Jeep Maker Stellantis Agrees to Buy Auto Finance Co First Investors
02 Septembre 2021 - 1:16AM
Dow Jones News
By Kimberly Chin
Automaker Stellantis NV agreed to buy U.S. auto finance firm
First Investors Financial Services Group for about $285 million in
an all-cash transaction, expanding the range of financing options
it gives to customers and dealers.
The company will acquire F1 Holdings Corp., the parent company
of First Investors, from an investor group led by private-equity
firm Gallatin Point Capital LLC and includes affiliates of
financial services-focused Jacobs Asset Management LLC.
Houston-based First Investors is a captive finance company that
provides car loans to buyers who need financing.
Stellantis is the only original equipment manufacturer operating
in the U.S. that doesn't have a captive auto finance company, it
said.
The move will help support the company's sales in the region by
offering customers and dealers an array of financing options,
including retail loans, leases and floorplan financing, Stellantis
said.
"This transaction marks a significant milestone in Stellantis'
sales finance strategy in the critical U.S. market," Chief
Executive Carlos Tavares said in prepared remarks.
Stellantis, which is behind the Jeep, Chrysler, Dodge and Alfa
Romeo brands, expects to complete the deal by the end of the
year.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
September 01, 2021 19:01 ET (23:01 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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