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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.

PGA golfer Kevin Na won a '73 Dodge Challenger, gave it to his caddie

PGA Golfer Kevin Na had one of the best Memorial Day weekends on the planet, as he took home more than $1.3 million from winning the Charles Schwab Challenge. But his caddie Kenny Harms' weekend wasn't too far behind. In addition to the monetary purse, Na won a restomodded 1973 Dodge Challenger, which he then immediately gifted to Harms. Plus, as a sponsor of the event, Lexus gave Harms a free one-year lease on a new UX F Sport. In 15 events so far in 2019, 35-year-old Na has three times finished in the top 10, but his victory at the Charles Schwab Challenge at Colonial Country Club in Texas was his first tournament win of the year. Na, who has been a pro since 2001, was awarded a restored '73 Challenger as part of his winnings. His caddie had been ogling the ride all week, and even predicted the car would be his: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. As soon as Na won the tournament, turned to Harms and yelled, "that's your car!" This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. After the event, Na joked that he wasn't sure how Harms convinced him to give the car away. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. According to a PGA.com report, Harms had told Na he wanted the car, which commemorates the year Charles Schwab was founded, when they heard about the prize months before. Coincidentally, Harms first car was a crummy 1973 Chevrolet Camaro. Steve Strope and his Cali-based shop Pure Vision handled the Challenger customization. Aside from the suggestion of blue paint, Schwab let Strope work his magic. He took the car down to the bare metal before building it back up as an impressive restomod. Because Dodge started downgrading power in the '73 Challengers, Strope swapped in a modern 6.4-liter Hemi crate motor that's rated at 485 horsepower. Several other special touches were added, including tartan interior accents that nod to the famous tartan jacket that is awarded to the tournament's winner. The video above details some of the work. Something tells us the Lexus UX might get a little more use but a little less love than the Challenger. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Auto News Dodge Coupe Classics lexus ux PGA

Does the future of Fiat-Chrysler include Dodge?

Wards Auto reports the future of Dodge is looking uncertain. Fiat has more or less laid out it's game plan for the next few years, and while the Chrysler, Fiat and Jeep lines are set to receive plenty of love, Dodge isn't so lucky. Fiat has already hobbled Dodge significantly by splitting off the brand's trucks into a separate Ram line.
Wards says that after the Avenger rides off into the sunset early next year, Fiat-Chrysler won't replace the model, leaving a gaping midsize hole in the Dodge lineup. The report also cites unnamed sources as saying that at least two other current Dodge products will move to the Chrysler line.
One of those could very well be the Grand Caravan. Chrysler has already made it clear that it plans to trim redundancy between its minivan offerings, but it has yet to clarify which other vehicle could sail under the Chrysler banner moving forward. Either way, such changes to the product line would theoretically leave Dodge with just four models.