2020 Dodge Charger Scat Pack on 2040-cars

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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 revamping lineup with AWD Challenger and lighter Charger

Dodge's current lineup is aging rapidly. The Charger, for example, is going on 5 years old but its platform dates back to 2006. FCA, according to Automotive News, is working on revitalizing Dodge's lineup with the first of some new models debuting later this year. The report reveals plans for the majority of FCA's brands, but the most interesting bit of information is an all-wheel-drive model for the Dodge Challenger, which is being referred to as the GT AWD. Mopar unveiled the Challenger GT AWD Concept at SEMA last year as a concept, but it looks like the idea stuck. The vehicle is set to make its debut this fall and will lead the way for a wide-body, Hellcat-powered version that will be released in 2017. That model will be called the Challenger ADR. The entire Challenger lineup will be redesigned in 2018, which includes switching over to the lighter Giorgio platform - the same one that underpins the Alfa Romeo Guilia Dodge will also redesign the Charger to accommodate the new Giorgio platform in 2018. A new two-door convertible could debut in 2021, resurrecting the Barracuda moniker. The aging Dodge Durango will get a light refresh in 2017 with the addition of an SRT model, which Automotive News reports will feature a 6.4-liter V8 engine. Other changes are in store for other FCA brands, including the debut of full-size crossover in 2018 for Chrysler, which will be followed by a midsize crossover in 2019. The Jeep Compass and Wrangler will get a redesign for 2017, with the Cherokee getting a light makeover, as well. The Wrangler-based pickup truck, which we recently spotted testing, is set for its debut in 2018, while the Wagoneer will come out a year later. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Junkyard Gem: 1991 Dodge Stealth R/T

Chrysler's relationship with Mitsubishi goes back to the early 1970s, when the first Mitsubishi Colt Galants arrived from Japan with Dodge Colt badging. Plenty of Mitsubishi-built Arrows and Ram 50s and Challengers followed, and the joint Chrysler-Mitsubishi plant in Illinois began building cars in 1988. By the 1990s, you could find Mitsubishi DNA throughout the American Chrysler family, and the Mitsubishi GTO was brought over to become the Dodge Stealth starting in 1991. Here's one of those first-year Stealths, now residing in a Colorado self-service boneyard. Four grades of Stealth were available here in 1991, with the R/T Turbo AWD at the very pinnacle. This car, a regular R/T, is one step down from that model but still a pretty quick machine for its time. MSRP was $25,155, or about $55,370 in 2022 dollars. The R/T got this naturally-aspirated DOHC 6G72 engine, displacing 3.0 liters and making 222 horsepower. If you got the turbocharged version in the R/T Turbo AWD (or the Mitsubishi 3000GT VR-4), power went up to 300 horses. The 3000GT (as the GTO was known here) was mechanically identical to this car but had slightly different styling. The GTO/3000GT/Stealth replaced the Mitsubishi Starion and its Chrysler/Dodge Conquest siblings, which were sold here from the 1983 through 1989 model years. The Starion was a rear-wheel-drive machine that competed for sales against the Toyota Supra and Nissan Z, while the Mitsubishi GTO was available with either front- or all-wheel-drive. As illustrated by this photo of the rear suspension, this car is a front-wheel-drive version. Americans loved automatic transmissions 30 years ago, nearly as much as we love them today, but this car has a proper five-on-the-floor manual. If you wanted the optional four-speed automatic, it cost 813 bucks ($1,790 today). The Stealth R/T AWD had a mandatory five-speed manual transmission. This car has been hit hard by junkyard shoppers and the ravages of time, but it was fairly luxurious when new. Air conditioning was standard equipment on the R/T, though not on the lesser Stealths. This car came close to 150,000 total miles, but fell a bit short of that milestone. The final year for the Dodge Stealth was 1996, though the Mitsubishi 3000GT remained available here through 1999. The Mitsubishi GTO held on through 2000 in its homeland. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Outhandles the Lotus Esprit!