History

Volkswagen Financial Services (VWFS) celebrates its 75th anniversary in 2024. Since the founding of “Volkswagen Finanzierungsgesellschaft mbH” in 1949, the company has developed continuously. The Volkswagen Group's financial services companies are now active worldwide.

From 1949 to the present day, VWFS has always adapted to the growing needs of its customers and in doing so has become increasingly diversified - from financing, insurance and car leasing to bicycle leasing today. At the same time, the company is increasingly focusing on technological innovations, such as the use of artificial intelligence to increase efficiency.

One focus is the used car business, particularly in connection with leasing offers for electric vehicles. With a clear strategy of digitalization, product diversification and internationalization, the company is positioning itself for the future and remains a key driver of mobility.

In 2024, Volkswagen Financial Services AG and Volkswagen Bank GmbH have successfully completed their corporate restructuring. As part of the new structure, a majority of the German and European companies of Volkswagen Financial Services AG and Volkswagen Bank GmbH will now be consolidated in a new financial holding company supervised by the European Central Bank. From now on, Volkswagen Financial Services Overseas AG will be responsible for managing the non-European financial services business. In the new structure, Volkswagen Leasing GmbH will be operated as a subsidiary of Volkswagen Bank GmbH, in particular to be able to utilize refinancing advantages for the growing leasing business. 

In June, Volkswagen Financial Services and the management and technology consultancy Sopra Steria establish the joint venture MyDigitalCar GmbH. Companies such as car dealerships, fleet operators and leasing and rental car companies can now register their vehicles digitally via this vehicle registration platform. The digital capability offered by the new platform makes it unique in Germany. VWFS had already been using the MyDigitalCar technology in a pilot operation since 2019, whereby it registered several hundred of its official company cars in Braunschweig digitally and in a legally compliant manner. In September, MyDigitalCar starts offering its services nationwide.

Change at the top for Volkswagen Financial Services in January: Dr. Christian Dahlheim, previously Head of Group Sales at Volkswagen AG, takes over as Chairman of the Board of Management. Lars Henner Santelmann leaves the company on 31 January 2022 at his own request.

New financing solution for the charging infrastructure of corporate customers: In August, Volkswagen Bank starts financing charging infrastructure for electric cars. The offering targets companies that want to electrify their fleets and need to set up wallboxes and charging stations for that purpose. The investment financing can also cover the installation of a photovoltaic system or a buffer storage unit.

20 years of the ARTMOBILE: In October, VWFS extends its partnership with the Kunstmuseum Wolfsburg, the modern and contemporary art museum in central Wolfsburg, for two more years. The company continues to drive schoolchildren from the surrounding area to the museum in a VWFS-funded bus, the ARTMOBILE, to visit the current exhibitions and workshops. Starting in 2023, guided tours conducted in so-called "Plain Language" are also supported. Europe's largest automotive financial services provider finances the ARTMOBILE since 2002, which transports school classes from the Braunschweig school district to the Kunstmuseum Wolfsburg in an individually designed bus during 16 weeks of the year. VWFS has also extended the offer to senior citizens.

In October, VWFS launches an initiative to sponsor young sporting talents with an annual budget of up to one million euros. Individuals and sports clubs with talented young individual athletes and youth teams can apply. An expert jury, including the Wolfsburg footballer and former Olympic champion Alexandra Popp and the former Olympic and multiple world champion in biathlon Arnd Peiffer, will decide on the amount and duration of funding. The offer is primarily aimed at young sports talent in Lower Saxony.

Germany's Best Employer: In May, Volkswagen Financial Services takes first place in the year's Great Place to Work employer competition in the category "Large Companies with over 5,000 Employees" for the fifth time in a row, earning them the title Germany's Best Employer once again. 92 percent of the employees surveyed believe that VWFS provides a very good workplace, six percent more than in 2018.

Also in May, VWFS starts up its business in Denmark through a joint venture between Volkswagen Financial Services and the Danish company Semler Gruppen A/S, which imports and sells the Volkswagen Group brands through its subsidiaries. The new company Volkswagen Semler Finans Danmark A/S offers vehicle financing, leasing, motor insurance, and service contracts such as maintenance & wear-and-tear for both new and used vehicles of the Volkswagen Group brands.

