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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 Durango Shaker concept: A 392 V8 in front of six Viper seats

When done right, a parts-bin special can be a beautiful thing. This Dodge Durango Shaker concept for the 2016 SEMA show is one such vehicle, and it's easily our favorite Mopar debuting in Vegas. The key, of course, is pulling from the right bins. Take a tour and you'll see Charger, Challenger, and Viper pieces grafted onto this slick crossover. The featured special part is the big, 6.4-liter 392 Hemi V8 that's been dropped under the hood; it's sourced from the SRT Challenger and Charger where it makes 485 horsepower and 475 pound-feet of torque. With that in place, the fabricators cut a big hole in that hood for the Challenger's awesome optional shaker scoop. It wasn't an easy installation; it required a custom spacer for the intake to make sure everything lined up with the hole properly. View 17 Photos Apparently there were some Viper seats lying around, so six of them were stuck into this Durango. Makes sense. It does lose a bit of people-carrying capability as a result, since only two seats fit in each row, and the seats don't fold for extra cargo room. A Dodge spokesperson attested to the fact that all three rows are usable, if not totally comfortable. But then stock third-row seats aren't always that comfortable anyway. Seriously, though, Viper seats. We don't care how comfortable or usable the result is. Although you might not give it a second thought, even the fuel filler needed some special attention. This piece was also lifted from a Dodge Challenger, and it was taken along with the surrounding sheet metal. Because of the different orientation of the filler cover on the Challenger, the builders decided the easiest way to get it to fit was to chop the fuel filler section out and weld it onto the Durango. The designers also put a little blue Stig on the cover. And those are just the cool parts that were hard to install. This Durango features plenty of other slick details, like the custom bumpers, fender flares, and side skirts. Everything is painted B5 Blue with matte black and carbon accents all around. Up front, the bumper hides a pair of fog lights stolen from a Challenger Hellcat – and yes, they're the ones with intakes in the middle. The grille is also a custom piece, losing the standard crosshair design for better airflow. The fender flares cover up some seriously wide, 305-section tires at all four corners, which are hauled down by Hellcat brakes. The rear bumper bumper contains a stylish center-exit exhaust with dual tips.

2014 Dodge Durango priced from $29,795*

With all the new updates the Dodge Durango is getting for 2014, one thing that Dodge isn't changing on its big SUV is the starting price. Just like the current model year, the 2014 Dodge Durango will be priced from $29,795 (*not including $995 for destination).
This price is for the base SXT model, but the 2014 Durango is also offered in a new Limited trim level (replacing the Crew) as well as the sporty R/T and the luxurious Citadel. The Durango Limited starts at $35,995 (an increase of $800 over the 2013 Crew), while the R/T now starts at $38,995 (up $2,500). The top-of-the-line Durango Citadel will start at $40,995 - an increase of $1,000.
The many improvements made to the 2014 Durango include revised exterior styling, added in-cabin tech and an eight-speed automatic transmission (expected to return better fuel economy). Dodge is saying that the V6 models will get 25 miles per gallon on the highway while V8 models are expected to score 23-mpg highway, but there are no official EPA numbers to report yet. Scroll down for the full press release.