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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.

Dodge, Jeep and Ram could soon be owned by Chinese automakers

For the past several years, Fiat Chrysler CEO Sergio Marchionne has made it widely known that the automaker he helms is up for grabs. First, he sent an email to GM CEO Mary Barra, who immediately refused to even discuss a merger. Later, Marchionne set his sights on Volkswagen. That too was swiftly rebuffed. It seemed like no global automaker was remotely interested in a partnership. Now, Automotive News reports that several Chinese automakers have come calling, only FCA isn't ready to answer. At least not yet. The news broke this morning that a major Chinese automaker had made an offer to purchase FCA for slightly above market value. FCA refused, saying the offer wasn't quite generous enough. It's unclear which automaker made the offer, but Automotive News says there's more than one interested party. FCA representatives have recently traveled to China to meet with Great Wall Motors, while Chinese representatives were seen at FCA corporate headquarters in Auburn Hills, Mich. The Chinese government has a lot of money invested in local automakers. It's putting pressure on these automakers to expand globally, including to the United States. As it stands, it's a matter of when a Chinese automaker will start selling cars here, not if. Purchasing an established automaker with a wide range of products and a huge dealer network would do wonders in giving the Chinese a foothold here. Sure, Geely owns Volvo, but a luxury automaker doesn't have nearly as much reach as a more mainstream company like FCA. This seems like the best case scenario for both a Chinese automaker looking to move into the U.S. and for FCA, at least from a business standpoint. The latter doesn't seem to have any other interested parties. It will be interesting to see how FCA would sell a deal like this to the public. We're not sure everyone will be happy with Dodge, Jeep and Ram falling under Chinese ownership. FCA didn't turn down the Chinese because they didn't like the idea. It turned down the offer because there wasn't enough money on the table. Related Video: News Source: Automotive News Earnings/Financials Alfa Romeo Chrysler Dodge Fiat Jeep RAM

2022 Chrysler Pacifica gets price hike, starts at $38,160

Mopar Insiders says its Chrysler dealer contacts gave the outlet a glimpse at what's coming for the 2022 model year. The most important change to the Pacifica range — we're not including the Voyager and Pacifica Hybrid in this — is the addition of a front-wheel-drive model to the penultimate Limited and top Pinnacle trims. Both are available only with all-wheel drive at the moment, so the change will lower their MSRPs when next year's models arrive on lots. There are a few price increases, however, so the savings won't be as large as one might wish. Pricing for the range based on info from MI's dealer sources, including the $1,495 destination charge, and the increase compared to 2021, is: Pacifica Touring: $38,160 ($845) Pacifica Touring L: $41,785 ($1,170) Pacifica Touring L AWD: $44,780 ($1,170) Pacifica Limited FWD: $49,815 (new for 2022, $495 less expensive than the 2021 Limited AWD) Pacifica Limited AWD: $52,410 ($2,100) Pacifica Pinnacle FWD: $54,270 (new for 2022, $1,320 less expensive than the 2021 Pinnacle AWD) Pacifica Pinnacle AWD: $56,865 ($1,275) Across the range, all the minivans get a rear seat reminder safety alert and the Stellantis Clean Air Filtration System that acts like the minivan's wearing an N95 mask, capturing 95% of particulates in the air including bacteria, allergens, and pollen. Looks like Chrysler's going to start charging for certain exterior colors on a reduced palette. There are ten colors now, all of which are free. Next year there will be seven, and only Bright White, Brilliant Black, and Ceramic Grey will be no charge. Granite Crystal and the new Silver Mist, which replaces Billet Silver, will cost $95. And Fathom Blue and Velvet Red will cost $395.  The entry-level Touring pulls the opposite trick from the Limited and Pinnacle, losing its AWD option. Driving the rear axle cost an extra $2,995 on this trim, perhaps why Chrysler said only 2% of Touring buyers chose the option this year. Next year's Touring gets the Cold Weather Group, with features like heated front seats and a heated steering wheel, as standard equipment. That option cost $495 this year and its inclusion might be responsible for the trim's price increase.  The Touring L gets the makes this year's optional $995 Safety Sphere Group standard equipment for next year. That installs features like ParkSense for front, parallel, and perpendicular parking, and a 360-degree surround view camera.