A HUGE car retailer has filed for bankruptcy, with salaries for many of its workers being frozen.
All of the brand’s locations across three states will be shutting down immediately, as an unidentified bank takes control of the motor company.
Tricolor Auto will be closing its branches with immediate effect[/caption]
Tricolor Auto Group (TAG) operates across Texas, Arizona and California.
The brand is well-known amongst car enthusiasts for supplying a range of cars and trucks, across its 65 retail locations.
However, the brand has suddenly collapsed which has left thousands of employees uncertain about their futures.
According to a HR document obtained by Univision Dallas, nearly 90 per cent of the brand’s workforce is on temporary leave.
Employees’ corporate emails were terminated and salaries were frozen, with workers being allegedly told that they had been temporarily dismissed.
TAG’s workforce will learn on October 6 who could be returning to work after a bank has taken full control of the company.
The company is known for its popularity amongst the country’s Hispanic community, as well as customers with little-to-no credit history.
TAG also lends to customers who use Individual Taxpayer Identification Numbers (ITINs) for tax filing, which are issued by the IRS to people without Social Security numbers.
That means ITINs are popular amongst new legal residents in the US and undocumented people who have arrived in the country.
The news comes after a major car manufacturer launched an urgent recall of 1.5 million vehicles.
Ford identified a huge distortion bug in some of its most popular motors, which could cause drivers to be in danger when reversing.
The glitch affects some of the company’s rearview cameras, causing them to show inverted, distorted, or blank images.
The recall affects certain 2015-2019 models, including Lincoln MKC, Lincoln Navigator, Mustang, F-250, F-350, F-450, F-550, Expedition, Edge, Transit, Transit Connect, Econoline, and Ranger vehicles.
Ford has confirmed that 18 accidents have occurred in connection with the faulty cameras.
Also, 44,000 warranty claims have been filed because of the devices.
Drivers have been urged to take their motor to their local car dealer, where they can get the cameras inspected and potentially replaced free of charge.
Letters notifying owners of the recalled vehicles will be mailed by September 22.
