Auto maker Stellantis will fill gap by buying a finance arm

AUBURN HILLS, Mich. (AP) — Stellantis, the car company that includes Chrysler and Fiat, is getting into the auto-finance business. Stellantis said Wednesday it agreed to pay $285 million for the parent of First Investors Financial Services Group. That company is based in Houston, and buying it will give Stellantis the ability to offer in-house loans and leases to customers and provide inventory financing for its dealers. Stellantis says it’s the only major car maker operating in the U.S. without its own auto-finance company. Stellantis was formed this year by a merger of Fiat Chrysler and PSA Peugeot.