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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.

Jeep Wrangler-based Scrambler pickup will have open tops, longer frame

We'll probably have to wait until 2019 to see the Wrangler pickup fully revealed and on dealer lots, but it seems that the truck is already showing up in FCA's computer systems. Someone at Jeep Scrambler Forum did a little digging and found the truck's chassis code, "JT," listed with a number of parts. Among those parts were different tops, seemingly confirming that the Wrangler pickup will have a soft folding top and removable hardtops available, just like a normal Wrangler. These include the plain black soft top, a black hard top, or a body-color hard top. The hard tops are also listed as three-piece units like on a conventional Wrangler, so parts can be removed, or the entire top. The forum quotes sources as saying the pickup will be called the Jeep Scrambler. The company renewed the trademark on that model name in 2015. The forum discovered a few other mechanical details, too. The truck's code is listed under the diesel engine option, confirming that powertrain for the pickup, though no other engine or transmission info was found. The forum also found CAD models of the frame and axles. Jeep Scrambler Forum estimates the frame is about 33 inches longer than the upcoming Wrangler Unlimited four-door SUV. This isn't entirely surprising, as photos show that the Wrangler pickup prototypes are substantially longer than the four-door Unlimited models. And even AEV had to lengthen the Wrangler's frame to turn it into the Brute pickup. Finally, the forum noted that the axles are different from the current generation of Wrangler, and could possibly be stronger than normal for improved towing and payload. Related Video: Related Gallery 2019 Jeep Wrangler Pickup Spy Shots View 14 Photos News Source: Jeep Scrambler ForumImage Credit: Jeep Scrambler Forum Rumormill Jeep Truck Off-Road Vehicles jeep wrangler pickup

2018 Jeep Wrangler Rubicon Alaska Cannonball | At the edge of the Arctic Ocean

Our man Jonathon Ramsey is driving a Jeep Wrangler Rubicon on a 14-week, 14,000-mile journey across North America. Check out his first, second, third, and fourth installments. TUKTOYAKTUK, Alaska – The picture above merely hints at the magic turn the Rubicon Alaska Cannonball took after Port Orford, Oregon. The three dramatis personae are Shelby, on the right, an Inuit and Tuktoyaktuk local with a supernova smile, sitting on the hood of her 2014 Wrangler; Jason, a top Canuck who rode his BMW up from the Lake Louise area, takes the middle; I'm on the left, wearing an Inuit parka lent me by Shelby's father, John Steen. The parka, full of snow goose down and lined with wolverine fur, is the nicest piece of winter gear I've ever put on. Any kind of winter gear. Ever. We're effectively in John Steen's back yard, the sun setting on the Arctic Ocean behind us, pingos – earth-covered mounds of ice that Tuk is known for – in the background. I took this picture at the beginning of a long night of laughs, learnin', beer, whale, Northern Lights, extraordinary kindness, more laughs, followed by a long sleep in a man cave garage. But let's pick up right after Oregon. I drove to Seattle to regroup after the Trans-America Trail and visit a Jeep dealer for an oil change, tire rotation and balance, and a thorough inspection. For reasons neither Jeep nor I could understand, the dealer wouldn't do anything more than change the oil. The Jeep rep couldn't make the dealer budge. The punchline: as I left the service department, the service writer I dealt with turned to his colleague and said, "Another happy customer." My head exploded. And then I made an appointment at a Jeep dealer in Fairbanks, Alaska to complete the work. Google said Fairbanks lies 2,145 miles from Seattle. I wanted to be in Fairbanks in three days, so I hit I-5 north determined to chalk up 715 miles. Instead of taking the Alaska-Canada Highway (the AlCan), I turned left at Prince George to take the Cassiar Mountain route, and clocked about 830 miles before pulling into a rest stop in New Hazelton. That first day would be the only one on schedule. I don't know how Canada has managed to keep this a secret, but the western provinces are shockingly gorgeous. One of Canada's tricks: California's 163,707 square miles host 39.5 million people; Canada's 3.855 million square miles house 35.2 million people.