels for similar products.
• RouteOne: Dealer F&I platform enabling credit application processing, desking, and aftermarket product sales. RouteOne competes with Tricor Lease and Finance in the dealer financing workflow and provides competing F&I menu platforms.
• JM&A Group: F&I product provider specializing in dealer performance, training, and aftermarket products for major automotive dealer groups. Directly comparable to Tricor in targeting enterprise dealer relationships and offering menu-based F&I solutions.
• Holman Automotive (Holman F&I): Holman provides F&I products, vehicle protection, and dealer services across North America. Comparable to Tricor in combining dealer-based distribution with a multi-product protection portfolio.

Broad incumbents

• Allstate Dealer Services: Division of Allstate Insurance offering F&I products (extended service contracts, GAP, credit insurance) through North American dealers. Overlaps with Tricor's product suite but operates as part of a broader insurance carrier portfolio.
• TD Auto Finance (Canada): Captive auto finance arm of TD Bank providing dealer financing in Canada. Competes with Tricor Lease and Finance Corp. in the Canadian dealer financing channel but operates as part of a much larger retail banking franchise.

Emerging players

• CarShield: Direct-to-consumer vehicle service contract provider offering extended warranties through TV advertising and online channels. Competes with Tricare Ultimate Protect but uses a different (DTC) distribution model rather than dealer-channel sales.
• Endurance Warranty: Provider of vehicle service contracts and ancillary protection products sold through dealers and direct channels. Comparable to Tricare Ultimate Protect in mechanical breakdown coverage, though primarily US-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tricor