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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 Viper might not live past 2017

The Dodge Viper might be running out of venom because the muscle-bound sports car could be on the road to being cancelled in just a few years. According to Allpar, the proposed deal between the United Auto Workers and FCA US would close the Connor Avenue Assembly plant, which produces the Viper, in 2017. The proposed union contract doesn't give a reason for closing the factory, but the decision is understandable if frustrating. The plant was idled twice last year to reduce production of the Viper to match flagging demand. A $15,000 price cut for the coupe eventually allowed for a sales surge, but that appetite hasn't continued in 2015. From January through September of this year, the company has only moved 503 of the sports cars, down eight percent. To further spur demand, Dodge has employed a few other tactics like the 1 of 1 program for buyers to personalize their Vipers, and the introduction of the brutally track-focused ACR. In a world where high-end sports cars are continuing to get friendlier for both their drivers and the environment, the Viper remains a holdout with a big, naturally aspirated V10. Even with the addition of some electronic aids on the latest Vipers, the snake still demands respect from those behind the wheel. Respect is fine, but sales are what matter to FCA – and the harsh reality is that a lack thereof might force the Viper into retirement, whether we like it or not.

Dodge Dart Registry helps you crowdsource money for your next ride [w/video]

To be honest, we're surprised something like this didn't pop up sooner. Chrysler is riffing on gift registries for couples getting married or expecting babies and cross-pollinating it with a social media funding website like Kickstarter to help customers buy its 2013 Dodge Dart. The Dodge Dart Registry allows people to build and customize a new Dart exactly how they want it, then let other people purchase some or all of the components as gifts.
The registry lets you add features like dark headlights, dual exhaust, various wheels and even interior options without choosing a specific trim level. This sounds a lot like the system Scion uses to let its customers configure cars, and this could be a great idea for Dodge. Of course, this system has the added benefit of being a social media affair for you to share with your friends... you know, so they can help pay for some of the parts, too.
The best thing about the registry is that you can configure your dream Dart from the comfort of your home computer, which strikes us as much better than walking around Bed, Bath and Beyond for the better part of an afternoon with an electronic scanner. The one thing that Dodge doesn't offer? "Thank You" cards. Those are on you.