Roughly 60% of Stellantis’ more than 2,600 U.S. dealerships have signed on to the carmaker’s captive financing service since it started doing business after Stellantis’ 2021 acquisition of F1 Holdings Corp., Automotive News reported.
At least some of the dealerships still also use other lenders in addition to Stellantis Financial Services.
Captive lenders are an industry standard as automakers try to increase sales and keep costs low for themselves and their dealers, the publication said.
Stellantis is the result of the 2021 merger of Fiat Chrysler Automobiles and PSA Group, and many of its dealers have been handling most of their financing through Chrysler Capital.
The carmaker told Automotive News that the financing unit “offers a full suite of retail loan products, having launched prime and near-prime loans this year.” Its offerings also include fleet financing.
Originally posted on Auto Dealer Today