Volkswagen Group Financial Services

The activities in the Financial Services Division cover the Volkswagen Group’s dealer and customer financing, leasing, banking and insurance activities, fleet management and mobility services. The division comprises Volkswagen Financial Services and the financial services activities of Scania and Porsche Holding Salzburg and also extends to the contracts concluded by our international joint ventures. As of July 1, 2021, it also includes the financial services business of Navistar.

The Financial Services Division’s products and services were popular in fiscal year 2022. However, demand was affected to varying degrees by the Covid-19 pandemic. Limited vehicle availability caused by parts supply shortages, and exacerbated by the Russia-Ukraine conflict, also weighed on demand. The number of new financing, leasing, service and insurance contracts signed worldwide fell by 0.7% to 8.5 million. The ratio of leased and financed vehicles to Group deliveries (penetration rate) in the Financial Services Division’s markets stood at 32.6 (36.4) % in the reporting period. The total number of contracts on December 31, 2022 was 24.5 (24.5) million.

In fiscal year 2022, the financial services business in the Europe/Other Markets region was impacted by the Covid-19 pandemic and by limited vehicle availability caused by parts supply shortages, as well as by the Russia-Ukraine conflict. At 6.1 million, the number of new contracts signed in the reporting period was down 1.7% on the previous year’s figure. The total number of contracts at the end of December 2022 was on a level with December 31, 2021 at 18.1 (18.0) million. The customer financing/leasing area was responsible for 7.2 (7.4) million of these contracts.

The number of new contracts signed in North America in the reporting period decreased year-on-year to 805 (983) thousand owing to the decline in vehicle deliveries. The total number of contracts came to 3.0 million on December 31, 2022, a 7.6% fall on the level reported at the end of 2021. The customer financing/leasing area recorded 1.7 (1.9) million contracts.

In the South America region, 360 (332) thousand new contracts were concluded in the past fiscal year. Compared with December 31, 2021, the total number of contracts at the end of the reporting period rose to 828 (723) thousand. The contracts mainly related to the customer financing/leasing area.

The number of new contracts signed in the Asia-Pacific region in fiscal year 2022 increased to 1.2 (1.0) million, exceeding the comparative prior-year figure. The total number of contracts stood at 2.6 (2.6) million on December 31, 2022. The customer financing/leasing area recorded 1.6 (1.8) million contracts.