The used car strategy of Volkswagen Financial Services is a key driver of the goal of 30 million contracts by 2025. In particular, digitization is driving the wide range of sales opportunities.
The global used car market is gigantic: more than one hundred million Volkswagen Group vehicles and even more cars of other brands are on the roads of the world, which will all change hands at some point. This is why Volkswagen Financial Services has a strong focus on the used car business – with success. In Germany, more than half of all financing contracts in the portfolio are already on used vehicles. Worldwide this figure is still around 30 percent.
Even a corona-related economic downturn in Europe should not stop heycar's ambitious goals in the used car business. "Should there be a strong economic downturn, we are prepared with heycar and our used car strategy accordingly. This is because customers tend to prefer used cars to new cars in weak economic times," explains Fiedler.
In Germany, after three years, there are now around 420,000 vehicles of various brands and dealers on the website. In the United Kingdom, after less than a year since the start of business, the number has already risen to more than 210,000. So heycar represents a considerable part of the market and offers vehicles from all manufacturer brands.
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