Custom 1960 Dodge Dart Classic Rat Rod Hot Rod on 2040-cars

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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.

Trump tells Detroit 3 CEOs he wants more US jobs, calls environmentalists 'out of control'

As expected, President Donald J. Trump met with top executives from FCA, Ford, and General Motors this morning as part of a larger push to generate jobs in America. "I want new plants to be built here for cars sold here!", Trump said in a tweet ahead of the meeting. Not everything said in the meeting was made public, but the President later tweeted that he had a "Great meeting with automobile industry leaders." FCA CEO Sergio Marchionne, Ford chief Mark Fields, and GM's Mary Barra all echoed the positive vibes after the meeting. In a statement, Barra called the discussion "very constructive and wide-ranging," adding that it focused on "policies that support a strong and competitive economy and auto industry," and "that supports the environment and safety." That's noteworthy, because Trump is reported to have said "I am to a large extent an environmentalist. I believe in it, but it's out of control." Fields, speaking to reporters after the meeting, said, "We're excited about working together with the president and his administration on tax policies, on regulation and on trade to really create a renaissance in American manufacturing." The Ford CEO was specifically talking about Trump's withdraw from the Trans-Pacific Partnership. "We've repeatedly said that the mother of all trade barriers is currency manipulation, and TPP failed in meaningfully dealing with that, and we appreciate the president's courage to walk away from a bad trade deal," he said. Marchionne focused on American manufacturing in his statement after the meeting. "I appreciate the President's focus on making the US a great place to do business. We look forward to working with President Trump and members of Congress to strengthen American manufacturing." Perhaps equally as interesting as what was said and who was invited are what wasn't said and who wasn't invited. Trump has been very vocal about his distaste for US automakers' plants in Mexico, but no mention was made of the North American Free Trade Agreement by Trump or any of the Detroit CEOs after the meeting. We also have to wonder if Trump plans to meet with representatives from German, Japanese, and Korean automakers that have made massive investments into American plants and produce a large number of cars in this country. Related Video: News Source: Reuters, General Motors, Fiat Chrysler Automotive, Donald J.

Junkyard Gem: 1964 Dodge Dart station wagon

The Chrysler A Platform, built from the 1960 through 1976 model years for the North American market (and for a few years beyond that in Australia and Latin America), was one of Chrysler's greatest hits, if not the greatest hit. We know these cars best as the 1963-1976 Dodge Dart and the 1960-1976 Plymouth Valiant, and they established a reputation for reliability matched only by the likes of the Mercedes-Benz W123 diesel. I still see many of these cars during my junkyard wanderings, but A-Body wagons have become very rare. Here's a tattered '64 Dart wagon that I spotted in a self-service wrecking yard in San Jose, California. 1964 was the first model year for factory-installed V8 engines in the Dart and Valiant (and the Valiant's sporty sibling, the Barracuda), and the 273-cubic-inch pushrod V8 was a sturdy powerplant indeed. The slant-6 engine, though less powerful, went into most of these cars, and for good reason: It was harder to kill than all the world's cockroaches and rats put together. This car would have come with a 170- or 225-cubic-inch version of the slant-6, optimistically rated at either 101 or 145 gross horsepower (probably about 55 horses at the wheels), but I didn't feel like scraping sludge off casting numbers to see if it's on its first or 11th engine. In any case, slant-6 Darts were on the pokey side but would get you to your destination every time. This one has a lot of rust for a California car (in New Hampshire or Wisconsin, it would be considered pretty solid) and the interior is more or less obliterated, so even dedicated station-wagon lovers wouldn't have been motivated to take it on as a restoration project. So another early Dart is poised to be stuffed into The Crusher, for reasons that make good economic sense. This still makes us sad, though. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Here's the compact you've been waiting for!