Braunschweig, 3 May 2016
Volkswagen Financial Services reports strong contract growth in first quarter 2016
• Significant growth in all product categories
• New contracts up 12.4 percent to almost 1.8 million units
• Current portfolio grows 8.7 percent to almost 16.9 million contracts
Volkswagen Financial Services were able to increase their new contract acquisitions worldwide in the first quarter of 2016 by 12.4 percent to almost 1.8 million. The overall level of current contracts also showed a significant rise of 8.7 percent compared to the same period last year and reached a figure of almost 16.9 million at the end of March. The service business performed particularly well, whereby maintenance and inspection contracts recorded particularly high demand. Moreover, the broad international positioning of Volkswagen Financial Services also contributed to the dynamic growth. Particularly positive has been the development in China and Mexico as well as in a number of European markets; England, France and Poland were especially outstanding in their performance. "Our start in the new year has been a remarkable success. Thanks to our good collaboration with the brands of the Volkswagen Group and our broadly based and high-quality product portfolio, we have grown significantly on a worldwide scale," says Dr. Christian Dahlheim, Chief Sales Officer of Volkswagen Financial Services AG. He adds: "The reason for the high growth rates predominantly lies in our good performance in Europe as well as in the trend towards our mobility services such as maintenance and inspection."
Compared to the same quarter last year, the total number of new contracts grew by 12.4 percent to almost 1.8 million units. All product groups registered what has in part been very strong growth. The new contracts in the vehicle financing segment amounted to 611,000 units during the first quarter (+4.1 percent). In addition, 305,000 new leasing contracts (+18.7 percent), 359,000 service contracts (+41.3 percent) and 524,000 insurance contracts (+4.0 percent) were also signed within this period.
The contract portfolio of Volkswagen Financial Services at the end of the first quarter amounted to 16.86 million units (+8.7 percent). This figure comprised 6.22 million contracts for vehicle financing (+4.6 percent), 2.63 million leasing contracts (+10.5 percent) as well as 2.90 million service contracts (+21.2 percent) and 5.11 million insurance contracts (+6.7 percent).
Good performance in Germany
Volkswagen Financial Services even grew further during the first quarter in their highest-volume market. The total number of new contract acquisitions in Germany during this period was 581,000 units (previous-year period: 523,000 units). This represents an increase of 11.1 percent. As a result, the overall portfolio had risen to 5.73 million contracts alone in Germany by the end of March 2016 (previous year: 5.39 million contracts), an increase of 6.3 percent.
New contracts worldwide
Portfolio of current contracts worldwide
Information for editors
Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies and the financial service companies in the USA, Canada, Argentina and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania and Porsche brands and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 15,182 employees worldwide – including 6,513 alone in Germany (as at: 31.12.2015). Volkswagen Financial Services reported total assets of around EUR 157.9 billion, an operating result of EUR 1.9 billion and a portfolio of around 16.6 million current contracts.