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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 EcoDiesel is coming soon, but a midsize Ram, not right now

NEW YORK — At this year's New York Auto Show, we had the opportunity to talk with the head of Ram Trucks, Jim Morrison, and he had a few interesting tidbits about what's coming and what isn't for the brand. The first big news is that the 3.0-liter turbocharged V6 diesel is finally coming to the all-new Ram 1500 later this year. Up until now, the engine was only available in the previous-generation Ram 1500 and current Ram 1500 Classic. The new Ram 1500 EcoDiesel won't have the same engine, though. It will be a redesigned 3.0-liter turbodiesel that will also appear in the Jeep Gladiator in 2020. That means it should also make 260 horsepower and 442 pound-feet of torque, unless the Ram gets unique tuning that changes the output. Morrison wouldn't elaborate on any other details, though, including whether it would utilize the eTorque mild-hybrid assist of its gas powered cousins. The other news concerns things we probably won't see from Ram anytime soon — and one of them is a midsize pickup truck. Morrison said there are no plans for one yet, though the company is always considering options. In the meantime, the current strategy is to offer the Ram 1500 Classic as an option to potential midsize buyers. The thinking, of course, is that the Ram 1500 Classic is cheaper than the redesigned Ram 1500, and it's a bigger truck than midsizers. We can't help but wonder if the Gladiator might also make a midsize Ram a tougher sell at the moment. Finally, Morrison still had nothing to say about a regular cab offering for the redesigned Ram 1500. The only full-size Ram 1500 offering with a regular cab is the Classic model, leaving four-door models only on the normal 1500. We know that regular cabs don't sell well, so it's understandable that there isn't an offering yet, but it seems the company will have to offer one eventually when the Classic runs its course. Odds are that a future Ram 1500 regular cab will look something like the Ram 2500 and 3500 regular cab models, but with a more subdued grille.

2019 Ram 1500: Everything we know

We're not too far away from the sheet being pulled off the 2019 Ram 1500. But over and over, we've had spy shots come in revealing much of the truck before hand. The latest ones have given us a very clear look at the truck's new grille, which boldly does away with the signature crosshair grille. The main iteration we've seen is the one above with the "RAM" logo in the center flanked by split chrome bars. Chrome is used extensively elsewhere, too. The traditional Ram logo has also probably been binned, at least on the exterior, in favor of the broad Ram script currently seen on the Ram Rebel, Laramie Longhorn and Limited trims. Indeed, it seems like a change that the brand has subtly been trying to get its customers ready for, as a quick trip to the company website will show a greater reliance on those trim levels to visually represent each Ram model (including the heavy-duty 2500 and 3500). View 3 Photos Now, there will likely continue to be multiple grille options available as there is today to at least differentiate luxury and off-road models. In the renderings above, we show a version of the grille without those chrome bars. The rest of the truck in the rendering is based on what we saw when some gusty weather unofficially revealed the Ram 1500 to a spy photographer, as seen in the gallery below. View 18 Photos As for everything else we know about the 2019 Ram 1500 ... The Interior View 8 Photos We got pretty good shots of the new Ram interior a few weeks ago. There will be a huge, vertically oriented touchscreen available, possibly with updated UConnect interface software, flanked by hard buttons for the climate control system. A volume knob and redundant multi-purpose control knob will remain, as will the rotary transmission selector. New toggle switches below will be dedicated to various vehicle controls, and we would assume would remain in place throughout the trim level range. Smaller touchscreens will almost certainly be found on lower trims with a traditional array of climate controls between them and the toggles. It'll be steel View 5 Photos An intrepid magnet-wielding spy photographer back in August examined a 2019 Ram test mule's body panels and discovered the majority of them are steel. The hood and tailgate are aluminum, however. There will be a split tailgate option View 18 Photos Speaking of that tailgate, spy photos have shown that it will be available with a split, barn-door-style tailgate option.