Stellantis buys into US auto finance market

Stellantis

The automobile holding was created from the merger of PSA and Fiat Chrysler.

(Photo: AP)

Frankfurt According to its own statements, the European automobile holding is taking over the service provider First Investors Financial Service Group for around 285 million dollars in cash to enter the financing business in the USA. “Directly owning a financial company in the US is an opportunity that enables Stellantis to offer our customers and dealers a full range of financing options in the short to medium term, including retail loans and leasing,” said CEO Carlos Tavare.

The company, which emerged from the merger of PSA and Fiat Chrysler, was so far the only major automaker in the US that did not have its own car financier. The deal with the Texas-based financial services provider is expected to close by the end of 2021.

More: BMW, Daimler and Volkswagen earned better than the competition in the first half of the year. Overall, the industry has recovered worldwide, an EY analysis shows.

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