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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.

New Barracuda, Grand Cherokee Trackhawk coming soon

As we write this, Fiat Chrysler Automobiles is conducting a major dealership event in sunny Las Vegas. New vehicles are being announced, redesigned offerings are being teased, and promises are being made to the sprawling company's dealer body. And, as all these announcements are meant to be tip-top secret, they're leaking out left, right, and center. Naturally. FCA is telling its dealers all of the vehicles shown at the Vegas gala will be in showrooms within 12 to 24 months, and that the product offensive will include at least 30 new or significantly refreshed models. Some of those we've known about since FCA boss Sergio Marchionne unveiled his highly ambitious five-year plan in May 2014, while we're hearing about others for the very first time. We've reached out to our sources within FCA, and will update this post as we learn more. It should be noted that while we've tried to rely on concrete sources or corroborations from multiple sources, some of the news here comes from people claiming to have been in attendance and posting in forums like Allpar and Jalopnik's Opposite Lock. Unless corroborated by a mainstream source or confirmed by our own sources within FCA, we're listing each item that comes from a forum. Have those grains of salt at the ready. Chrysler Dodge Durango-sized SUV with stow-and-go was shown. A poster on Allpar Forums claims it had a Durango's interior. New Aspen? Town and Country PHEV confirmed (again). A plug-in minivan was originally announced as part of five-year plan. No news on 200 or 300. Dodge The redesigned Charger will use the Alfa Romeo Giulia's rear-drive platform and, according Automotive News, draw inspiration from 1999's Charger concept car. We're wagering the 24-month time frame specified to dealers will move the new sedan's arrival up from 2018 to mid-2017. Jalopnik's Opposite Lock claims two new Challenger models are coming. Challenger ADR (American Drag Racer) and T/A. ADR should appeal to bracket racers and is more powerful than the SRT Hellcat, while T/A is for track rats, just like Viper T/A. Automotive News claims the legendary Barracuda nameplate will be revived as a Dodge. The Barracuda will be smaller than Challenger, offered as both a coupe and a convertible. Allpar claims it will feature modern styling. A Dodge Durango SRT was announced with 6.4-liter Hemi V8 and rear-drive. Sources within FCA confirmed its arrival with Autoblog. Apparently, dealers were shown an example in B5 Blue.

Jay Leno drives the Demon-powered SpeedKore carbon fiber Dodge Charger

Jay Leno drives all sorts of wild vehicles on his TV and YouTube series "Jay Leno's Garage," from concept cars to classics. Although many of the vehicles are museum quality, they don't all come through in straight by-the-book factory form, as Leno often likes to highlight the creative and insane builds from premium speciality aftermarket shops. One of his favorites is SpeedKore, which recently dropped by with its carbon-fiber-bodied 1970 Dodge Charger Evolution. After cementing itself as one of the best builds of the year at SEMA 2018, the high-performance Charger paid Leno a visit to show off its immaculately assembled blend of classic and modern Dodge. It's not the first time SpeedKore has stopped by, as they've previously shot videos together of the 1967 Chevrolet Camaro, the 2016 Ford Mustang Shelby GT350R, and the 1970 Dodge Charger Tantrum. The Charger featured here wears its Evolution name because it is an updated take on the Tantrum build (which had 1,650 horsepower, by the way), but the two are quite different. The Charger Evolution uses numerous parts from Dodge's recent superstars, the Challenger SRT Hellcat and the Challenger SRT Demon. In fact, it's one of the only ways in the world to drive a Demon engine with a manual transmission. Under the hood is the 6.2L Supercharged Hemi V8 from a Demon pre-production car, and SpeedKore has tuned it up to 966 horsepower. It pairs with a Tremec M6 6060 six-speed transmission from the Hellcat. At full bore, the whine of the supercharger paired with the grumble from the custom stainless steel SpeedKore exhaust headers makes for a thrilling, if not unharmonized, battle cry. Whereas some restomods have cut corners, shoddy build quality, or imperfect fittings, Leno notes that SpeedKore's work is top-notch, despite the entire exterior body and many pieces of the interior being fully replaced with glossy clear-coated exposed carbon fiber. According to SpeedKore Vice President Dave Salvaggio, the Charger weighs about 3,400 pounds. Check out the full video above or read full details from our time with the car at SEMA. And as a bonus, Autoblog photographer Drew Phillips recently got to spend a day shooting the Charger. His gallery of photos appears below. Speedkore 1970 Dodge Charger View 53 Photos