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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 Challenger outsold Mustang, Camaro in third quarter of 2019

The Dodge Challenger is nearly old enough to start driver's ed in some states, and it doesn't have a firm grasp on the increasingly crucial concept of downsizing, yet it beat the odds to become the most popular American two-door model during the third quarter of 2019. Its ballooning sales figures suggest buyers don't always want the latest, most advanced car they can get their hands on. Dodge sold 18,031 examples of the Challenger during the third quarter of 2019, a shocking 21% increase over the same period in 2018. It's a true muscle car, normally sardined in the same can as the Chevrolet Camaro and the Ford Mustang, a pair of smaller, nimbler two-doors that are much closer to the historic definition of a pony car. Semantics aside, the Mustang finished on the second spot of the sales podium with 16,823 sales, a 12.3% drop compared to the third quarter of 2018, and the Camaro took third with 12,275 sales, a 15% dip that alarmingly comes in the wake of two redesigns. More specific sales figures aren't available. We don't know what percentage of the sales mix V8s represent, or whether buyers prefer manual or automatic transmissions. The scoreboard looks different when we examine 2019's year-to-date figures. The Mustang takes first place with 55,365 sales, followed by the Challenger at 46,699, and the Camaro at 36,791. While the Challenger's recent ascent is encouraging, it can't mask the fact that two-door models no longer enjoy a favorable tailwind, and the entire segment — not just the American entries — is declining. The aforementioned year-to-date figures are down by 10.1, 11, and 7.6 percent, respectively. The third-quarter statistics revealed a handful of other surprises unrelated to the world of performance. Dodge notably sold three examples of the Dart, a sedan it hasn't built since 2016. That's a 93% drop compared to the 45 units that found a home during the third quarter of 2018.

2015 Dodge Charger SRT Hellcat

Including all-wheel-drive models, there are ten versions of the 2015 Dodge Charger. The tenth variant - better described as the ten-tenths variant and the topmost model - is this Charger SRT Hellcat.
Superficially, you already know what it is: take the massively powerful Hellcat engine that's Frankensteined into the Dodge Challenger and stitch it into the recently facelifted Charger sedan.
Oh, but that would be superficial knowledge indeed. Russ Ruedisueli, vehicle line executive and head engineer for SRT, claims the Charger Hellcat is, "The industry's most irreverent four-door supercar." We looked up the word "irreverent" in the Oxford dictionaries, and it turns out the word doesn't mean "707 horsepower," nor "650 pound-feet of torque" nor "3.7-second 0-60 time, and seats five adults." It does mean, "Showing a lack of respect for people or things that are generally taken seriously."