By December, more than one in four cars delivered by Volkswagen AG to customers around the world is financed or leased by VWFS. At the end of the year, VWFS employs a total of 16,849 people, 7,570 of them in Germany (44 percent). 

In June, Volkswagen Financial Services acquires the business travel start-up Voya based in Hamburg, thereby investing in future business models and new mobility services. Voya offers a digital travel assistant for companies as a smartphone app and for desktop use.

In September, VWFS launches its car subscription service for private customers in Germany. Subscribers can book seven different vehicle classes and enter into a three-month contract. The customer only pays for the use of the car and the fuel. The monthly mobility rate covers all other costs, including registration, the general inspection and exhaust emissions test, maintenance, regular service inspections, wear and tear repairs, tire replacement, insurance, and taxes.

VWFS weathers the coronavirus crisis well in 2020 and achieves the second-best operating result in the company's history, reaching a figure of 2.8 billion euros by December. The impact of the COVID-19 pandemic was mitigated through comprehensive support measures for dealer partners and joint campaigns carried out with the Volkswagen Group brands for end customers.  

In February, Volkswagen Financial Services acquires a 60 percent stake in FleetCompany GmbH from Oberhaching in Bavaria, which operates under the brand name FleetLogistics worldwide in over 70 countries. The remaining 40 percent of the company shares are held by a subsidiary of the technical inspectorate TÜV SÜD AG. The aim is to create an offering for fleet customers that combines travel and fleet management. 

Also in February, VWFS expands its mobility business by fully acquiring LogPay Financial Services GmbH. In 2017, VWFS had already acquired a majority stake in LogPay Transport Services GmbH, which was previously a wholly-owned subsidiary of LPFS active in the Europe-wide fuelling and toll business.

In April, the VWFS open-air event "Classics in the Park" celebrates its tenth anniversary. The concert was first staged in front of around 5,000 spectators picnicking in Braunschweig's Bürgerpark and soon become an essential fixture in the regional calendar. For the ninth annual concert in 2018 more than 20,000 people flocked to the site, which has since moved to the area of the park just south of the Volkswagen Hall.

In August, VWFS bundles its rental business into one company: at the end of the month, Euromobil Autovermietung GmbH (Isernhagen), a wholly-owned VWFS subsidiary, is merged with EURO-Leasing GmbH (Sittensen), another wholly-owned subsidiary of VWFS.

In April, the Frech Daxe daycare center celebrates its anniversary: the company kindergarten, which was one of the largest childcare facilities of its kind in Germany when it was established, has now existed for ten years at Volkswagen Financial Services. Today, Frech Daxe has around 180 daycare places for the children of company employees.

The MAN Card Mobility App from VWFS is introduced in August. The app serves as a digital companion for truckers, providing route planning, navigation and station finding functionalities. It enhances the service spectrum of the MAN Card, which is developed and distributed by the VWFS subsidiary carmobility GmbH.  

In September, Daimler becomes a new investor in the online used car trading platform heycar, which was founded in October 2017. Daimler Financial Services acquires a 20 percent stake in Mobility Trader Holding GmbH, the parent company of heycar. More than 1,000 dealer groups from a wide range of brands, operating at around 3,000 locations with over 300,000 vehicles, are currently represented on the heycar platform. 

Volkswagen Financial Services becomes the main sponsor of the Basketball Löwen (Lions) Braunschweig. In a structural realignment of the Volkswagen Group's sponsorship activities, VWFS takes over Volkswagen AG's previous sponsorship commitment to the basketball club in August and becomes the team's main sponsor. 

Structural reorganization of VWFS: Volkswagen Bank GmbH becomes a wholly-owned subsidiary of Volkswagen AG in September. The aim of the restructuring is to bundle the lending and deposit business within the European Economic Area (EEA) in Volkswagen Bank GmbH. 

The new online used-car platform heycar is launched in October. For this purpose, VWFS had founded the start-up Mobility Trader GmbH in Berlin in April as a wholly-owned subsidiary. 

In April, Volkswagen Bank is voted "Best Brand" among auto banks by the readers of the German trade magazine "auto, motor und sport" for the tenth consecutive year. It is also voted the best automotive bank by readers of the weekly magazine AUTO BILD for the fifth time in a row.

Volkswagen Leasing GmbH is now 50 years old. It started business five decades ago as the first automotive leasing company in Germany. Over these decades, the company evolved from a newcomer to a leasing and mobility pioneer. Founded on 18 October 1966, the subsidiary of Volkswagenwerk AG initially targeted commercial customers with the leasing concept of "using instead of owning". The service was then opened up to private customers in 1977. Today, Volkswagen Leasing GmbH is the largest automotive leasing company in Europe with more than 1.2 million contracts. 

In December, VWFS acquires the Canadian company PayByPhone, the world's leading provider of cashless parking payment solutions. PayByPhone operates its services in the USA, France, the UK, Switzerland and Australia.

In March, Volkswagen intensifies its successful partnership of project collaboration and dialog with the German Nature and Biodiversity Conservation Union (NABU). In this context, VWFS expands its long-standing cooperation with NABU for moorland protection to an international level and makes one million euros available by 2019 for an International Moor Conservation Fund.

In July, VWFS acquires a majority stake in sunhill technologies GmbH, based in Bubenreuth, Bavaria. With mobile payment solutions for parking processes in 90 German cities, sunhill is the leading provider in the German market. Online payment solutions are now part of the VWFS business.

Lars Henner Santelmann is appointed Chairman of the Management Board of VWFS in October. He succeeds Frank Witter, who moves to Volkswagen AG as Chief Financial Officer.

Volkswagen Financial Services acquires "MAN Finance International GmbH" (Munich) and expands its business to include financing, leasing and rental activities for the MAN Truck & Bus brand.

VWFS starts its business in Malaysia in October. The subsidiary "Volkswagen Capital Advisory" brokers vehicle financing and insurance for all models of the Volkswagen brand. With this expansion, Volkswagen's financial services providers are now active in 50 markets worldwide.

Recharging and refueling with the "Charge&Fuel Card" – VWFS AG offers this service for electric cars and plug-in hybrids in Germany starting in November. The accompanying app allows customers to find more than 1,200 charging stations. To mark the launch of the "Charge&Fuel Card", card users can charge up on electricity for free for six months.

In March, according to readers of the German automobile magazine AutoBild, Volkswagen Bank is the best automotive bank and enjoys the highest level of trust. The readers are convinced of the quality of the products and services from the Braunschweig-based auto bank and – as in 2012 – vote it the best such bank by a clear margin.

In April, Volkswagen Autoversicherung AG starts business operations. Volkswagen Financial Services and Allianz SE had founded the primary insurance joint venture at the beginning of the year. The joint venture is based in Braunschweig and offers motor vehicle insurance for customers driving new and used cars from the brands of the Volkswagen Group in Germany, but also from third-party brands as well. The portfolio includes third-party liability insurance, comprehensive insurance, driver protection insurance, other motor insurance policies, income replacement insurance, and insurance against various financial losses.

"Ducati Financial Services" starts its business in Germany in July: VWFS offers financing and insurance for motorcycles in Germany for the first time through this enterprise. In addition to customer financing and insurance cover, financing for around 80 German dealers is also provided. Italy, Turkey, Greece, Brazil and the USA follow suit.

In January, Volkswagen Leasing GmbH acquires Euromobil Autovermietung GmbH from the Volkswagen and Audi Partner Association (Partnerverband), thereby strengthening its own rental business, particularly in the area of short-term rentals for replacement mobility during workshop stays.

Also in January, Volkswagen Bank begins operations in Portugal with the establishment of a new branch.

In November, Volkswagen Leasing expands its range of services and reporting in commercial vehicle fleet management with the introduction of the MAN Service Card. The new card offers advantages over other fleet management systems. In conjunction with the FleetTrucks reporting system, the MAN Service Card increases the efficiency of a company's own truck and bus fleet.

Volkswagen Bank continues to grow significantly in the retail customer business during the 2012 financial year and is able to conclude 410,500 new contracts by December. Volkswagen Leasing also performs well and gains new customers, increasing the number of new contracts signed with private customers to 114,100. This represents an increase of 10 percent compared to 2011.

Secure banking for smartphones: With the new "Mobile Banking" service from Volkswagen Bank direct, users can quickly and easily access all important banking information via their smartphones. Whether receiving news from the banking portal, checking account balances, or making transfers, it can now be done from anywhere – and just as securely as in online banking. This all-round service is free of charge and available from January for over 900 different devices.

Volkswagen Financial Services intends to operate the warranty insurance business through its subsidiary Volkswagen Reinsurance AG as the primary (or direct) insurer and applies for the necessary license from the German Federal Financial Supervisory Authority (BaFin) in August. The banking regulator grants the license in December. At the beginning of 2012, the new subsidiary, Volkswagen Versicherung AG, offers warranty insurance in Germany as the primary insurer for the first time and is now VVD's sales partner as primary insurer for the warranty business.

The "Quicar – Share a Volkswagen" car-sharing service starts in November: In Hannover, VWFS and the Volkswagen brand offer models for short-term rental. With "Quicar Plus", additional cars are available for use for ten hours or more. The number of stations is to increase to 100. After registration, customers can book their Golf BlueMotion via the Internet, an app, or a call center.

Serial winner VVD: For the third time in a row, VVD is ranked number one in the category "German Volume Brands" in the "AUTOHAUS DIALOG VersicherungsMonitor". In a representative survey, around 1,000 dealers voted VVD into first place by a wide margin with a score of 2.21.

In motor vehicle insurance, the "Safety Year 2010" campaign continues the successful strategy of rewarding customers with discounts on third-party liability and fully comprehensive insurance if they opt for additional "driver assistance systems" when purchasing certain Volkswagen, Audi or Škoda models. The insurance premium discount can amount to ten percent.

In July, VWFS founds "Volkswagen Financial Services Korea Co., Ltd." in South Korea. The wholly-owned subsidiary offers products and services for dealers and end consumers to promote the sales of the brands Volkswagen Passenger Cars, Audi and Bentley in the Korean market.

In November, VVD is recognized (as in the previous year) as the best insurance partner among German volume brands in the "AUTOHAUS DIALOG VersicherungsMonitor 2010". More than 1,000 dealers participated in this representative survey.

In India, Volkswagen Financial Services founds the wholly-owned subsidiary "Volkswagen Finance Private Limited" headquartered in Mumbai with effect from 16 January 2009. VWFS is now affiliated with companies in 37 countries worldwide through shareholdings and service agreements.

In March, discounts on motor vehicle third-party liability and fully comprehensive insurance are offered by  the Audi, Škoda and Volkswagen insurance service for buyers who equip their car with additional safety features such as ESP, the "Front Assist" environment monitoring system, or the "Adaptive Cruise Control" automatic distance control. Customers can save up to ten percent.

Best bank for savings bonds in Germany: In December, Volkswagen Bank direct takes first place with its Plus Savings Bond in the long-term test carried out by the independent financial consultancy FMH-Finanzberatung. Savings bond conditions from various banks were evaluated over 43 weeks.

Volkswagen Bank GmbH offers credit protection insurance, which protects against default risks due to incapacity for work and involuntary unemployment. The protection plan covers the financing installment as well as the premiums for motor vehicle insurance and warranty insurance. It also protects the customer's surviving dependants in the event of death.

Volkswagen Financial Services opens the "Frech Daxe" daycare center for up to 170 employee children, including 30 schoolchildren, in the presence of German Family Minister Ursula von der Leyen. The construction of the company kindergarten at the Braunschweig location was agreed in a collective bargaining agreement in 2006. Operations start in April with initially 60 children. The opening hours are tailored to the working hours of the employees. If needed, the children can be looked after until 8.30 p.m. and on Saturdays.

Volkswagen Bank GmbH introduces its products and services on the Irish market. It offers hire purchase contracts and related insurance products through the Volkswagen Group's dealer network. On 1 October 2008, Volkswagen AG acquires Volkswagen Group Ireland Ltd. and now controls the import and distribution of vehicles in Ireland.

With the launch of the sixth-generation Golf, VWFS introduces the "OptimalLight" financing package. It combines financing and insurance in the Optimal tariff along with a free new vehicle extended warranty of up to two years – beyond the two-year manufacturer's warranty period. The offer provides customers with protection against repair costs without any deductible until the end of their financing or leasing contract.

16 September: Frank Witter becomes Chairman of the Management Board of VWFS. He succeeds Burkhard Breiing.

The VWFS BestService Plus package promotes workshop service for used cars. It offers customers a comprehensive inspection and replacement mobility, spread over affordable monthly costs. It also ensures higher workshop utilization at the dealers.

The "Sauber + Sorglos" ("Clean + Carefree") package comprises inexpensive financing and leasing offers with insurance services. Volkswagen Financial Services now also take over financial service activities in Brazil.

Mexico becomes a further location for banking and leasing business. AutoEuropa Bank is founded as a brand-independent provider of dealership financing.

Volkswagen AG hands over coordination of the Group's worldwide financial services to Volkswagen Financial Services.

Volkswagen Finance China Co Ltd. receives its business licence. The wholly owned subsidiary based in Beijing provides vehicle financing and operates the deposit business. The company replaces the representative office in China that had existed since 1997. With a branch office in Athens, Volkswagen Bank also starts up in Greece.

With the foundation of "Volkswagen Group Finanz" in Moscow, Volkswagen Financial Services become active on the Russian market. The Swedish market also comes under the control of the holding company.

The new "BörseDirect" ("StockMarketDirect") service gives "Volkswagen Bank direct" customers access to share dealing and the securities markets. Foundation of Volkswagen Financial Services Taiwan Ltd.

Volkswagen Bank establishes a branch office in Ireland. In addition, business activities of Volkswagen Financial Services begin in Australia.

"Volkswagen Bank direct" introduces its online current account Giro@home and "WAP-Banking", which enables transactions to be conducted via mobile phone. Portugal becomes a further new market for business activity.

Volkswagen Financial Services AG takes over "Volkswagen-Versicherungsdienst GmbH" and expands its business into the field of motor vehicle insurance. Market entry in Switzerland and Turkey. The level of current contracts increases to more than two million.

In the form of "Prämie-Light", Volkswagen Financial Services market the first product that combines insurance services. New business activities in Poland and Belgium, Volkswagen Bank direct enters the market.

"Volkswagen Bank GmbH" introduces "AutoCredit", which relieves the customer of the risk associated with a used vehicle at the end of the contract term. Volkswagen Financial Services AG receive a rating for the first time and can participate in their own right in the international capital markets. The markets of the Asia-Pacific region and Japan are added to the company's sphere of activities.

Volkswagen Financial Services AG also becomes active in the Netherlands.

Foundation of "Volkswagen Financial Services AG", which manages the financial service business in Europe for the Volkswagen Group. The company is now also active in Spain, Italy and France.

After the launch of international activities in the Czech Republic, the company expands its services to cover the Slovak Republic and Great Britain during the course of the year.

As part of the restructuring of the financial services division, the companies "V.A.G Bank GmbH" and "V.A.G Leasing GmbH" are transferred to the holding company "Volkswagen Finanz GmbH".

ŠKODA Leasing is opened as a branch office of V.A.G Leasing, which is later followed by the foundation of  ŠKODA Bank as a branch office of V.A.G Bank.

The bank and leasing company move into premises in Chemnitz to support the establishment of a dealer network following the opening of the border with the former German Democratic Republic. V.A.G Kredit Bank changes its name to V.A.G Bank and begins its activities as a direct bank in addition to its dealer and customer financing business.

Foundation of SEAT Leasing GmbH and SEAT Kredit Bank GmbH as subsidiaries of V.A.G Leasing and V.A.G Kredit Bank.

"V.A.G Kredit Bank GmbH" and "V.A.G Leasing GmbH" move from Wolfsburg into the administration buildings of the former Olympia Werke AG in Braunschweig.

Volkswagen Kredit Bank GmbH, a company holding a full banking licence, supersedes Volkswagen Finanzierungsgesellschaft mbH.

Volkswagenwerk AG establishes the first German automobile leasing company with the registration of "Volkswagen Leasing GmbH".

On 30 June 1949, Volkswagenwerk GmbH founded "Volkswagen Finanzierungsgesellschaft mbH" with the aim of promoting the sale of motor vehicles through the "granting of loans": this marked the entry into the credit business for passenger cars.

On 17 January 1948, "Volkswagen Versicherungsdienst GmbH" (VVD) was established as the Volkswagen Group's first financial service provider. The aim was to broker motor vehicle insurance and to look after customers in the event of loss or damage.