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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.

Ram 1500 Limited Longhorn Southfork Edition returns for 2022

Ram has steadily banged out packages and upgrades this year for the 2022 1500 pickup. So far we've had the Mopar-assisted G/T, the off-road ready Backcountry, the luxed-up, celebratory Limited 10th Anniversary, and new Uconnect 5 infotainment. At the same time, the brand that topped the 2021 J.D. Power Initial Quality Study has reworked how options and packages can be combined in order to keep the assembly lines running. Mopar Insiders reports that there's another special package coming for next year called the Longhorn Southfork Edition. This returns a name last seen in 2018 on the Laramie Longhorn Southfork Edition, but for next year it starts with the top standard trim to become the Limited Longhorn Southfork Edition.  Three years ago, the Southfork made do with a couple special colors and lots of extra leather and suede. Since this new one starts with the Limited there will be plenty of hide, as well as suede in places like the door bolsters, plus laser filigree detailing and a Mopar bright pedal kit. The special interior hue is called Mountain Brown. But the 2022 Southfork gets a tad more rugged utility, the Bed Utility Group comprising Mopar's deployable bed step, four adjustable tie-down hooks, and pick-up bed LED lighting, as well as a spray-in bedliner and Ram's Multifunction tailgate. The package sticks with the standard 20-inch painted and polished wheel, here wrapped in Falken Wildpeak A/T tires that usually require adding the Off-Road Group.   MI's dealer sources say the Limited Longhorn Southfork Edition will start at $1,295. Assuming the 2022 Ram 1500 Limited pricing doesn't increase from its present $62,645 after destination and the package can be bought standalone, a buyer can get away for around $63,940 if opting for the sole no-cost exterior color of Ivory White Tri-Coat.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

With Ram truck sales surging, FCA may continue production in Mexico

Featured Gallery 2019 Ram 1500 View 22 Photos Image Credit: Reuters Plants/Manufacturing RAM Truck Mike Manley warren michigan