Volkswagen Financial Services

Volkswagen Financial Services AG
Country	Germany
Seat	Braunschweig
legal form	Corporation
founding	1994
Website	www.vwfs.com
Business data 2019
Total assets	€ 112.4 billion
Employee	8,600 (2019)
management
Board	Lars Henner Santelmann (CEO), Mario Daberkow, Christiane Hesse, Frank Fiedler

The company headquarters in Braunschweig

The Volkswagen Financial Services AG operates and coordinates as its 100 percent subsidiary of the financial services activities of the Volkswagen Group . As a partner of the Volkswagen Group brands, your main task is to promote sales and to retain customers for the Group's products. It goes back to the Volkswagen financing company founded in 1949. In Germany, it serves the market with operational subsidiaries such as Volkswagen Leasing GmbH or Volkswagen Versicherungsdienst GmbH.

Volkswagen Financial Services AG has 10,773 employees worldwide - 5,763 of them in Germany (as of December 31, 2019). Volkswagen Financial Services AG has total assets of around 112.4 billion euros and an operating profit of 1.2 billion euros (as of December 31, 2019).

Business figures

The profit before tax amounted for the year 2019 of 1.2 billion euros (2018: 818 million). The balance sheet total as of December 31, 2019 was 112.4 billion euros. The equity ratio was 10.7% (2018: 10.0%).

history

Volkswagen Finanzgesellschaft mbH was founded in 1949 with the aim of promoting the sale of Beetles and vans by "granting loans". In 1966, Volkswagenwerk AG founded “Volkswagen Leasing GmbH”, the first German automobile leasing company. In 1974 the Federal Banking Supervisory Office approved the conversion into a full bank .

In 1982 "VAG Kredit Bank GmbH" and "VAG Leasing GmbH" moved from Wolfsburg to the administration building of the former Olympia factory in Braunschweig. In 1990, VAG Bank GmbH (later Volkswagen Bank direct) became the first car bank to enter the direct banking business. In 1992 VAG Bank GmbH and VAG Leasing GmbH were transferred to the holding company Volkswagen Finanz GmbH as part of the restructuring of the financial services division.

In 1994 "Volkswagen Financial Services AG" (VWFS) was founded, which controls the financial services business in Europe for the Volkswagen Group. Volkswagen Bank GmbH and Volkswagen Leasing GmbH became subsidiaries of Volkswagen Financial Services AG.

In 1996, “Volkswagen Bank GmbH” introduced “AutoCredit”, which eliminates the customer's used car risk at the end of the contract. In 1997, the Volkswagen financial service provider launched the first product on the market, "Prämien-Light", which combines insurance and leasing services . In the same year, Volkswagen Bank direct was one of the largest direct banks in Germany with over 185,000 customers and DM 3.2 billion in deposits . In 1999, Volkswagen Financial Services AG finally acquired the shares in "Volkswagen-Versicherungsdienst GmbH" and expanded its business areas to include motor vehicle insurance.

In 2000, “Volkswagen Bank direct” introduced the online current account Giro @ home and “WAP banking”, which enables bookings to be made via mobile phone. With immediate effect, Volkswagen Bank direct could be used as the primary bank for all banking transactions. In 2002, Volkswagen Bank direct gave its customers access to the securities markets with the new "BörseDirect" service .

In 2003, Volkswagen financial service providers became active on the Russian market with the establishment of “Volkswagen Group Finanz OOO” in Moscow. In 2004, Volkswagen Financial Services AG took decisive steps in European multibrand fleet management with the takeover of the majority stake in "LeasePlan Corporation NV". In 2005 Volkswagen AG assigned VWFS to coordinate the Group's global financial services.

In 2007, Volkswagen Financial Services AG introduced the “Clean + Carefree” package, a new type of product that combines affordable financing and leasing offers with insurance benefits. In 2008, VW FS AG offered mobility packages for used vehicles from the Volkswagen brand for the first time , combining financing or leasing with the "best service" (inspection, oil change, original parts). Volkswagen Financial Services AG opened the company kindergarten “Frech Daxe” for the employees' children.

In 2009 Volkswagen Financial Services AG founded a subsidiary in India, Volkswagen Finance Pvt. Ltd., and offered financing within the framework of cooperation with local banks. Together with the Norwegian importer MøllerGruppen, it offered financial services on the Norwegian market for the first time as part of a joint venture . Volkswagen Leasing GmbH also introduced the first national natural gas fuel card for major customers.

In 2010, Volkswagen Financial Services AG, together with the companies of Nordea Finance in the Baltic States and the importer Auto Group Baltic, offered financial services for the first time in the Baltic states of Lithuania , Latvia and Estonia . In July, Volkswagen Financial Services AG founded “Volkswagen Financial Services Korea Co., Ltd.” in South Korea . Volkswagen Bank RUS, a subsidiary of Volkswagen Financial Services AG, received a banking license from the Russian central bank. In addition, the “Green Fleet” award for ecologically responsible fleet management was presented for the first time by Volkswagen Leasing GmbH and the Naturschutzbund Deutschland eV .

In 2011, Volkswagen Financial Services AG offered warranty insurance in Germany as a primary insurer for the first time through its new subsidiary, Volkswagen Versicherung AG. Volkswagen Finance Private Limited also received a financial services license from the Indian central bank.

In 2012, Volkswagen Financial Services AG and “ Allianz SE ” founded a car insurance joint venture to intensify motor vehicle insurance activities. The company "Volkswagen Autoversicherung AG" aimed at the customers of the brands of the Volkswagen Group with tailor-made and inexpensive motor insurance.

In 2013 “Ducati Financial Services” started its business in Germany. Under the umbrella of Volkswagen Financial Services AG, it offered financing and insurance for motorcycles in Germany. In addition to customer financing and insurance, the offer also included financing for around 80 German dealers.

In 2014, Volkswagen Financial Services AG acquired “MAN Finance International GmbH”, thereby expanding its financial services activities. She expanded her business to include financing, leasing and rental activities for MAN Truck & Bus .

Since September 1, 2017, Volkswagen Bank GmbH has been a wholly-owned subsidiary of Volkswagen AG and no longer Volkswagen Financial Services AG.

Subsidiaries

• Volkswagen Leasing GmbH
• Volkswagen Insurance Service GmbH
• Volkswagen Insurance Mediation GmbH
• Volkswagen Financial Services Digital Solutions GmbH
• Volkswagen Insurance AG
• Volkswagen Autoversicherung AG (a joint venture with Allianz SE)
• MAN Financial Services GmbH
• carmobility GmbH
• Euromobil Autovermietung GmbH
• LogPay Financial Services GmbH
• PaybyPhone Inc.

literature

• Manfred Grieger, Ulrike Gutzmann, Dirk Schlinkert (eds.): Volkswagen Financial Services AG. 60 years of banking, leasing, insurance - a chronicle. Issue 14 of the historical notation series . Wolfsburg 2009. ISBN 978-3-935112-36-9 .

Web links

• history
• History of Volkswagen Bank GmbH
• Financial services
• From beetle to global corporation. The Volkswagen Chronicle

Individual evidence

1. ↑ https://www.vwfs.com/companies/volkswagen-financial-services-ag.html
2. ↑ Board of Directors . Accessed November 1, 2018.
3. ↑ Volkswagen Financial Services. Retrieved September 8, 2017 . 
4. ↑ LogPay Financial Services GmbH / DE / Home. Retrieved December 2, 2019 . 
5. ↑ Volkswagen Financial Services purchases world's largest provider of parking payment services PayByPhone. Retrieved July 28, 2020 .