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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.

Next Dodge Challenger to be electrified, says FCA boss

Dodge is the last of Detroit's Big Three to truly keep the muscle car purpose and heritage alive with the Challenger and Charger. As the Mustang and Camaro have transitioned to sports car-like experiences, the high-horsepower Dodges have stuck to their guns as straight-line behemoths with little intention of competing with the others in corner carving. People still dig the old-school-cool of cars like the Challenger, as sales actually went up while Mustang and Camaro sales took a hit in 2018. That said, new FCA boss Mike Manley said things will be changing in an electric way for the next generation, in a report by The Detroit News. "The reality is those platforms and that technology we used does need to move on. They can't exist as you get into the middle-2020s. New technology is going to drive a load of weight out, so we can think of the powertrains in a different way. And we can use electrification to really supplement those vehicles." News of electrified muscle cars is nothing new at this point. Ford says it's going to reveal a Mustang Hybrid in 2020. And with Al Oppenheiser (former chief engineer for the Camaro) moving to GM's electric division, you better believe Chevrolet is working on an electrified version of the Camaro. This, however, is the first solid evidence we have that FCA and Dodge are making such a move. What Manley said next is something we all know to be true, but a bit heartbreaking nonetheless. "I think that electrification will certainly be part of the formula that says what is American muscle in the future. What it isn't going to be is a V8, supercharged, 700-horsepower engine," Manley says. Even if it's a bit silly, we all love the Hellcat for its 707 horsepower V8. Clearly, plenty of other people do, too, because Dodge keeps cranking out more insane versions of the car with the Redeye and Demon. As for how much electrification Dodge's muscle car will receive, Manley wouldn't go into detail. Though he does say that electrification "can't be the dominant part." This should provide some solace to all those worried the gasoline engine could disappear from the American muscle car. Just as Dodge is reluctant to stray from the original intent of the muscle car, it's not hard to imagine the Challenger/Charger being the last to go full-electric. Gas engines supplemented by 48-volt systems or plug-in hybrids will most likely be the end result when we first see electrified Challengers.

Camel-power and Challengers | Autoblog Podcast #510

On this week's podcast, Mike Austin and David Gluckman are in a huddle room, because the studio was already taken. We talk about the Dodge Challenger GT all-wheel-drive and who would want one. (And a correction we'll mention in next week's podcast - the trunk lid on the Challenger does wrap around vertically for a decent-sized opening.) Then David has a new performance metric to introduce, proposed by Nissan. The episode wraps up with the traditional doling out of Spend My Money buying advice, with an update on the feasibility of the one-year Ferrari financial plan. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And if you have other questions or comments, please send those too. Autoblog Podcast #510 Topics and stories we mention Dodge Challenger GT Long-term Mazda MX-5 Miata Mazda CX-5 Nissan Camelpower The Alchemist by Paolo Coelho Used cars! Rundown Intro - 00:00 What we're driving - 02:11 Camelpower - 17:28 Spend My Money - 24:39 Total Duration: 44:17 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 Feedback Email – Podcast at Autoblog dot com Review the show on iTunes Podcasts Dodge Car Buying dodge challenger gt