In terms of new contract acquisitions, the leasing and services segments recorded particular-ly strong growth rates of over 20 percent. With a total figure of 6.36 million new contracts worldwide, a new record was set for the first three quarters of a fiscal year.
Used cars and fleets on a growth trajectory
The used car strategy pursued by Volkswagen Financial Services also continues to bear fruit. Through Europe-wide marketing and close coordination with the dealer partners and the Volkswagen Group brands, 694,000 new contracts (+4.8%) were concluded from January to September 2023, bringing the contract portfolio to 2.67 million units (+1.5%).
The fleet business remains a major growth driver in the German market. With around 228,000 newly signed fleet customer contracts, new contracts exceeded the previous year's level by more than 33 percent.
The Volkswagen Bank success story continues
Volkswagen Bank is continuing on its growth course. Dr. Volker Stadler, Chairman of the Management Board of Volkswagen Bank GmbH, pointed out: "With its deposit business, Volkswagen Bank makes an essential contribution to the refinancing mix and therefore to the growth of Volkswagen Financial Services." Currently, the "Plus Sparbrief" savings bond, for example, yields a fixed top rate of 4.0 percent p.a., and over 40,000 new contracts have been concluded since the start of this offer.
The total assets of the Volkswagen Financial Services business division have grown to around EUR 263 billion.
| Portfolio of current contracts worldwide (in thousands of units*) | As at 30 September 2023 | As at 30 September 2022 | Change in % |
|---|---|---|---|
| Financing | 5,334 | 5,677 | -6.1 |
| Leasing | 4,851 | 4,767 | +1,8 |
| Services | 5,724 | 5,351 | +7.0 |
| Insurance | 6,140 | 6,173 | -0.5 |
| Total | 22,050 | 21,968 | +0.4 |
| *rounded figures | |||
| New contracts worldwide (in thousands of units*) | January to September 2023 | January to September 2022 | Change in % |
| Financing | 1,370 | 1,320 | +3.8 |
| Leasing | 1,429 | 1,188 | +20.3 |
| Services | 1,605 | 1,323 | +21.3 |
| Insurance | 1,961 | 1,915 | +2.4 |
| Total | 6,365 | 5,747 | +10.8 |
| *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 and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial service business of the Scania brand and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management and mobility services. Volkswagen Financial Services have a total of 17,713 employees worldwide – including 7,692 alone in Germany. Volkswagen Financial Services report total assets of around EUR 240 billion, an operating profit of EUR 5.60 billion, and a portfolio of around 22.0 million current contracts (as at: 31.12.2022).