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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.

2019 Dodge Challenger Hellcat with twin-scoop hood spied with no camouflage

Dodge recently teased an updated 2019 Challenger SRT Hellcat sports coupe complete with an all-new hood with dual scoops. It didn't reveal anything else about the vehicle, saying more details were coming. And now we have more details, but not in the way Dodge probably wanted. We can now see the updated Hellcat with the new hood. To be perfectly honest, it's pretty much what we expected. The teaser photos indicated that the hood was the only major body change, and this car confirms it. The rest of the body is identical to a normal Hellcat. The bumpers, grille mesh, even the wheels are all standard Hellcat parts. Even the slotted rotors and Brembo calipers look the same. This car does suggest that the hood will be available on both the narrow-body Hellcat and the Hellcat Widebody, the latter of which was featured in the teaser images. There is actually one other minor difference on this 2019 Hellcat's exterior, and that's the grille badging. There's now a vintage-style badge with "Challenger" written in script off to one side. Currently only one grille and badge design is available on Hellcat, and it features just the SRT Hellcat logo. It appears the SRT badge is still present, but blocked off on this prototype. So it's possible this new badge comes with the new hood as a sort of retro package for Hellcat. We should have all the details on this and other 2019 Challengers when the car is officially revealed later this summer. Related Video: Featured Gallery 2019 Dodge Challenger SRT Hellcat Spy Shots View 11 Photos Image Credit: KGP Photography Spy Photos Dodge Coupe Performance dodge challenger srt hellcat

2015 Dodge Challenger SRT Hellcat with '600-plus horsepower' officially unveiled [w/video]

Dodge has officially unveiled the most powerful vehicle to ever wear the Challenger name - the SRT Hellcat - complete with over 600 horsepower courtesy of a supercharged, 6.2-liter Hemi V8. It will be offered alongside the 485-hp Challenger SRT.
The new, force-induced V8 isn't just the most powerful ever fitted to the Challenger, it's the most powerful eight-cylinder Chrysler Group has ever built. Power figures aren't finalized, so expect to see "over 600 hp" bandied about quite a lot. That fury will be channeled through either a six-speed manual or eight-speed automatic. Yes, over 600 ponies through an eight-speed auto. So far, the only vehicle we know of that delivers more output through that many gears is the as-yet untested Chevrolet Corvette Z06. Sadly, we don't have performance metrics just yet, although if this thing can't crack four seconds to 60 miles per hour, we'll be pretty surprised.
As is the theme nowadays, the 2015 Challenger SRT features a number of driving modes, governing power output, shift speeds for the 8AT, steering effort, traction control settings and suspension settings. There are three pre-programmed options - Default, Sport and Track - and a Custom mode that allows drivers to mix and match to their heart's content.