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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.

Here's how I averaged 31.5 mpg in a Ram HFE EcoDiesel

Few things could be more American than a bright red Ram pickup parked in front of Mount Rushmore. To get there and back on a single tank of fuel from the nearest major city, however, requires a collaboration of international proportions. This particular Ram is a 1500 HFE EcoDiesel, festooned with badges indicating the presence of an Italian turbodiesel V6 mated to a German eight-speed automatic. Some Rams are even built in Mexico, but this one only boasted a 27 percent Mexican parts content. A rather global truck, this one. It is the sum of its parts, but those bits and pieces were curated by a team of engineers in Michigan. At the risk of hipstering its history, the Ram HFE (High Fuel Efficiency) package was truly custom-tailored for one purpose: Achieving an EPA-rated 29 mpg on the highway, which is 1 mpg better than a standard Ram 1500 EcoDiesel. It did just that. No, it did better than that, but more on that in a minute. The Ram has stuck with its "son of big rig" styling for nearly 25 years; opting for the EcoDiesel V6 means you can fill up next to Peterbilts. My goal was to bypass truck stops entirely. I left Denver early in the morning and aimed to enjoy lunch with Washington, Jefferson, Roosevelt, and Lincoln looking over my shoulder before heading home for dinner. Mt. Rushmore is about 370 miles away from the northernmost truck stop within Denver, where I filled the Ram HFE's tank and headed northbound on Interstate 25 toward Wyoming and a series of smaller highways that roughly follow an old stagecoach route from Cheyenne to what is now Mt. Rushmore in South Dakota. The Ram was such a fuel miser that I could have driven an extra 50 miles each way and still avoided the pumps. It's beautifully stark country: the kind of desolate place where the FM radio does a lot of seeking; that's all the audio I had on board because the Ram HFE is decidedly lacking in comfort and convenience features. To get to an EPA-estimated 29 mpg highway figure, Ram engineers had to goals: To strip weight and improve aerodynamics. In the wind tunnel, the medium-size 4x2 Quad Cab with 20-inch wheels and the Ram Express trim level's one-piece front bumper proved the most aerodynamic configuration of the many flavors of Ram available. Interestingly, testing revealed that adding full-length tubular side steps and a tri-fold tonneau cover normally offered in the Mopar accessories catalog aid aerodynamics.

Ram 1500 Motor Trend's first back-to-back Truck Of The Year

For the first time ever, Motor Trend has named a back-to-back winner of its Truck of the Year competition, handing the crown to last year's winner, the Ram 1500. Ram's entry to the pickup battle bested a range of new or heavily improved models, including its big brothers, the Ram Heavy Duty and Ram ProMaster van.
Other contenders included the twins from General Motors, the Chevrolet Silverado and GMC Sierra, the Toyota Tundra, the Ford Transit Connect, the Nissan NV200 and the Mercedes-Benz Sprinter. Just how did a truck that technically hit the market in 2012 best a range of vehicles from 2013? With new technology.
MT wasn't testing the same Ram it tested in last year's competition - it was driving the new EcoDiesel V6, complete with an eight-speed automatic transmission. When ran through the battery of testing, the torquey diesel Ram proved to be the victor for its ample torque and excellent fuel economy, while the team at Motor Trend also highlighted its air suspension and overall sense of style and luxury.