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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.

It ain't easy keeping a Hellcat steady at 170 mph on ice

The Dodge Challenger SRT Hellcat you see hit the ice at Arsunda Speed Weekend in Sweden, over two hours north of Stockholm. It's said to be bone stock, save for the studded tires that help it grip on ice. But it apparently takes more than some steel studs and a lead foot to keep it pointed the right way. Just look at how much driver Alx Danielsson has to saw at the wheel to keep the Hellcat from veering off course. Fortunately he seems to have the chops to do so, being not only a native of Sweden (and therefor imbued from birth with otherworldly abilities to drive on ice) but also having won the highly competitive Formula Renault 3.5 Series championship back in 2006. In the end Danielsson hit a top speed in excess of 170 miles per hour, touted as some sort of record, however unofficial (and specific to Dodge Challengers). That's a fair bit shy of the 205 mph that Bentley achieved in the Continental Supersports, but while that model had slightly less power than the Hellcat, it did have the benefit of all-wheel drive – something that could make all the difference in these kinds of slippery conditions. Related Video:

2020 Ford Explorer ST vs 2019 Dodge Durango SRT: How they compare on paper

For a few years now, the Dodge Durango SRT has been the sole three-row performance crossover from a non-luxury brand. That all changes now that the 2020 Ford Explorer ST is coming to market. Now we have two family crossovers with rear-drive-based platforms vying for buyers that demand practicality and power. As such, there's no better time to dig into their specs to see how they compare. We'll check out each crossover's horsepower, torque, space, capability and prices. The full specs are listed below, followed by some analysis afterward. We also compared the regular 2020 Explorer models to other crossovers in this segment, if if that's not enough, you can check out our car comparison tool. Performance The Explorer and Durango go about making power in very different ways. The Explorer goes the force-fed route with two turbos feeding a 3.0-liter V6, while the Durango's enormous 6.4-liter V8 produces power with air flow au natural. Of the two, the Durango has the greater output of 475 ponies and 470 pound-feet of torque, feeding the flames of everyone that lives by the phrase "There's no replacement for displacement." The Explorer is no slouch at 400 horsepower and 415 pound-feet of torque, though. Performance isn't purely based on power, though. Other factors play a role, such as weight, and in that regard, the Explorer is way ahead. At 4,701 pounds, it weighs a massive 809 pounds less than the portly Durango. This also means that both crossovers are very close in weight-to-power ratio, with the Explorer only slightly worse at 11.75 pounds per horsepower and the Durango at 11.6. Less weight will also play a roll in handling, and the Explorer is likely to feel sprightlier without so much mass to shift back and forth. Semi-related to handling are tire sizes. The Durango features 295-mm wide tires on 20-inch wheels. The Explorer has 255-mm wide tires on 20-inch wheels, but 21-inch wheels with 275-mm tires are available. So the Durango is working with more contact patch, but as we mentioned, it's carrying a lot more weight. 2020 Ford Explorer ST View 20 Photos Interior Space and Practicality Although the Durango SRT is the largest on the outside in every dimension, it loses out to Explorer repeatedly inside. The Ford has more headroom, leg room and shoulder room in nearly every row except the third-row where headroom comes up a bit short.