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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.

Omaze is giving away a luxurious, custom Ford F-250 off-roading machine

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  Enter to win this giveaway or any other Omaze experience between now and November 26, 2020, use code UNWRAP300 and receive 300 bonus entries. Winning this sweepstakes will be the best Black Friday deal you’ll ever find. Personally, IÂ’m not much of a heavy-duty pickup guy. I donÂ’t have a camper to tow, nor the garage space for a big truck. But I can appreciate them. Driving a Ram Power Wagon off-road in the Nevada desert is boatloads of fun. If you need to tow 15,000 pounds and love off-roading, thereÂ’s nothing better than a heavy-duty pickup, and this custom F-250 that Omaze is giving away is one youÂ’d love to take off-road in the wide open space of a desert. Win a Custom Ford F-250 4x4 Diesel and $20,000 - Enter at Omaze This truck, customized by LGE-CTS, is a monster. It features a 6.7-liter Power Stroke V8 turbodiesel under the hood that produces 475 horsepower and over 1,000 lb-ft of torque, 1,050 to be exact. You read that right. Four-figure torque. It also has a towing capacity of 15,000 pounds and a payload of 3,320 pounds.  Here are some of the other off-road customizations, according to Omaze: “Baja Forged 5” bulge carbon fiber fenders and bed sides, Baja Forged front and rear tubular bumpers, bed cage spare tire rack, rigid light bar and accessory lights, Warn 9,500-lb winch, ICON Stage 5 Coilover conversion suspension with 3.5” lift, 8” Method wheels w/ 37” Toyo tires, Banks cat-back exhaust, iDash and Pedal Monster.” While it may look like an off-road brute on the outside, the interior is all luxury, with a panoramic sunroof, and luxurious leather heated and cooled seats. Another addition to the interior: $20,000 in cash. And like most Omaze giveaways, taxes and delivery fees are covered, so you can spend that cash however you want. The best part is that every donation supports First Responders ChildrenÂ’s Foundation, which, for almost two decades, “has provided financial support to children who have lost a parent in the line of duty as well as families enduring significant hardships due to tragic circumstances.

Stellantis previews 4 electric platforms: Here's how they'll be used

Stellantis EV Day is hitting hard and fast this morning, with big news coming from Dodge and Ram and Jeep and the rest. But to support those brand transformations, a core initiative within Stellantis will help it become a leader in electrification. To do that, the group is developing platforms and technologies with cross-shared components and systems. This starts with four flexible BEV platforms: STLA Small, STLA Medium, STLA Large and STLA Frame. As for targeted numbers, they’re lofty: By 2024, Stellantis aims for over 500 miles of range, 0-62 mph in 2 seconds and charging 200 miles of range in 10 minutes. The four platforms will offer battery capacities from 37 kWh to more than 200 kWh. More specifically, STLA Small will offer 37-82 kWh and up to 300 miles of range. STLA Medium will have 87-104 kWh and up to 440 miles. STLA Large will provide 101-118 kWh and up to 500 miles of range. The truck-focused STLA Frame will provide 159-200+ kWh and up to 500 miles of range (and will support an electric Ram 1500 pickup). Chrysler EV Front 34 View 8 Photos Stellantis has big plans for the STLA Large platform, and is currently developing eight vehicles for it in the next three to five years. Examples of possible vehicles shown include a midsize Ram truck and a Jeep off-roader that could fight against the likes of the Toyota 4Runner. Stellantis design boss Ralph Gilles could be seen in a presentation looking over a Chrysler electric crossover based on this platform. We also saw a Wagoneer badge teased momentarily. There was a rendered silhouette of a crossover that looked like it could compete with the Ford Mustang Mach-E. Gilles said the platform would allow Stellantis to “create a long-range luxury sedan, an all-conquering muscle car, a heart-of-the-market DUV, a heart-of-the-market SUV, a very capable Jeep off-roading white-space opportunity vehicle as well as a new mid-sized truck.” See for yourself in this video starting at the 90-minute mark. As for powertrains, Stellantis is developing three electric drive modules with a shared, scalable inverter, and other common components, as well as in-house software to control them. Those drive units will offer from 70 to 330 kW (94-402 horsepower). More specifically, one EDM will provide 70 kW, a second will provide 125-180 kW, while the most potent can produce 150-330 kW.