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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.

1970 Dodge Charger destroyed by man sick of lowballers — he showed them!

There are open and shut cases, and there's this one, the purchase and crush case. This is so wild it's hard to believe it's real. Apparently a man named Daniel Gagliardi bought a rusted-out 1970 Dodge Charger project car with the intent to flip it. Contacted by The Drive, Gagliardi said he bought the car for $4,200 and listed it for $8,500. "It was a complete car," he said, "not missing a single thing inside, out, underneath, under the hood, wasn't missing a damn thing. Had fender tag, VIN tag, clean title." Instead of negotiating with serious buyers, Gagliardi told the outlet a stream of jokers jerked him around for six months. The time-wasting took a toll, and after 180 days of "no-showers, thousands of no-showers, and a whole bunch of flakers" who didn't have the decency to bring a decent offer and cash, he decided to teach them all a lesson. So he destroyed the car, filmed the destruction, and cheered it on. The humorous and ironic part of the video is when Gagliardi tells another man off-camera, "But we got it first! We already robbed it, you can only rob it once!" After that levity, there's only chagrin for anyone sad to see a Charger meet its end so spitefully. Admittedly, however, and in spite of all the vitriol aimed at him, Gagliardi is free to destroy his own property. He's not the first person to crush a car capriciously. Any divorce attorney could tell you a book of tales about precious goods meeting ugly ends for vindictive reasons. Or there's the guy who, commenting on Gagliardi's video on another site, relates how he crushed the Yamaha quad he wanted $800 for after he "got tired of people offering me $200." Ah well. This won't be the last time. Warning for language, and exceptionally shaky video. If you're hungry for more Charger carnage after this, check out the cinematic obliterations in "7 Ways to Destroy a Charger."

Corvette Z06 and Viper TA square off at the strip

There are many long-standing grudge matches among automobiles: 911 vs GT-R, Mustang vs Camaro, Ferrari vs Lamborghini... but as far as high-end American metal goes, it doesn't get much more legendary than Viper vs 'Vette. So after Chevy released the new Corvette Z06, we knew it was only a matter of time before it would have to square off against the Viper TA. And what better place to pit these two parallel pillars of American performance than on the drag strip? Fortunately that's just what we have here. In one corner, the 2014 Dodge Viper TA, with its 8.4-liter V10 pumping out 640 horsepower and 600 pound-feet of torque. In the other, the 2015 Chevrolet Corvette Z06, the supercharger on its 6.2-liter V8 more than making up for the discrepancy in displacement and cylinder count to produce 650 hp and just as much torque. But numbers don't tell the whole story, so watch the video clip to see which reaches the end of the quarter-mile first. News Source: To the Floor via YouTubeTip: James Chevrolet Dodge Videos drag race chevy corvette z06 quarter mile drag strip srt viper ta