Total assets of Volkswagen Financial Services exceed the EUR 200 billion mark for the first time
- New contracts up 6.7 percent to more than 6.2 million units
- Current portfolio grows 7.2 percent to more than 20.4 million units
- CEO Lars Henner Santelmann thanks Dr. Christian Dahlheim
Volkswagen Financial Services have successfully concluded the first three quarters of this year and achieved new record results. The total assets of Volkswagen Financial Services exceeded the mark of EUR 200 billion for the first time at the end of September and totalled EUR 200.79 billion as at 30.09.2018. At the end of 2008, approximately ten years ago, this figure was still around EUR 75 billion. "Volkswagen Financial Services have grown very successfully in recent years. The sales-driven growth is based on our strong internationalisation focus and our local market penetration plans. That has also enabled us this year to break through the barrier of EUR 200 billion in total assets," explains Lars Henner Santelmann, Chairman of the Management Board of Volkswagen Financial Services AG. He adds: "In this connection, I would like to express my thanks once again to Dr. Christian Dahlheim, who has been extraordinarily successful as Chief Sales Officer during the past few years and has always been a driving force behind our expansion strategy." Dr. Christian Dahlheim has been Head of Group Sales at Volkswagen AG since 1 October 2018 after previously holding the position of Chief Sales Officer at Volkswagen Financial Services AG since 1 January 2016.
The overall level of current contracts rose by 7.2 percent compared to the same period last year and amounted to more than 20.4 million units as at 30.09.2018 – also a new record high. During the first nine months, contract acquisitions worldwide increased by 6.7 percent to reach a figure of more than 6.2 million new contracts. The main growth drivers continue to be the international positioning of Volkswagen Financial Services and the fleet business in Europe. The total contract portfolio also improved in Germany. By the end of September 2018, the figure for Germany rose to around 6.4 million current contracts (previous year: 6.3 million contracts), a plus of 1.4 percent.
Total contract portfolio
The growth of the total contract portfolio is split between the various products as follows: vehicle financing accounted for 6.3 million contracts (+6.6 percent), leasing contracts for 4.3 million units (+13.1 percent), service contracts also for 4.3 million units (+11.7 percent) and insurance contracts for 5.5 million units (+0.5 percent).
The new contracts in the vehicle financing segment amounted to nearly 1.9 million units (+8.1 percent) from January to September 2018. In addition, around 1.4 million new leasing contracts (+7.7 percent), 1.2 million new service contracts (+2.6 percent) and almost 1.7 million new insurance contracts (+7.6 percent) were also signed within this period.