The FINANCIAL — Volkswagen Financial Services have also started out well in 2017. During the first quarter of 2017, new contracts rose by almost two percent over the same period last year.
The portfolio of current contracts registered an increase of more than nine percent to reach a total of 18.4 million contracts. “We are satisfied with our start in the financial year 2017. We have been able to increase the overall number of our new contract acquisitions even further than that achieved during our strong start to the year in 2016,” says Dr. Christian Dahlheim, Chief Sales Officer of Volkswagen Financial Services AG. The level of new contracts acquired in Europe, specifically in Italy, France and Spain, has shown particular growth, but an equally positive development has also been recorded in the markets of China and Mexico.
The new contracts in the vehicle financing segment amounted to 629,000 units (+2.9 percent) during the first three months of 2017. In addition, 323,000 new leasing contracts (+5.9 percent), 376,000 new service contracts (+4.7 percent) and more than 503,000 new insurance contracts (-4.0 percent) were also concluded within this period. The decline in new insurance contracts is the result of the moderate growth of guarantee insurance concluded in comparison with the first quarter of 2016, which had grown disproportionately during that period as a result of the company’s Trust Campaign.
Total contract portfolio
The contract portfolio of Volkswagen Financial Services at the end of the first quarter amounted to almost 18.4 million units (+9.1 percent). This figure comprised 6.53 million contracts for vehicle financing (+5.0 percent), 2.9 million leasing contracts (+10.3 percent) as well as 3.60 million service contracts (+24.1 percent) and 5.37 million insurance contracts (+5.0 percent).
German market has a large share of the total volume
The level of contracts also rose in the company’s highest-volume market to a new maximum of 6.12 million contracts at the end of March 2017 (previous year: 5.73 million contracts), an increase of 6.8 percent. The total number of new contract acquisitions during the first quarter of 2017 amounted to 570,000 units, slightly below the previous year’s figure of 581,000 units (-1.7 percent).