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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.

2014 Dodge Durango Ron Burgundy ads already have 2.7M views [w/videos]

The guy who once made the Dodge Stratus a punchline of sorts is now a spokesman for the 2014 Dodge Durango, and the move appears to be paying off handsomely for Dodge. Will Ferrell, acting as 1970s-era TV news personality Ron Burgundy, has teamed up with the automaker for co-branded advertisements between the refreshed 2014 Durango and Ferrell's new movie, Anchorman 2: The Legend Continues. Like Ferrell's fictional character, the ads are outrageous, flamboyant and a bit random. They're also successful: Automotive News says that more than 2.7 million people have already watched the videos since they debuted on October 5.
Those views are similar to the numbers that AN's top viral video of the year (e.g. Volkswagen's "Get Happy" Super Bowl ad) received, but there will eventually be as many as 70 videos comprising the Burgundy-Durango spots. According to the report, the videos were created primarily as a viral campaign online, although some are airing on television, too. For Dodge's part, the cost of the videos was significantly lower than a usual television campaign thanks to the fact that Ferrell wasn't paid for the spots since they were made in cooperation with promotional efforts for his new movie.
We've already posted a few of the videos in our previous post, but scroll down for several more - and head over to Adweek for a little added background on how these spots came to be.

This Dodge Challenger was stolen, used in police chases and recovered all in the week before its SEMA debut

Most of the drama in a SEMA build is in getting the car ready in time for the big show. That was all Quintin Bros Auto and Performance was expecting when they built a supercharged Dodge Challenger Scat Pack with custom carbon fiber body parts, aftermarket wheels and upgraded brakes. But unfortunately, a bigger drama happened in the week leading up to the show. And it was the worst kind. As part owner Pete Quintin told us, the car was shipped out in a small trailer, and while the delivery driver was spending the Monday night a week before the show at a hotel, a thief showed up in a stolen pickup and made off with the trailer and the car. It wasn't an easy task, either, as the delivery driver had parked the trailer in with the truck blocking it. The thief used his own (well, not his own, but you know what we mean) truck to shove the trailer hitch out where he could access it, then hooked it up and took off. Several miles down the road, he parked, opened up the trailer and vanished in the Challenger. The following morning, the delivery driver discovered the theft, and Quintin Bros immediately informed the owner so that a police report could be filed and a search could begin. The trailer was found not too long after, thanks to someone who was following the story on social media. But obviously the car was missing. Folks on social media were also helpful in tracking the car, in addition to the help of the Las Vegas Police Department (LVPD). What followed was a week of chasing the car down. Twice the car was found in parking garages, Quintin said, and both discoveries resulted in police chases. The second chase was the most dramatic, with a police officer stopping after noticing the car. The thief was in it, and he bolted upon seeing the officer. He powered the Challenger right through the nose of the police car, damaging both. The chase culminated on the highway, where Quintin told us 14 cars were in pursuit, and the thief got up to 150 mph. Police ended up calling off the chase because of the danger. But the car was damaged enough that the thief eventually abandoned it at one last garage, where it was picked up on Thursday. Once the car was recovered, things gradually began looking up for the Quintin family. Pete Quintin said that as soon as LVPD found out the Challenger was meant to go to SEMA, the department got the car out of evidence impound as fast as it could so the shop could show off the beat-up car.