Volkswagen Financial Services start 2018 with good first quarter
- New contracts up 8.8 percent to more than 1.99 million units
- Total contract portfolio grows 8.2 percent to more than 19.9 million units
- Strong services business with double-digit growth rates
The new contracts for vehicle financing amounted to 613,000 units (+15.4 percent) during the first three months of 2018. In addition, 439,000 new leasing contracts (+4.3 percent), 415,000 new service contracts (+10.4 percent) and more than 527,000 new insurance contracts (+4.8 percent) were also concluded within this period. The services business includes maintenance and inspection contracts or tyre contracts.
The total contract portfolio of Volkswagen Financial Services at the end of the first quarter comprised 6.1 million vehicle financing contracts (+6.2 percent), 4.1 million leasing contracts (+4.9 percent), 4.29 million service contracts (+19.2 percent) and 5.38 million insurance contracts (+0.3 percent).
Growth is continuing to rise in the German market as well. The total number of current contracts rose to 6.33 million at the end of March 2018 (previous year: 6.30 million contracts), an increase of 0.6 percent. With a figure of 577,000 units, the number of new contract acquisitions was also slightly above the last year's figure (previous year: 571,000 units; +1.0 percent).
|New contracts worldwide
|January to March 2018||January to March 2017||Change in %|
|* rounded figures|
|Portfolio of current contracts worldwide
|As at 31 March 2018||As at31 March 2017||Change in %|
|* rounded figures|
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, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand 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 15,770 employees worldwide – including 6,670 alone in Germany. Volkswagen Financial Services report total assets of around EUR 186.9 billion, an operating result of EUR 2.5 billion euros and a portfolio of around 19.7 million current contracts (as at: 31.12.2017).
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