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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.

2018 Ram ProMaster Quick Spin Review | Big van, big fan

I've moved a lot over the past decade or so. Since the beginning of 2008, I've held nine different addresses: five in Alabama, two in California and two in Michigan. I've had a lot of experience moving, sometimes multiple times to multiple states in a single year. Simply put, I get around. And f or most of these moves, I made do with SUVs, hatchbacks, borrowed pickups or rented box trucks. After putting more than 2,000 miles on a GMC Savana during my (second) move to from Alabama to California, I was fed up with the headache of it all. The GMC had no cruise control, no sound deadening and a V8 that downed fuel with the gusto of a drunk at an open bar. It was an almost entirely unpleasant experience. Yes, I know that's how trucks used to be, but when there's an alternative, I'll take it. This latest move — all of 2.2 miles — was the shortest I'd had in years. While our long-term 2018 Honda Ridgeline would have sufficed for 90-percent of the move, it isn't quite long enough to move two couches, a shelf and a king-size bed. Sure, I could have gone to U-Haul, but why bother there was a Ram ProMaster in the local fleet that I could put to good use? I wanted to really see how far things have come in recent years. My chariot was a long-wheelbase high-roof van in work-site white. It's as inoffensive and anonymous as they come. The ProMaster is based on the Fiat Ducato, and it's an unfortunate looking machine, though I doubt many people in the market for a good work van give much thought to the van's design. There are a lot of variations of the ProMaster when it comes to wheelbase and cab configurations, but all models have the same standard drivetrains. Power from the 280 horsepower V6, like the one in the van I drove, is sent to the front through a six-speed automatic. A 3.0-liter turbo-diesel V6 is optional, boosting torque from 260 pound-feet to 300 pound feet, but it's paired with a less-than-stellar automated manual transmission that's not nearly as smooth or refined as its torque-converter counterpart. The seating position was high and commanding. It's a bit of a climb to get into, but once you're seated it's actually quite comfortable. Since you're nearly on top of the front wheels, forward visibility is excellent. The passenger area is spartan but packs tons of little cubbies, pockets and cup holders. I found perfect spots to stick extra bungee cords, gaffers tape and ratchet straps. Compared to the old vans I was used to, it was a revelation.

Best trucks for the money in 2024, according to iSeeCars

Full-size trucks are some of the most popular vehicles on the road in the U.S., but they’ve become exceedingly expensive in some cases. That makes it even more important to choose the right full-size truck to maximize value and longevity. iSeeCars recently released its list of the best trucks for the money for 2024, ranking AmericaÂ’s full-size trucks on the cost to own over 10,000 miles. Though the Ford F-150 is the best-selling new full-size truck, it failed to break into the three best trucks for the money, landing at number four on the list. The top six pickups include: Chevrolet Silverado 1500: $2,863 per 10,000 miles Toyota Tundra: $2,868 Ram 1500: $3,352 Ford F-150: $3,469 GMC Sierra 1500: $3,598 Nissan Titan: $4,008 The list is short because there is only a handful of full-size trucks on sale. Though many are expected to last quite a while – some have lifespan estimates of more than 180,000 miles, and the Toyota TundraÂ’s average life is 226,032 miles – all of them are expensive. iSeeCars found that the average new truck purchase price is $61,353, with trucks like the GMC Sierra 1500 topping $66,000. iSeeCars ranked the trucks on their purchase price and 10,000-mile ownership costs, not on driving excitement, styling, tech, or safety. It also did not asses each truckÂ’s capabilities, such as towing and payload, but said that buyers looking to save money should only purchase one if they have “genuine truck needs.” The study looked at several vehicle types to find the best models for the money in each category. The Mitsubishi Mirage was the best car overall, returning a $1,099 10,000-mile ownership cost and a low $18,991 purchase price. The Toyota Tacoma was the best midsize truck, and Toyota landed a strong seven vehicles in the top 25 best cars for the money overall. Chevrolet Ford GMC Nissan RAM Toyota