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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.

AEV Ram Concept is an aftermarket Power Wagon

American Expedition Vehicles showed off its simply named Ram Concept at this year's SEMA Show in Las Vegas. Starting with a 2014 Ram 2500 Crew Cab and a 6.7-liter Cummins turbodiesel, the Michigan-based team at AEV, which has made a name for itself building ultra-capable Jeeps, promises that this Ram is a "complete vehicle package."
As part of that "complete vehicle package," the AEV Ram has been lifted three inches in front and two in the back, in order to give it a level ride. The suspension tweaks don't end there, though, as the geometry has been changed and custom shocks fitted, while AEV modified the truck's steering to make it more precise.
It rides on massive BF Goodrich rubber and 17-inch AEV wheels. The front bumper is from stamped steel and can accommodate a winch and auxiliary lights, as needed. Other body mods include flared fenders that can handle the larger rubber.

2021 Ram TRX VIN #001 heads to Barrett-Jackson

The very first production example of the 2021 Ram TRX is headed to auction, the company confirmed Thursday. The truck, in Launch Edition Anvil Gray, will cross the block at Barrett-Jackson Scottsdale on March 26 to benefit the United Way for Southeastern Michigan’s 2-1-1 helpline. Being one of the 702 Launch Edition models makes it special already, but this particular example will come with a presentation box with a bound book custom-developed by the Ram Brand team. This book highlights the vehicleÂ’s design development and comes with exclusive photos and video, a speed-form model, and a Ram Truck cover developed by the vehicleÂ’s design team. “The award-winning 2021 Ram 1500 TRX bolsters the brandÂ’s strong history of high-performance trucks while expanding the light-duty lineup with the segmentÂ’s best combination of performance, capability, luxury and technology,” said Mike Koval Jr., Ram Brand chief executive officer. “When Ram 1500 TRX VIN #001 rolled off the assembly line last month, it instantly became an incredibly exciting one-of-a-kind collectible truck that enthusiasts will clamor for – especially when it goes through the Barrett-Jackson auction lane in March. “More importantly, we expect this first production Ram 1500 TRX to raise significant funds that will go directly to the United Way for Southeastern MichiganÂ’s 2-1-1 helpline to provide services to veterans and their families,” Koval added. “At Ram, we offer unique ‘Built to ServeÂ’ editions of our Ram 1500 pickup as a way to honor all those who serve or have served in the U.S. armed forces with distinction. This is an important mission at Ram, and this auction is another way we can honor our veterans.” The truck will be on display in Scottsdale during the auction March 20-27. You can also bid on it online or by phone if you can't (or don't want to) bid in person. Good luck! Related video: