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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 Scat Pack for 5.7L Hemi V8 detailed, priced

Dodge revived the Scat Pack name back in November at the 2013 SEMA show. At the time, though, we were short of details on forthcoming upgrade packages, which were destined to add some oomph to the Challenger, Charger and Dart. We're still waiting to hear about the upgrades to the Dart's 2.4-liter four-pot, but Dodge has gone ahead and released the details on the upgrades to the 5.7-liter Hemi V8 in the Challenger and Charger R/T.
As we detailed in our original post, three different Scat Packs will be available that will allow customers to upgrade their cars without voiding the warranties. Starting with the $2,195 Stage 1 kit, owners will net an extra 18 horsepower and 18 pound-feet of torque thanks to a Mopar-branded cold-air intake, exhaust and ECU ref lash. Stage 1 is also the only package that could be installed outside of a Chrysler-authorized service center without voiding the warranty (a mechanically competent owner could even do it at home, we're told by Dodge). Stage 2 builds on the entry level Scat Pack, and adds performance camshaft kit, which boosts output over the stock 5.7 by up to 30 hp for $1,895. As with the Stage 1, the ECU is tweaked.
For those that want to go whole hog, they can add the Stage 3 for $4,995. The top-tier gets quite serious, adding CNC-ported cylinder heads, as well as high-flow headers and cats. Output over stock is 58 hp and 47 lb-ft of torque. Each kit comes with a pair of badges, just in case owners want a bit of visual flair.

Follow along for the 2018 Dodge Challenger SRT Demon live reveal

Updates: Live Demon premiere in Times Square and a viewing party on Woodward Ave. here in Detroit. The first Hellcat sold for about $800k at a Barrett-Jackson auction. New Pennzoil video with the last Dodge Viper premiering tomorrow. "Making the suits nervous is how we know we're on the right track." No love for accountants. "A modern day version of the Ramchargers." "The harder car companies work to take the driver out of the equation, the harder we work to keep them in." "We want to impress the NHRA more than the PTA." "It would have been easy to take a Hellcat and make it a bit faster." SRT says tuners have it all wrong. This is the way to build a performance drag car. Every Demon comes with a leather-bound manual that shows how to properly set up the car for tracks. 2.3 seconds to 60 mph 9.65 second 1/4 mile 840 horsepower This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Original Post: The 2018 Dodge Challenger SRT Demon is coming tonight, and we'll be bringing you live coverage and updates from New York. There have been months of teasers, trailers, and hints, but some of the big questions have yet to be answered. Dodge is showing the reveal live on the Demon's promo site, ifyouknowyouknow.com. Watch the stream and follow along here for the latest Demon info. The hype started back in January with the first video, "Cage." At the time, all we knew was that the Demon was going to be a hopped-up version of the already juiced up Dodge Challenger SRT Hellcat. After that, we learned that the Demon would be significantly lighter thanks to optional - yes, optional - passenger and rear seats. In addition to the seats, the Demon comes with lightweight wheels wrapped in sticky 315/40R18 Nitto drag radials at all four corners. Dodge showed off the Demon's crate of goodies, but it was a few more weeks before we learned what was inside. The Demon comes with a jack, an electric impact wrench, torque wrench, and a tire pressure gauge. The kit will be used to swap skinny front tires for use on a drag strip. As cool as those 315 section tires look up front, they hurt far more than they help on a drag strip.