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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 2500HD, 3500HD Kentucky Derby edition gives a leg up to horse owners

This year will be the 145th running of the Kentucky Derby horse race at Churchill Downs, an event and a track Ram has sponsored for the past 10 years. To celebrate the milestones, Ram's unveiled a Kentucky Derby Limited Edition of the recently introduced 2500 HD and 3500 HD. The truck maker specced equipment meant to give breeders and their crews confidence when hauling multi-million-dollar, 3-year-old Thoroughbreds. That means trailering technology like the 360-degree surround-view camera with trailer-reverse guidance, fifth-wheel/gooseneck prep, and air suspension with bed lowering. There's also Forward Collision Warning-Plus with trailer braking, and a bed step. Starting with the Limited trim, those features come as part of the Limited Level 1 Equipment Group, Towing Technology Group, and 5th Wheel/Gooseneck Towing Group. That bundle throws in the Uconnect 12-inch touchscreen radio with Sirius XM 360L and navigation, power-retracting running boards and blind-spot monitoring, too. The combined price of those packages alone is $3,885. Ram has priced the Kentucky Derby trucks at $66,890 for the 2500 HD, $68,240 for the 3500, plus a $1,695 destination fee for both. That's $2,250 more than the base price of the 2500 Limited, and just $625 more than the entry-level 3500 Limited. The extra-cost equipment doesn't end there, though. A billet-appearance grille sets the tone up front, body-colored bumpers are fitted front and rear, and a DOT safety kit gets stashed in a cubby. The interior's been dressed in black and saddle brown leather with greystone stitching and piping. Ram has capped production at 1,000 units, available in almost every configuration possible on the 2500 and 3500: Cummins 6.7-liter Turbo Diesel I-6 in standard or 1,000 foot-pound trim, 6.4-liter Hemi V8, 4x2 or 4x4, Mega Cab or Crew Cab, single rear wheel or dual rear wheel, 6-foot-4 or 8-foot bed lengths. The only exclusion appears to be that you can't order the truck in Billet Silver Metallic, one hue in the eight-strong exterior palette. If you're OK with that, then giddy up.

2019 Ram 1500 Kentucky Derby Edition is for the equine inclined

Though the 2019 Ram 1500 was just revealed in January, Ram has already been introducing specialty versions of the truck, including the Texas-only Lone Star model and the Canada-only Sport model. This newest special edition won't be restricted by region, but it will be limited to just 2,000 examples, and it will probably be snapped up by horse fans. It's the Ram 1500 Kentucky Derby Edition. View 8 Photos The truck is basically a Ram 1500 Limited, but it has a few options included as standard. Among them are the body-colored front and rear bumpers. Inside, the rear reclining seats also pick up ventilation, allowing front and rear passengers to all enjoy the optimum temperatures for their respective backsides. The key exclusive visual tweak is the addition of the Kentucky Derby logo on the rear fenders, making it obvious what version of Ram you have, along with a hint as to what your hobby or career is focused on. The truck is available now, and can be had in two- or four-wheel-drive. The largest Crew Cab with the 5-foot 7-inch bed is the only body configuration available, but six colors can be selected. The base price is $54,835. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.