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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.

Completely uncovered 2018 Jeep Wrangler reveals evidence for folding windshield

After months of peering through heavy tarps and vinyl wraps, we finally get our very first look at a 2018 Wrangler without any camouflage at all. The photo comes from a user at JL Wrangler Forums, and it seems to show the truck rolling off the assembly line. Unfortunately, the angle isn't great, but it does give us a look at some of the detail changes to the body compared with the previous one. The most noticeable new detail is the vent that sits in a triangular scallop in the front fender. There's also a tumblehome character line running along the doors. Both of these styling features are consistent with leaked images and fan renderings also published by JL Wrangler Forums. The door handles have also changed, and appear to be more conventional pull-to-open pieces rather than the chunky pushbutton handles on the current Wrangler. It seems like the new Wrangler will still embrace open-air motoring, too. The doors retain exposed hinges that seem to be designed with easy removal in mind. Not only that, but we can see styled rubber pads on the hood. These have been featured on Wranglers all through the years to provide a cushion for when the windshield is folded down. So we would expect the windshield on the new Wrangler to be foldable, too. And, of course, this Wrangler has the traditional fabric folding top. We still expect to see the Wrangler make its official debut at the L.A. auto show, with sales beginning soon after. It will offer gasoline V6 and four-cylinder engines to start, with a diesel version coming later. The Wrangler also will likely gain new features including a hardtop with power sliding panels, and a full-time four-wheel-drive system. Related Video: News Source: JL Wrangler ForumsImage Credit: JL Wrangler Forums Spy Photos Jeep SUV Off-Road Vehicles jeep wrangler jl

Car Club USA: Moab Jeep Jamboree

Today Autoblog is excited to premiere its latest original video series, Car Club USA. Car Club USA's debut episode features the Just Jeeps club of Omaha, including a father-son duo traveling to Moab, UT to brave the treacherous trails. Brian is behind the wheel, as his father guides him through the most dangerous geographical features Moab's red desert has to offer. Joining them are Gene and Jean, an older married couple from Minnesota whose modified Jeep Wrangler – like its owners – knows no bounds. "We're in our seventies now," explained Jean. "We could be sitting at home in a rocking chair watching TV, but we'd rather do this." Also hitting the trails is Matt, a Californian who looks to pay homage to his father by exploring southern Utah in a World War II-era Jeep Willys. "This was our stomping ground," said Matt. "That's why I chose to come to Utah for my big vacation this year, in his memory, to see some of the places we used to go together, and have fun and do some Jeeping." Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Jeep SUV Off-Road Vehicles Car Club USA Videos