Stellantis buys auto-finance enterprise to give in-property lending

Stellantis buys auto-finance enterprise to give in-property lending

This Jan. 19, 2021 file photo shows the Stellantis sign outside the Chrysler Technology Center in Auburn Hills, Mich. Automaker Stellantis NV, which was formed earlier this year by a merger involving Fiat Chrysler, said Wednesday, Sept. 1 it will pay $285 million for an auto-finance company to provide loans and leases to customers through its dealers. Netherlands-based Stellantis said it will pay cash to acquire F1 Holdings Corp., the parent of Houston-based auto-finance firm First Investors Financial Services Group. The deal is expected to close by year end.

AUBURN HILLS, Mich. — Automaker Stellantis NV, which was shaped before this yr by a merger involving Fiat Chrysler, mentioned Wednesday it will shell out $285 million for an car-finance business to deliver loans and leases to prospects by way of its dealers.

Netherlands-dependent Stellantis explained it will fork out income to obtain F1 Holdings Corp., the dad or mum of Houston-centered automobile-finance company To start with Traders Money Products and services Group. The deal is anticipated to shut by yr finish.

Stellantis CEO Carlos Tavares mentioned possessing a finance company in the U.S. will permit the automaker supply prospects and dealers selections together with loans, leases, and “floorplan” or inventory financing that is common in the automobile-dealership small business.

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