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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.

Ram 1500 TRX fuel economy figures are out — and economy isn't the right word

Ram published many statistics when it introduced the 1500 TRX, but one part of the puzzle was missing: fuel economy. It finally released those figures, and they confirm that supercar-like power brings supercar-like thirst. Driven with a light right foot, the TRX returns 10 mpg in the city, 14 mpg on the highway, and 12 mpg combined. It's the least efficient Hellcat-powered model; Jeep's Grand Cherokee Trackhawk scores 13 mpg combined, while Dodge's Charger and Challenger post 15. Figures for the Durango haven't been published yet, but there's no reason to think it will use more gas than the TRX. At 12 combined, the truck is about on par with the Lamborghini Aventador S. On the surface, that's not great. Keep in mind the mighty TRX was developed for off-road performance, however, and we doubt fuel economy entered the equation at all. It's a body-on-frame truck powered by a 6.2-liter V8 supercharged to 702 horsepower, it has mammoth 35-inch all-terrain tires to push around, and it weighs 6,350 pounds. Viewed in this light, 12 mpg is actually shockingly decent. Conversely, the folks who designed the Toyota Prius weren't concerned about its water fording ability, its approach angle, or its zero-to-60-mph time. Motorists who place fuel efficiency at the very top of their priorities list have a growing list of excellent options to choose from, even if they're in the market for a pickup. At the other end of the Ram spectrum, the rear-wheel drive 1500 posts figures of 23, 33, and 26, respectively, when it's equipped with the 3.0-liter turbodiesel V6. The TRX starts at $71,690 including destination, and it will arrive in showrooms later in 2020. Related Video:

2021 Ram 1500 TRX debuts as a Hellcat-powered, desert-running Raptor killer

The 2021 Ram 1500 TRX is here, and Ford’s free ride is over with the F-150 Raptor. Ford has had it good for a long time without any significant competition. Neither GM nor FCA entered the off-road full-size truck market with an offering like the Raptor. Chevy makes the Colorado ZR2, but itÂ’s a midsize truck. With the introduction of the Ram TRX, Ford finally has a proper competitor. Timing of the Ram TRXÂ’s release happens to fall in an in-between time for the Raptor, too. The F-150 is all new for 2021, but Ford hasnÂ’t released any details on the Raptor variant — though, weÂ’ve heard that the wait wonÂ’t be long. Regardless, Ford had better be aiming for the moon if it aims to best the TRX, because RamÂ’s new off-road truck is one hell of a moonshot. There is a lot to take in here, so weÂ’ve divided the chunks of information into a few digestible sections. LetÂ’s start with the underneath bits, which are arguably the most important of all when desert running and jumping is taken into consideration. Ram TRX frame and suspension Ram boasts that the frame underneath the TRX is 75 percent different from a regular Ram 1500. It uses thicker high-strength steel with low torsion attributes for stability and durability. The side rails are fully boxed, and sections of the frame are hydroformed. Ram claims its truck holds up to jumping and high impact events better than the competition, which in this case is simply code for the outgoing Raptor. ItÂ’s designed to handle rough terrain at 100 mph-plus. Compared to a Ram 1500 with the 5.7-liter V8, itÂ’s 600 pounds heavier. Ram is not messing around here. Damping is taken care of by Bilstein Black Hawk e2 adaptive shocks, aided by nitrogen-charged remote reservoirs to ensure maximum durability. The shocks will continuously adjust damping force to best handle the terrain, but you can control them via a number of modes, too. Ram says that in addition to the off-road capability, the shocks make for a smoother ride on pavement. The internals of the shocks feature a “Jounce Cut Off” that has three zones for progressive bottom-out control. You know, for when you take that jump at speed on your way to the office. 2021 Ram 1500 TRX chassis with brakes View 7 Photos Just like the other Ram 1500s, this one uses a five-link coil suspension design for the rear. However, the design is unique to the TRX with different hard points to allow room for a Dana 60 rear axle.