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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.

Toyota Corolla Cross, Audi Q4 Sportback E-Tron and which beers are like which cars | Autoblog Podcast #635

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Senior Editor, Green, John Beltz Snyder. They're thirsty this week, but first, they talk about the Subaru Forester and Lexus NX they've been driving. They dig into the news about the Toyota Corolla Cross, Audi Q4 Sportback E-Tron and J.D. Power's surprising Initial Quality Study results. A longtime Autoblog Podcast listener suggested our editors try to relate some of their favorite beers to their favorite cars, and they happily oblige. Finally, they help a listener choose a new car in the "Spend My Money" segment. Autoblog Podcast #635 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving Long-term 2019 Subaru Forester 2020 Lexus NX 300h News Toyota Corolla Cross is headed our way Audi Q4 Sportback E-Tron concept revealed Dodge and Kia lead J.D. Power 2020 Initial Quality Study Cars and their beer counterparts Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Show full video transcript text - Hey, everybody. This is Autoblog Podcast producer Eric here. I'm just hopping in quickly at the beginning of the episode to let you know that this episode of the Autoblog Podcast is brought to you by these SoFi Daily Podcast. Reaching financial independence starts with having the right information. So every weekday morning, SoFi keeps you up to date with important business news and stock market happenings and how they affect your financial life. So get your money right and search for SoFi-- that's S-O-F-I-- wherever you get your podcasts. On with the show. [THEME MUSIC] [ENGINE REVVING] [CAR DRIVES AWAY] GREG MIGLIORE: Hello, and welcome to another episode of the Autoblog Podcast. I am Greg Migliore. We have a great show for you today on this hot, sizzling Thursday afternoon in July. Joining me today is senior editor for all things green, John Snyder. What's up, man? JOHN BELTZ SNYDER: Hey. Just trying to beat the heat with some iced coffee today. GREG MIGLIORE: Sounds good, sounds good. My coffee is just cold because I haven't microwaved it in a while. And chuckling at that remark-- charitably, I guess-- is consumer editor Jeremy Korzeniewski. How you doing? JEREMY KORZENIEWSKI: I'm doing good. I-- I mean, unlike you guys, I stopped drinking coffee about an hour ago.

Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM