Volkswagen Financial Services AG (VWFSAG) has also continued on its growth course during the 2007 business year. The total assets of Europe's largest provider of automobile-related financial services went up 19.1 percent to 52.31 billion euros. The pretax result increased by 14.8 percent from 705 to 809 million euros. The total number of current contracts grew by 16.0 percent to reach 5.30 million. The number of new contracts rose by 7.8 percent to 1.93 million. "Our product strategy has continued to prove superior than that of our competitors, and that is why we recorded significant increases in volume in 2007 as well," said the Chairman of the Board of Management of Volkswagen Financial Services AG, Burkhard Breiing, at the Annual Press Conference in Frankfurt.
12.5 percent more new contracts in financing
The receivables from retail financing grew by 21.0 percent in 2007 to reach 20.88 billion euros. The financing portfolio increased by 22.6 percent to 2.32 million. The number of new contracts amounted to 864,000, representing a plus of 12.5 percent. In the field of wholesale (dealer) financing, the credit volume increased by 33.9 percent to 9.36 billion euros.
15.7 percent more new contracts in leasing
The receivables from the leasing business rose by 6.9 percent in 2007 to 13.64 billion euros. The portfolio reached 949,000 contracts by the end of the year, a growth of 10.5 percent. The number of corporate customer contracts in this figure was up 39.0 percent to 430,000. The leasing domain recorded 384,000 new contracts during the last business year, a plus of 15.7 percent.
680,000 new contracts in insurance
The portfolio of insurance and service contracts grew by 11.5 percent to 2.03 million contracts. The number of new contracts concluded in 2007 amounted to 680,000 and was slightly (1.4 percent) below the previous year's very high level.
Direct bank: volume of deposits rises to 9.60 billion euros
The volume of deposits maintained by the direct banking customers expanded by 9.0 percent during the last business year to reach 9.60 billion euros. The number of direct bank customers went up 6.9 percent to 685,000.
New value-added potential through used car strategy
In order to generate further growth, VWFSAG will be devoting itself more strongly in future to exploiting new value-added potential in the used car field. "Along the same lines as in the new car business, we will also be providing comprehensive financing packages together with the Volkswagen Group brands for used cars as well, and will be doing so internationally," Breiing announced in Frankfurt.
Course of internationalisation to be continued
The international commitment of VWFSAG has been very successful during the past business year and it has made a significant contribution to the results achieved. In 2008 the automotive financial services provider will be supporting the Volkswagen Group brands in expanding their activities in Russia and India.
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