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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.

Ralph Gilles shares how he imagined a modern-day Dodge Rampage in 1995

Fiat-Chrysler Automobiles (FCA) design boss Ralph Gilles kicked off the company's 24-hour Design Sketch Battle by sharing an image of a mini-truck he drew in 1995. Called Tomahawk GTR, it never reached production. Gilles sketched the Tomahawk GTR when he was about 25 years old. He was a designer at the time, he wasn't promoted to a managerial position until 1998, and his obsession with performance already permeated the cars he drew. The Tomahawk GTR takes the form of a two-door, two-seater pickup with a muscular-looking front end, pronounced wheel arches, and a sizable spoiler over the cargo box. The wheels look almost Porsche-like. "I guess I was dreaming up a modern-day Rampage back then. This must be what happens when a want-to-be racer draws a truck," he wrote on his Instagram page, referencing the small, unibody pickup Dodge made from 1982 to 1984. His sketch moved the company's then-current design language in a sportier direction. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Dodge hasn't released a successor to the Rampage yet, at least not in the United States. The Fiat-based 700 that sister company Ram sells in Mexico is the closest thing available in 2020, but there's no indication it will be sold in America anytime soon. The firm used the Tomahawk name on a Viper-powered motorcycle concept introduced in 2003, and it dusted it off again for an SRT design study created in 2015 for Gran Turismo.  We may see a Rampage for the 2020s emerge from the Design Sketch Battle. The photo accompanying FCA's announcement depicted a Dodge Challenger Hellcat turned into a pickup and fitted with a front end borrowed from a Ram 1500. The contest's winners will be announced on Instagram today.  Instagram has recently turned into a window through which enthusiasts can peek into Gilles' mind. He published a futuristic-looking sketch in March 2020 that poked fun at the Charger and Challenger owners who leave the yellow protective stripes on their car while potentially shedding light on Dodge's next design language. Design/Style Dodge Truck

Hellcat motor 'fits like a glove' in the Wrangler and Gladiator, says Jeep

Just like "technically correct" is the best kind of correct, "technically possible" is the best kind of possible. Specifically, it's technically possible to slot a Hellcat crate motor into the Jeep Wrangler and Gladiator, as confirmed by Jeep brand chief Tim Kuniskis. Speaking to Australian media last week, Kuniskis went on to say that "everybody" keeps asking him if the supercharged, 6.2-liter Hellcat V8 fits in the Wrangler and Gladiator, and that the answer is yes. "It fits like a glove," said Kuniskis. But — there is a but — the fitment is so close for comfort, it makes the combination one that Jeep can never produce. "There's no air space around the engine [...] so you have no crush space, you have nothing that can be used to absorb energy in a crash. It's not a problem to put it in — other than emissions and fuel economy — except it would never pass any crash tests, and that's a problem," as Kuniskis told Drive. However, since the Hellcat is now out of the bag, it's probably only a matter of time until hobbyists with access to these engines will start putting them into Wranglers and Gladiators. And with the time-honored piece of advice — just don't crash into anything — it'd be a combination worth seeing and hearing. Just to throw it out there, a "Hellcrate" engine costs less than $20,000 new. Kuniskis also said that Jeep is "gauging interest" for the J6 concept, one of the Easter Jeep Safari concepts that were just revealed. "[The J6] is just a concept at this stage. But that doesn't mean we're not going to gauge interest for it." However, he said justifying its production is apparently "tough."