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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.

2023 Chrysler 300C Final Drive: Saying goodbye to an American great

DETROIT — ItÂ’s easy to dismiss the Chrysler 300 as an automotive has-been. A relic of another time. A once-powerful, now-dusty piece of history relegated to another era — and the taxi fleet. A weathered 300 is ubiquitous in this area, and the car has disappeared from non-domestic-leaning parts of the country, long overshadowed by the brasher, more powerful Dodge Charger and Challenger. ThatÂ’s also a short-sighted view. When a car is on its way out, its long-standing supporters cling to sepia-toned memories while everyone else has already moved on. In this case, the 300 is going out right. In style. At full power. After a few years of slow sales and solid yet unspectacular power, Chrysler restored the 300C to the lineup, complete with the 6.4-liter V8 and its 485 horses.  IÂ’m testing one of just 2,000 300C models that will be produced for the 2023 model year. After that, the 300 as we know it is done. The entire run (plus 200 for Canada) solid out in 12 hours, so IÂ’m cognizant IÂ’m driving something significant this week. As a refresher, this isnÂ’t the 5.7-liter V8 with a respectable 363 ponies available on the 300S Touring. This is the 392-cubic-inch hooligan offered in the Dodge Scat Packs. ItÂ’s worthy of the “C” — signifying performance — that 300 models have worn since 1955.  The 6.4-liter rumbles and has a deep echo. ThereÂ’s bass to it and a sense of menace. ItÂ’s not that common to drive naturally aspirated V8s these days, even in large sedans, and it makes a difference. Sixty miles per hour comes on in 4.3 seconds. The 300C still has its fastball. The 6.2-liter supercharged V8 in the Hellcat Dodges is loud and then howls. The 6.4-liter simmers angrily and then barks. Reports say Stellantis simply didnÂ’t have enough Hellcat engines to go around to further boost the 300, but IÂ’ve long felt the NA 392 is a more visceral experience. It certainly feels right in the 300C. It also hews closer to history: The original 300C SRT-8 ran a naturally aspirated 6.1-liter. “The performance factor of the car was always there,” Stellantis design chief Ralph Gilles said. It reminds me of the scene in “Gladiator” when Maximus (Russell Crowe) emerges from a fight at the Colosseum. Bloodied and dirty, the crowd and the Centurians guarding him realize this isnÂ’t a random fighter thrust out for the entertainment of the crowd. Unmasked, heÂ’s revealed to be one of RomeÂ’s great generals. With this engine, the 300C no longer feels dusty.

Stellantis will give its brands 10 years to prove they deserve to live

Formed by the merger of PSA Peugeot-Citroen and Fiat-Chrysler Automobiles, Stellantis has 14 brands under its roof, a number that makes it one of the largest groups in the industry. Rumors claimed not every brand would survive, with Chrysler often earmarked to get axed, but the firm said it will give them all a chance to shine. "We're giving each (brand) a chance, giving each a time window of 10 years and giving funding for 10 years to do a core model strategy. The CEOs need to be clear in brand promise, customers, targets, and brand communications," announced Stellantis boss Carlos Tavares during the Financial Times' Future of the Car event. His comments confirm Chrysler fans and dealers don't need to worry about the future — at least not yet. And, against all odds, Lancia enthusiasts can breathe a sigh of relief, too. Former FCA head Sergio Marchionne warned of the brand's demise on several occasions. Alfa Romeo is safe for now, too, as is Vauxhall, which are basically just Opels sold in the United Kingdom with a different badge. The engagement made by Tavares also means Stellantis won't divest any of its brands to raise capital until at least 2031. It's now up to each executive team to make a case for the brand they run, an unusual survival-of-the-fittest strategy in an era when cutting costs is more common than spending cash. Diving into the vast Stellantis parts bin should help even the most troubled brands turn their fortunes around on a relatively tight budget. It seems likely that survive Chrysler will need to look beyond the 300 and the Pacifica/Voyager, the only models in its range, and completely reinvent its image, which is currently nebulous at best. Lancia, once the champion of luxury, performance, and innovation, faces the same challenge. It's not starting quite from scratch, it's relatively popular in its home country of Italy, but it will need to think globally and expand outside of the city car segment to survive. Featured Gallery 2020 Chrysler 300 View 24 Photos Chrysler Dodge Fiat Jeep RAM Citroen Lancia Opel Peugeot Vauxhall