MENU
SEARCHThe multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Antonio Filosa became Stellantis' CEO last year, charged with turning around the automaker.
Stellantis
Jeep maker Stellantis said it received regulatory approvals to establish a captive financing arm.
Operation of Utah-chartered Stellantis Bank USA is pending conditions, such as regulatory reviews and completion of the bank’s organization plan. Stellantis said the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions gave their conditional approvals for the industrial bank.
The automaker, which was formed in 2021 from the merger of Fiat Chrysler and the French PSA Group, has been working to turn around its business and replaced its CEO last year with Antonio Filosa.
According to Reuters, Filosa is scheduled to announce a long-term road map this week that prioritizes plans to rekindle its U.S. business. Stellantis named a new U.S. sales head last month.
“We appreciate the engagement and professionalism of the FDIC and UDFI throughout the extensive application and review process,” said Stellantis Bank USA CEO Tommy Moore Jr.
“The establishment of Stellantis Bank USA furthers Stellantis’ objective of putting customers at the center of everything we do by allowing us to offer greater freedom of choice in their vehicle financing as well as support dealers with a variety of products to help grow their business.”
Captive automotive lenders pulled back slightly on credit access in April, reported Cox Automotive, as lenders in the segment sought to balance risk and reward in a market of credit-crunched consumers.
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →
China easily reigns in the segment, but European countries’ adoption rates are growing. The U.S., probably due to market size, has the second biggest EV fleet.
Read More →
The full-size pickup segment, which has been dominant in the U.S., ended 11 consecutive weeks of gains with a slight dip last week.
Read More →
Wholesale auto conversion rates dropped slightly as auction buyers proved picky last week, analysts observed.
Read More →
Fast charging of electric vehicles provides a solution for range anxiety, but it also poses a risk to battery cycle life due to increased temperatures, according to an EV supply chain data provider.
Read More →