My2014 dodge ram transmission when shift into third (automatic) does nothing and but the engine races

Theres a snap ring inside certain transmissions that year under recall, regardless a 2014 should be covered under warranty now matter what it is. I'd bring it do Dodge and have them take care of it

I misposted it is a 2004 and hence not covered under warrenty.

Oh then it's probably the transmission solenoid pack up in the transmission pan. They generally run about $175 from dodge and you'll have to get a transmission filter kit and do a drain & fill. There's a relearn procedure that has to performed after it's changed that can only be accessed with certain computers so if you bring it to a garage make sure they can do the relearn before the change the solenoid pack