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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.

Jeep marks 75th anniversary in Detroit with special editions

It's been 75 years since the Jeep brand was founded. To celebrate the occasion, the sport-ute manufacturer has rolled out an array of six special editions – one for each model in its lineup. And they've each marked their debut here in Detroit. The 75th Anniversary Editions of the Wrangler, Renegade, Cherokee, Grand Cherokee, Compass, and Patriot are all decked out in green – though the exact shade differs between models, and they can be ordered in different colors for those who prefer. Either way, the bodywork is offset by bronze trim, mesh fabric interiors, and all the special-edition badges you could ask for. And in true Jeep style, they all offer some degree of open-airedness, even if that just means a sunroof. Of course, bringing back the Wrangler pickup and Grand Wagoneer – both of which are planned for this milestone year – would be agreeable as well, as would a Hellcat-powered Grand Cherokee SRT. But for now these special editions strike us as suitable a way as any to celebrate three quarters of a century of rock-crawling. Check 'em out in the gallery above of live images from the floor of the Detroit Auto Show for a closer look before they reach dealers in the first quarter of this year. THE JEEP® BRAND CELEBRATES 75 YEARS OF LEGENDARY HISTORY WITH FULL LINEUP OF NEW SPECIAL-EDITION MODELS - New 75th Anniversary models available across entire Jeep® lineup - Special-edition vehicles feature unique available Jeep Green exterior, Satin Bronze wheels, Bronze and Orange exterior accents, unique interiors, open-air freedom and 75th Anniversary badging - Available in Jeep dealer showrooms first quarter 2016 January 6, 2016 , Auburn Hills, Mich. - Born in 1941, the Jeep® brand celebrates 75 years of 4x4 leadership, military history, and open-air freedom and adventure in 2016. As a tribute to this diamond anniversary celebration, Jeep is creating distinctive, 75th Anniversary special-edition models of each vehicle in its lineup. "Jeep vehicles have defined the authentic SUV and set the benchmark for off-road capability and freedom since they were first produced in 1941," said Mike Manley, Head of Jeep Brand – FCA Global. "Today, Jeep SUVs continue to deliver 4x4 leadership, as well as fuel efficiency, world-class craftsmanship and premium on-road dynamics.

2018 Jeep Wranglers: Here's how much more they could cost you

The 2018 Jeep Wranglers were the stars of the L.A. Auto Show last week. And now further details about the lineup and its prices seem to have emerged from L.A., in the form of documents shared by a JL Wrangler Forums member. DrPerez07 passed along an information sheet he says was provided by FCA to its dealer reps at the show, and here is how he breaks down the price increases it may reveal: 2-Door JL Sport - $26,195 ($2,200 more than 2017 JK) Sport S - $29,095 ($2,100 more than 2017 JK) Rubicon - $36,395 ($2,750 more than 2017 JK) 4-Door JLU Sport - $29,995 ($2,100 more than 2017 JKU) Sport S - $33,195 ($2,100 more than 2017 JKU) Sahara - $36,995 ($2,700 more than 2017 JKU) Rubicon - $40,195 ($2,750 more than 2017 JKU) (These prices would seem to not include a destination charge.) As you can see, the Rubicon's base price crosses the Rubicon of $40,000 for the first time. And these prices seem to allay some confusion and concern among forum members regarding a recent forum post in which a Sahara test vehicle was photographed in the FCA HQ parking lot with a window sticker showing a "base price" of $45K. DrPerez07 built this first spreadsheet to clarify some garble that you can see in what he says was the actual document, which follows. Finally, DrPerez07 passes along documents that he says were given to him by a Jeep rep, which break down wheel options, engine options, horsepower and other specs, and a general rundown of what's new on the new models. He also says the rep told him that, interestingly despite the use of some aluminum body panels, the whole JL lineup, with the exception of the Rubicon, weighs more than their JK predecessors. Related Video: Featured Gallery 2018 Jeep Wrangler Rubicon: LA 2017 View 17 Photos Image Credit: Drew Phillips / Autoblog Auto News Rumormill Jeep FCA jeep wrangler jl jl wrangler forums