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Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

How to tune a car right: Part 3, tuning Mopar with OST Dyno

Not long ago, I wrote a story about a pony car tuned with a supercharger. The blower install had been done properly. Then the car's owner bolted on a set of great looking wheels wrapped in good looking but inexpensive rubber. On my first test drive, I couldn't get any of that supercharged sweetness to the ground. It was the perfect ride for parking in a Burger King parking lot on a Friday night. I tooled around on a Sunday drive, shaking my head that someone had spent five figures to get more power the right way, with a clean install, then wiped out the gains so thoroughly that the stock engine would likely have overwhelmed the tires. This got me thinking about the ways people ruin their quest for horsepower, either on the front end by not insisting on a clean install and paying the money for it, or on the back end with supplemental purchases like cheap tires or cheap gas. So I called three tuners, one focused on GM, one on Mopar, one on Ford, to find out what people should know about how to get the best power for their goals, and how to make sure they are able to use all that power. The first interview in this three-part series was with Blake Leonard at Top Speed Cincy in Cincinnati, Ohio, the second with Brandon Alsept at BA Motorsports in Milford, Ohio. This third and last interview is with Micah Doban at OST Dyno in Slippery Rock, Pennsylvania, a family business with more than 40 years of Mopar expertise specializing in Gen III Hemis, but tuning everything from land-speed cars and drag racers to Jeeps The interview has been edited for clarity and concision. Do people who come to OST generally know what they want? Probably 80% of the people who come in simply want more power with no particular ET goal [ET is a kind of bracket handicapped drag racing – ed.]. WhatÂ’s the best way to start a Mopar tune? The first thing is what people often skip, and that's to find a tuner or a shop. People will throw parts on their cars that the Internet said to, then go to a tuner who does things a different way, and [the tuner is] like ‘No we don't like to use these injectors, we don't like these parts.Â’ You have to find someone familiar with the parts that are on your car or that you're planning to put on your car. So having a goal and then finding a tuner who can help you with that goal is proper way to start. Exactly. And a lot of tuners have their own formula – and when I say tuner I mean someone that also does work to the cars.

Nissan didn't have much say in merger talks, but it had what FCA wanted

TOKYO — Nissan wasn't consulted on the proposed merger between its alliance partner Renault and Fiat Chrysler, but the Japanese automaker's reluctance to go along may have helped bring about the surprise collapse of the talks. While Nissan Motor Co. had a weaker bargaining position from the start, with its financial performance crumbling after the arrest last year of its star executive Carlos Ghosn, it still had as its crown jewel the technology of electric vehicles and hybrids that Fiat Chrysler wanted. The board of Renault, meeting Thursday, didn't get as far as voting on the proposal, announced last week, which would have created the world's third biggest automaker, trailing only Volkswagen AG of Germany and Japan's Toyota Motor Corp. When the French government, Renault's top shareholder with a 15% stake, asked for more time to convince Nissan, Fiat Chrysler Chairman John Elkann abruptly withdrew the offer. Although analysts say reviving the talks isn't out of the question, they say trust among the players appears to have been broken. "The other companies made the mistake of underestimating Nissan's determination to say, 'No,' " said Katsuya Takeuchi, senior analyst at Mitsubishi UFJ Morgan Stanley Securities in Tokyo. The Note, an electric car with a small gas engine to charge its battery, was Japan's No. 1 selling car, the first time in 50 years that a Nissan beat Toyota and Honda. Renault and Fiat Chrysler highlighted possible synergies that come from sharing parts and research costs as the benefits of the merger. But what Fiat Chrysler lacks and really wanted was what's called in the industry "electrification technology," Takeuchi said. With emissions regulations getting stricter around the world, having such technology is crucial. Yokohama-based Nissan makes the world's best-selling electric car Leaf. Its Note, an electric car equipped with a small gas engine to charge its battery, was Japan's No. 1 selling car for the fiscal year through March, the first time in 50 years that a Nissan model beat Toyota and Honda Motor Co. for that title. Nissan is also a leader in autonomous-driving technology, another area all the automakers are trying to innovate. "Although Nissan had no say, its cautionary stance on the merger ended up being very meaningful," Takeuchi said.