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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 Detroit Auto Show Mega Photo Gallery: All the new reveals and first looks

The 2023 Detroit Auto Show didn’t play host to a lot of reveals, but on top of the new cars that were revealed there, automakers brought a whole bunch of cars we havenÂ’t seen in person yet. In a show of home strength, all the big reveals came from the hometown Big Three, with Ford, GM and Stellantis playing host to the most important unveilings. We took Huntington Place by storm to capture all of the new cars and sights to see in Detroit, and you can see everything we did in the series of galleries below. Interesting special editions like the 2024 Ford F-150 Lightning Platinum Black Edition and the 2024 Chevrolet Camaro CollectorÂ’s Edition found some floor space alongside bigger debuts like the refreshed gasoline-powered F-150 and 2024 Jeep Gladiator with its new interior. If you wanted to see it all yourself, make sure you check out our guide on how to attend the public show days. Scroll on down to see all of the galleries for all of the big Detroit debuts.   2024 Ford F-150 2024 Ford F-150 Tremor View 22 Photos   2024 GMC Acadia 2024 GMC Acadia AT4 View 17 Photos   2025 Cadillac CT5 2025 Cadillac CT5 View 15 Photos   2024 Jeep Gladiator 2024 Jeep Gladiator Live View 10 Photos   2025 Ford Mustang GTD Mustang GTD View 9 Photos   2024 Ford Mustang Mach-E Rally 2024 Ford Mustang Mach-E Rally View 10 Photos   Chevrolet Colorado ZR2 AEV Bison Chevrolet Colorado ZR2 AEV Bison View 6 Photos   2024 Ford F-150 Lightning Platinum Black 2024 Ford F-150 Lightning Platinum Black View 11 Photos   2024 Chevrolet Camaro CollectorÂ’s Edition ZL1 1LE 2024 Chevrolet Camaro Collector's Edition ZL1 1LE View 8 Photos   2024 GMC Sierra EV Denali 2024 GMC Sierra EV Denali View 8 Photos   Related video: Design/Style Green Detroit Auto Show Cadillac Chevrolet Ford GM GMC Jeep Technology Truck Coupe Crossover SUV Electric Hybrid Luxury Off-Road Vehicles Performance Sedan

Jeep first American carmaker to return to Tokyo show

Despite foreign-brand car sales in Japan declining six percent in the first four months of this year, Jeep sales are up 21 percent in the same period. That could explain why Jeep will be the first the US manufacturer to return to the Tokyo Motor Show after eight years away. Ford, General Motors, and Chrysler walked away during the global crisis that struck after the 2007 show. Jeep will be part of an eight-vehicle, four-brand showcase overseen by Fiat Chrysler Automobiles Japan, the local subsidiary. For the moment, it is the only US brand to sign up - neither Ford, GM, or even Chrysler are committed to attend. Stablemates Fiat, Alfa Romeo, and Abarth will be there, along with 13 other foreign makes, answering the "Technology & Fantasy" theme for this year's event. In total, organizers announced 15 brands from 14 Japanese manufacturers, and 27 brands from 17 foreign carmakers. The show opens to the public from Oct. 30 to Nov. 8. Related Video: