Press release

March 6, 2019

Volkswagen Financial Services to bundle their rental business in EURO-Leasing GmbH in Sittensen

Truck and passenger car rental business of EURO-Leasing GmbH and Euromobil Autovermietung GmbH to be merged

New office space created for up to 100 new employees

Investment volume at the Sittensen location: EUR 2.5 million

Braunschweig, 6 March 2019. Volkswagen Financial Services are merging the truck rental business of EURO-Leasing GmbH with the car rental business provided by the "Volkswagen Financial Services | Rent-a-Car" brand of Euromobil Autovermietung GmbH. For this purpose, the Sittensen site has been expanded with the creation of new offices for up to 100 employees. The investment volume for the development totals EUR 2.5 million. "Our investment is a clear commitment to the Sittensen location and to our strategic business field of vehicle rental. We intend to grow further in this segment. This will be achieved by combining operations at a single location and benefiting from the resulting process synergies," says Christina Hummert, Managing Director of EURO-Leasing GmbH.

To ensure future growth in the rental business, EURO-Leasing GmbH and Euromobil Autovermietung GmbH will be merged with effect from 31 August 2019 and will operate in future under the company name EURO Leasing GmbH. The franchise brand "Euromobil", a business firmly established over many decades for providing replacement vehicles to Volkswagen Group dealer workshops, and its headquarters in Isernhagen will be retained. "Proximity to the Volkswagen and Audi Partner Association is particularly important for us. That's why we'll be sticking to our location in Isernhagen in future too," insists Armin Hofer, Managing Director of EURO-Leasing GmbH. He adds: "We assume that there will be an expansion of our company headquarters in Sittensen over the long term with the construction of additional buildings and a conversion of the site, which will make it even more attractive." To effectively reorganise the rental business, Volkswagen Financial Services are also working on a uniform IT system for the rental of trucks and passenger cars.

The reorganisation will create a rental company that offers its customers a complete range of services embracing passenger cars to 40-ton trucks. With its brands "MAN Rental" and "Volkswagen Financial Services | Rent-a-Car", the company is also consolidating its position as the brand rental company of the Volkswagen Group.
Volkswagen Financial Services have been active in the business of renting passenger cars and trucks for several years. In 2012, the Braunschweig-based financial services provider acquired Euromobil Autovermietung GmbH from the Volkswagen and Audi Partner Association (VAPV). In the wake of this acquisition, the "Volkswagen Financial Services | Rent-a-Car" car rental brand was created for short-term and long-term rentals in addition to the "Euromobil" brand covering the provision of replacement vehicles for the workshops of the Volkswagen Group's dealer organisation. EURO-Leasing GmbH has been a subsidiary of Volkswagen Financial Services since 2014 and was incorporated into the portfolio as part of the integration of MAN Financial Services.

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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