The total assets of Volkswagen Financial Services have exceeded €200 billion for the first time, the company has revealed.
The rise to €200.79 billion at the end of Q3 2018 compares to a total of €75 billion 10 years ago.
The landmark in the company’s growth came as it announced a new record for the overall level of current contracts, which rose by 7.2% in the third quarter of 2018, compared to the same period last year, to 20.4 million units.
During the first nine months of 2018, contract acquisitions worldwide increased by 6.7% to 6.2 million new contracts.
The main growth drivers continue to be the international positioning of Volkswagen Financial Services and fleet business in Europe.
The total global portfolio includes 6.3 vehicle financing contracts (up 6.6% year-on-year) 4.3 million leasing contracts (up 13.1%), 4.3 million service contracts (up 11.7%) and 5.5 million insurance contracts (up 0.5%).
The total contract portfolio also improved in Volkswagen’s home market of Germany. By the end of September 2018, current contracts reached 6.4 million, a rise of 1.4% on the previous year.
Lars Henner Santelmann (pictured), chairman of the management board of Volkswagen Financial Services, said: “The sales-driven growth is based on our strong internationalisation focus and our local market penetration plans.
“I would like to express my thanks 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 Dahlheim has been head of group sales at Volkswagen since October this year after previously holding the position of chief sales officer at Volkswagen Financial Services since 2016.