Tag: 17794624

A north Texas automotive group, Tricolor Auto Group, has filed for Chapter 7 bankruptcy, claiming to owe more than $1 billion in liabilities.

Tricolor operates five dealerships across the Houston area, located on the North Freeway, Gulf Freeway, Beechnut Street, and Highway 6.

The filing in the U.S. Bankruptcy Court for the Northern District of Texas indicates that the Irving-based car dealership company has assets valued between $1 billion and $10 billion.

Estimated liabilities are in the same range, according to bankruptcy documents.

An ABC13 crew found the dealership location on the Gulf Freeway shuttered with a lock on the gate on Thursday.

The location on the North Freeway had a sign on the gate, directing customers to call a customer service number.

ABC13 called the number and has been unable to reach anyone.

We’ll keep you updated with any developments.

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