Stellantis buys auto-finance company to offer in-house 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 formed earlier this year by a merger involving Fiat Chrysler, said Wednesday 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.

Stellantis CEO Carlos Tavares said owning a finance company in the U.S. will let the automaker provide customers and dealers options including loans, leases, and “floorplan” or inventory financing that is common in the car-dealership business.

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