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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.

Dodge revives Challenger T/A and Charger Daytona trims for 2017

Dodge is reviving the Challenger's T/A trim and the Charger's Daytona line for 2017. Introduced on iconic Woodward Avenue just days before the annual Woodward Dream Cruise kicks off, the new variants promise more performance hardware and sportier aesthetics. We'll start with the two-door. The Challenger T/A, available with either the R/T trim's 5.7-liter V8 or the fire-breathing 6.4-liter Hemi V8, is inspired by the Challenger T/As of old. That means a less restrictive, 2.75-inch active exhaust system and a conical Mopar air filter. But there's no clear bump in output – Dodge still lists the base 5.7-liter at 375 horsepower and the 6.4-liter model at 485 hp. But hey, they're going to look cooler. Unlike the Challenger Hellcat, which should have it as standard, Dodge is including a Satin Black hood on every Challenger T/A. In fact, Satin Black is a recurring theme on this Challenger's front fascia, roof, rear decklid, and T/A bodyside stripes. And yes, the 20-inch Mopar wheels are black, too – they're also an inch wider than normal. Dodge is offering the T/A in three different trims. The base T/A has everything we described above, while the T/A Plus adds some comfort features like heated and vented Nappa leather seats, an 8.4-inch UConnect system with Apple CarPlay/Android Auto, a six-speaker stereo, and a shortcut button for the Dodge Performance Pages. The T/A 392, meanwhile, adds the 6.4-liter V8, even wider wheels, and Brembo six-pot calipers. If you prefer smoking tires with four doors, there's the new Charger Daytona. No, there's not an enormous wing on the back. But Dodge added the same kind of engine/exhaust upgrades found on the T/A while upping the top speed from 135 to 150 miles per hour. Satin Black features prominently again, with hood and rear fender graphics. The roof is also black. Unlike the Challenger, Dodge is only offering two different versions of the Daytona – the 5.7-liter base model and the 6.4-liter version, called the Daytona 392. Prices for the Challenger T/A start at $38,485, including a $1,095-destination charge, while the T/A Plus adds $2,750. Adding the 392 means shelling out $45,090. For the Daytona, you'll need a check for $40,985 for the 5.7-liter or $46,090 for the 6.4-liter. Orders for the Charger Daytona open in September, while the T/A is a month later. Related Video:

Mopar introduces winter tire and wheel packages

Winter is coming, and Mopar will try to help drivers stay safe in the cold weather this year by offering a winter tire and wheel package for a variety of FCA US vehicles for the first time. The packages combine everything drivers need to be prepared for slick roads, including winter tires, steel wheels, and Tire Pressure Monitoring System sensors. Even better, the company delivers them mounted, balanced, and ready for installation. Customers can order the bundles from dealers now. Mopar offers packages with the General Altimax Arctic tire on the Dodge Caravan, Chrysler Town & Country, Jeep Cherokee, and Chrysler 200. All- and rear-wheel drive configurations of the Chrysler 300 get the Michelin X-Ice Xi3, and the all- and rear-drive Dodge Charger models use the Continental WinterContact SI. Depending on the vehicle, prices vary between $242 and $292 per wheel, and Mopar will expand the program to even more models next year. Spending the extra money on winter tires really can make a difference. Experts are clear that the specialized rubber simply works better when the weather gets cold. They can shorten braking distances and improve traction – even with all-wheel drive. Plus, winter tires can often last for more than one year, which spreads out the investment. ALL-NEW MOPAR WINTER WHEEL ASSEMBLIES DELIVER ADDITIONAL COLD-WEATHER CONTROL 01/12/15 from Mopar Print this page Add this release to Your Downloads Mopar winter wheel assemblies include winter tire, steel rim, Tire Pressure Monitoring System (TPMS) Assemblies delivered mounted, balanced, ready to install December 1, 2015 , Auburn Hills, Mich. - Winter is coming and just in time, so are all-new Mopar winter wheel assemblies. The all-new Mopar winter wheel assemblies are available for order for a variety of FCA US vehicles. Assemblies include a winter tire, steel rim and Tire Pressure Monitoring System (TPMS), and are delivered mounted and balanced, so you or your dealership can quickly and easily pop off all-season rims and rubber and put on cold-weather appropriate gear. "Mopar is rolling out our first-ever offering of winter wheel assemblies for those customers who desire a little extra control during the cold weather seasons," said Pietro Gorlier, Head of Parts and Service (Mopar), FCA – Global.