VOLKSWAGEN Financial Services have announced its £10 billion portfolio, which makes it Europe’s biggest automotive financial services company.
60 per cent of Volkswagen Group individual new car sales are financed by VFS, which represents a group growth of 40 per cent over the last two years.
Volkswagen Financial Services are a wholly owned subsidiary of Volkswagen Financial Services AG, providing finance, leasing and insurance on used and new car sales across their Group Brand UK dealerships.
During the last four years Volkswagen Financial Services’ insurance and funding cases have more than doubled, following in-line with the group’s vehicle brand.
Private Volkswagen Financial Services UK customers account for sales volumes of 160,000 today, whereas 15 years ago, it was 40,000.
Popular cars have included the Volkswagen Golf, Polo, the Audi A3 and the Audi, boasting “affordability and reliability”.
VFS also lend to the fleet and business sector, with Volkswagen, Audi, ŠKODA and SEAT often the preferred choice for many businesses and public sectors.
Volkswagen Financial Services have also seen their used car finance increase by a third over the course of the past four years, giving them just over a 19 per cent piece of the automotive finance and insurance market pie here in the UK.
Graham Wheeler, managing director at Volkswagen Group Leasing, said:“Over the years we have increased our lending by nearly ten times and this clearly shows how our offerings have proved to be competitive and flexible.”
Personal Contract Purchases (PCPs) are Volkswagen Financial Services most popular finance product, accounting for 60 per cent of its financial agreements.
From its data, it found that customers purchasing a vehicle through PCP are more than twice as likely to re-purchase through the company again, than those without. The company has also found that its most financed vehicle (year to date) was the Volkswagen Polo, followed by the Volkswagen Golf.
Wheeler concluded: “We have worked closely with the Volkswagen Group in the UK and in Germany to develop financial products that are attractive to both consumers and businesses.
“We understand what is demanded in the market and how we can meet this requirement. This is why our PCP offering has been so favoured and successful.
“We look forward to continuing this growth and helping more customers acquire the vehicles that they want and need.”
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