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Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

Chrysler's Woodward Dream Cruise festivities include Ram concept truck debut

The streets will be crowded next weekend along Woodward Avenue in Royal Oak, Michigan for the 19th Annual Woodward Dream Cruise. As part of the run-up to the festivities, Chrysler has announced that all of its brands - Chrysler, Jeep, Dodge, Ram, Fiat, SRT and Mopar - will bring along their latest vehicles. Also included will be a collection of classic American cars and various activities for attendees at the official Chrysler location on the corner of Woodward and 13 Mile Road.
Special to this year, Ram brand director Bob Hegbloom and head of design John Dehner will unveil a Ram concept truck on Saturday. Chrysler will also bring Ryan Friedlinghaus of West Coast Customs fame along to show off a few custom Chrysler-made vehicles of his own. Fans of the brand on Facebook will get the chance to virtually customize a vehicle from the automaker's portfolio, with the winner getting their dream car built for them by Chrysler. Pretty cool stuff, no?
As in past years, Ford and General Motors will have an official presence at the event as well, and you can expect to see plenty of cars of all makes and models from all parts of the globe. The madness starts this Friday, August 16, from 4:30 PM to 10 PM, with the main event taking place on Saturday, from 9 AM to 9 PM. For more details on the show, including events and their times, check out the press release below.

Apocalypse Warlord 6x6 Ram 1500 TRX wears its name well

Florida-based Apocalypse specializes in building trucks that look like they're ready for, well, the apocalypse. One of its wildest and most powerful builds is a six-wheel-drive, Ram 1500 TRX-based monster called Warlord, and Barrett-Jackson is selling one of the few units built. Ram's hot-rodded TRX already stands out as one of the most impressive pickup trucks on the market; it's powered by the vaunted 6.2-liter, supercharged Hellcat V8 tuned to 702 horsepower and it features nearly a foot of ground clearance. Apocalypse builds on these solid foundations by adding a second set of driven rear wheels, 37-inch tires on all three axles, and a 750-horsepower evolution of the Hellcat V8. Enthusiast website Muscle Car & Trucks reports that there's also a custom-designed suspension system built with Bilstein components. The end result is a behemoth that's 294 inches long, 94 inches tall, and capable of towing 12,000 pounds. Visual modifications include 20-inch wheels, KC lights above the cab, and "WAR" lettering on both ends, where you'd expect to see "RAM." Inside, there's black and red leather and suede upholstery plus a long list of tech features shared with the standard, four-wheeled TRX. What's not included is a stepladder, which you may need in order to hop inside the cab, though power-operated side steps help reduce the size of the jump. If you want one, you're in luck: there is a Warlord looking for a new home at Barrett-Jackson's Scottsdale 2022 sale, which runs between January 22 and 30. The truck is scheduled to cross the auction block on the 29th at 6 p.m. mountain time. It's offered with no reserve, so the highest bidder will take it home, but don't expect to score a bargain. Apocalypse charges $250,000 before options are factored in. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.