Volkswagen Financial Services report robust contract portfolio after three quarters
- Current portfolio grows to over 21.6 million contracts (+ 2.0 percent)
- New contracts amount to 5.7 million units (- 9.1 percent)
- Operating result totals EUR 1.6 billion (- 19.8 percent)
Volkswagen Financial Services have initiated numerous stabilization measures to further safeguard their business in the face of the repercussions of the COVID-19 pandemic. One example is the sales promotion program launched jointly with the Volkswagen Group brands, which has already had a positive effect on the number of new contracts. In addition, the existing cost-reduction and efficiency program, Operational Excellence (OPEX), is being further pursued with undiminished intensity.
In Germany, the largest single market for Volkswagen Financial Services, the portfolio of current contracts as at 30 September 2020 totaled more than 6.39 million units (previous year: 6.34 million units, plus 0.8 percent). The number of new contracts, however, fell 11.8 percent during the same nine-month period to almost 1.60 million units (previous year: 1.81 million units).
|Portfolio of current contracts worldwide
|As at 30 September 2020||As at 30 September 2019||Change in %|
|New contracts worldwide
|January to September 2020
||January to September 2019||Veränd. in %|
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 and Canada 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 16,571 employees worldwide – including 7,414 alone in Germany. Volkswagen Financial Services report total assets of around EUR 223.5 billion, an operating result of EUR 2.96 billion and a portfolio of around 21.5 million current contracts (as at: 31.12.2019).
Contact for press inquiries:
Marc Siedler (Press Officer)
Phone: + 49 (0)531 / 212-87675