Volkswagen Financial Services become the development center for car subscription rentals in the Volkswagen Group
In focus: subscription models across brands and countries
First product: car subscription service for the Volkswagen Passenger Cars brand
Braunschweig, 1 September 2021. In the future, Volkswagen Financial Services will be responsible for developing and implementing car subscription models for selected Volkswagen Group brands in key European markets. In addition to the further development of their own product "VWFS | Auto Abo", a competence center is being created that will develop and realize individual offers together with the Group brands. The first project has been a car subscription for the Volkswagen Passenger Cars brand. "Obtaining mobility through the payment of a monthly full-service rate has been the DNA of our company for many decades," said Stefan Imme, Chief Digital Officer of Volkswagen Financial Services AG. He added: "Car subscriptions are the logical evolution of our successful business model – completely digital. We are very much looking forward to expanding this new and flexible form of mobility for the Volkswagen Group brands and closing the gap between our leasing and rental business."
The car subscription models for the Group brands will be developed on the basis of individual customer needs, brand identity and the respective product range. Together with the brands, Volkswagen Financial Services will be responsible for the entire product design concept, the provision of the subscription platform, the incoming and outgoing management of the vehicles, as well as other operational processes. The specific design of the products may vary from brand to brand. "Through the individualization and expansion of car subscriptions to additional brands, we firmly expect a further surge in growth," said Imme. "The central development enables us to leverage synergies in the operation of the subscription models and transfer the models relatively quickly to other markets. At the same time, we ensure our customers a deep integration into the digital ecosystems of the respective brands, making use of the platform from CARIAD to do so."
Volkswagen Financial Services have already successfully established their own car subscription scheme called Auto Abo (www.vwfs.de/autoabo) on the market in 2020. With this service, subscribers can choose from several vehicle classes and conclude a contract for various minimum contract periods. They can then cancel the contract on a monthly basis or simply switch between the different classes. The range of vehicles offered is a mix of models from the different brands of the Volkswagen Group.
Further information on the car subscription service of the Volkswagen Passenger Cars brand is available here: https://vwautoabo.vwfs.de/
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 16,558 employees worldwide – including 7,472 alone in Germany. Volkswagen Financial Services report total assets of around EUR 225.6 billion, an operating result of EUR 2.8 billion and a portfolio of around 21.9 million current contracts (as at: 31.12.2020).