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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.

FCA is setting a five-year strategy: Here's how the last one played out

We're slightly more than four years removed from Sergio Marchionne last five-year plan for FCA, a tell-all where the Italian-American automaker divulged its plans for the 2014 through 2018 model years. It was a grand affair, where Sergio told FCA investors that all was right in Auburn Hills, Alfa Romeo and Maserati were making comebacks, and the fifth-gen Dodge Viper received a mid-cycle refresh. You can read every last one of those past predictions right here. We're on our way to Europe to see Sergio's sequel, coming out Friday straight from FCA's Italian headquarters. (Bloomberg reports a plan to expand Jeep and Ram globally, combine Alfa Romeo and Maserati into a single division for an eventual spinoff, and downsizing Fiat and Chrysler. Also, EVs.) But before we arrive in Italy and find out exactly what Marchionne has planned for 2019 through 2023 as his last act as CEO, let's take a minute to tally up the results of his last term based on the same scoresheet we used in 2014. Now, we're only five months into 2018, so much of this — including vehicles like the Ram HD and Jeep Grand Wagoneer — could still debut this year. For those, we'll mark things TBD. We're not going to draw any conclusions or make any objectionable remarks. We're simply going to let the stats speak for themselves.

Speedkore AWD twin-turbo Carbon Charger, best birthday gift ever

The backstory the Speedkore Performance AWD twin-turbo Carbon Charger teased a couple of weeks ago might be cooler than the car itself. Alan Palermo commissioned the carbon-fiber-bodied Dodge Demon Speedkore brought to SEMA last year, the one that supplanted the 6.2-liter Hellcat V8's supercharger with twin 6875 Precision Billet T4 turbos. That blasted the Demon's usual 840 horsepower up to 1,400 hp at the flywheel, 1,203 hp at the rear tires, good for an 8.77-second quarter-mile time at 162 miles per hour. Palermo's older brother remarked, "He liked the car but was more of a four-door guy," so Alan commissioned the AWD Carbon Charger as a 65th birthday gift for his sibling. Speedkore worked with Magnaflow on the sedan, starting with a 2019 Charger Pursuit as a base. The Wisconsin tuner secured a 2020 widebody Charger from Dodge, then 3D-scanned the bodywork to create the molds reproducing most of the sheetmetal in pre-preg carbon fiber. The hood, bumpers, fenders, rockers, rear spoiler, and rear diffuser are all fashioned from the lightweight stuff.  Beyond those Precision turbos laid in by Gearhead Fabrications, Speedkore installed a custom upper plenum, Boost Leash C02 progressive boost controller, custom Thitek heads, a Fore Innovations triple-pump fuel system feeding Injector Dynamics 1,700-cc injectors, and custom HP Tuners engine software calibration. Test results showed 1,525 hp at the crank when running 26 pounds of boost.  Hellraiser Performance engineered a new transmission working an FTI torque converter at one end and a carbon fiber driveshaft at the other. Instead of fortifying an off-the-shelf AWD system, Traction Products supplied a custom transfer case machined from billet shunting power to a set of Bogart Competition Series wheels wearing Mickey Thompson ET street rubber.  Speedkore fitted last year's Demon with a front-exit twin exhaust, with a single opening on each front fender, and left the rear bumper cutouts for the traditional exhaust empty. With the Carbon Charger sedan more of a family guy, Magnaflow sorted out a quad-pipe front-exit exhaust with two openings on each front fender, and ran a three-inch stainless steel Competition Series exhaust to the rear. The driver can switch between the two, the latter version providing a "moderate interior sound."  The folks at Speedkore say they'll keep tweaking the Carbon Charger after the show to get it right for the senior Palermo. We say, "Happy birthday, sir. Enjoy."