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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.

2020 Dodge Charger pricing starts at $31,390

We've been talking about the 2020 Dodge Charger for three months, and it's finally time to start doing the math on trade-in values and loan payments. The 2020 Charger lineup starts with the SXT in rear-wheel-drive trim priced at $29,895, plus a $1,495 destination charge for a total of $31,390. That's a $425 bump over the 2019 model. The rest of the range doesn't get a price bump higher than $250 save for the Hellcat Widebody. The 2019 Charger didn't offer Widebody variants, so those are new for 2020. The lineup with MSRP changes from 2019: Charger GT RWD $33,390 ($150 more than 2019) Charger SXT AWD $35,090 ($25 more) Charger R/T $37,890 ($150 more) Charger Scat Pack $41,490 ($250 less) Charger Scat Pack Widebody $47,490 (brand new model) Charger SRT Hellcat Widebody $71,140 ($2,150 more than 2019 non-widebody) Daytona 50th Anniversary Edition $75,635 (brand new model) There's a price differential of $44,245 from bottom to top. Even more relevant to the Charger faithful, there's a displacement and power differential from the 3.6-liter Pentastar V6 in the SXT with 292 horsepower and 260 pound-feet of torque to the 6.2-liter supercharged Hemi V8 in the Charger Hellcat Widebody Daytona 50th Anniversary Edition with 717 hp and 650 lb-ft of torque. Dodge plumps the Scat Pack in the middle as having the "most horsepower per dollar," with its 392-cubic-inch Hemi V8 pumping 485 hp and 475 lb-ft. In the amusement park business, this is what's called "Fun for everyone." The Scat Pack Widebody makes a break from its standard sibling with stiffer springs, larger sway bars, and shocks, and retuned dampers. Changes throughout the rest of the lineup save for the SXT center on new wheel and tire options, and an updated Performance Handling Group on the GT and R/T trims. The 2020 Charger order book opens in the fall, but America's family-friendly muscle car won't start hitting dealer lots until early 2020.

Dodge Challenger SRT Hellcat #0001 raises $825,000 for charity

$60,000 doesn't strike us as a lot to pay for a muscle car with 707 horsepower on tap. $825,000... now that's a different story. But, according to the official SRT blog, that's how much one generous and eager buyer paid for the privilege of getting his (or her) hands on the very first new Dodge Challenger SRT Hellcat.
Decked out in Stryker Red paint that's usually reserved for the Viper, the supercharged Challenger bearing the VIN 0001 went up for auction at the Mandalay Bay hotel and casino in Las Vegas on Saturday under the auspices of Barrett-Jackson. By the time bidding ended, the gavel dropped at $825,000 - nearly 14 times the sticker price - 100 percent of which will benefit Opportunity Vehicle, a charity that aids the intellectually handicapped in the Las Vegas Area.