VW Credit Expands Illinois Facility

Wednesday, February 6, 2013

VW Credit, Inc. (VCI), the captive finance partner of Volkswagen and Audi in the U.S., today celebrated the opening of a 30,000-square-foot expansion of its Libertyville facility. The $10 million expansion, started in April 2012, will provide space for 150 additional jobs that VCI expects to create through 2018. The VCI Libertyville facility currently employs nearly 530 employees. The expansion of VCI, one of Libertyville’s largest employers, included the construction of additional workstations and conference rooms, a larger dining area, a fitness center, and a total of 650 parking spaces.

 

Top VCI and Volkswagen Group of America Executives, including VCI Executive Vice President and Chief Financial Officer Dr. Christian Dahlheim, Volkswagen of America Executive Vice President and Chief Product and Marketing Officer, Tim Mahoney, Audi of America EVP and Chief Operating Officer Mark Del Rosso, Libertyville Mayor Terry Weppler, and political and community leaders, convened to celebrate the opening of the new Libertyville facility.

 

“VCI has been experiencing an upsurge in growth in recent years, and we are pleased to be able to create additional jobs to accommodate this growth,” said Dr. Christian Dahlheim. “The Libertyville Service Center is our central facility for customer service, and it is our hub for all IT services and development in the U.S. and Canada.”

 

“VCI’s expansion, coupled with increased U.S. sales among all our brands in 2012, aligns with Volkswagen’s ambitious growth strategy,” said Tim Mahoney. “In 2012, Volkswagen of America sold 438,133 units, an increase of 35.1 percent. Last year marked the third consecutive year of significant double-digit growth rates, and we more than doubled our volume of 2009. The VCI employees have worked very hard to establish foundations for success in the U.S. market, and they deserve so much credit for setting this new record.”

 

“During the past three years, Audi has established new annual sales records in the U.S.,” said Mark Del Rosso. “If anything, we expect the pace of Audi growth to dramatically increase in the years ahead. That’s why it is important for our partners in the financing business to expand as our brand expands.”

 

VCI, which provides financial products and services to Volkswagen and Audi dealers and their customers in the U.S., has been operating from the Franklin Boulevard site in Libertyville since 1999. The company offers retail leasing and financing, as well as wholesale financing solutions for new and used vehicles. VW Credit, Inc. also manages and markets co-branded financial services through third-party providers.

 

Officials said VW Credit increased the number of all new contracts signed by 28.3 percent in 2012 to 404,947, compared to 2011. The total number of current contracts increased by 13.4 percent to 950,873 – the highest amount ever. The number of total assets during the business year 2012 rose by 17.5 percent to the record level of $23 billion.

“We are supporting the brands of Volkswagen Group of America in their growth strategy with attractive financing solutions and superior service for our customers. Volkswagen Credit financed 60 percent of all vehicles sold by the Volkswagen brand and 54 percent of the Audi Brand, this allowed us to accelerate our growth during the business year 2012,” said Dr. Dahlheim.

In the wholesale financing segment, the receivables from Volkswagen Group dealers increased 38.3 percent to $2.5 billion. This volume essentially covers the financing of vehicles in stock, plus equipment and investment loans. VCI increased the number of employees from 1,008 to 1,100 in the last 12 months, an upsurge of nine percent. The Management Board of VCI anticipates continuous growth in 2013, it was stated.

About VW Credit, Inc.

VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of America, Inc. (VWGoA), was founded in 1981 to function as the financial service arm of VWGoA. VCI, a captive finance company, services Volkswagen and Audi customers, authorized automotive dealers and their affiliated stores as Volkswagen Credit and Audi Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States. It maintains operational and customer service centers in Libertyville, Ill. and Portland, Ore.; a lease-end services and remarketing department in Auburn Hills, Mich.; as well as regional offices in Westlake Village, Calif.; Alpharetta, Ga.; Woodcliff Lake, N.J.; Irving, Texas; and Rosemont, Ill.


Salon And Spa Joins Cambridge Square

Cambridge Square developers have announced the addition of Spalon Three to the community’s tenant family. Spalon Three, which is owned by Ooltewah resident Shawn Dunn, is a combined spa and salon concept that will occupy 2,500 feet on the community’s public square. Opening date is slated for late spring 2015.  Cambridge Square is a commercial, retail and residential development ... (click for more)

New Hamilton County Businesses

Here are the new business licenses from the County Clerk's office: 3 I'S PERSONAL CARE SERVICES 4447 JAMES DRIVE CHATTANOOGA, TN 37416 ALL AMERICAN SUBCONTRACTOR LLC VARIOUS LOCATIONS CHATTANOOGA, TN 37402 ALL AMERICAN TREE SERVICE 5245 DONLYN LANE HIXSON, TN 37343 ARC FITNESS STUDIO 4716 MURRAY HILLS DR CHATTANOOGA, TN 37416 ARCHITECTURAL ... (click for more)

Cabela's To Open Fort Oglethorpe Store May 13

Cabela’s announced Monday plans to celebrate the official grand opening of its new Fort Oglethorpe store on Wednesday, May 13, with a unique ribbon-cutting ceremony followed by a weekend-long celebration featuring giveaways, family activities and more.  The ribbon-cutting ceremony, hosted by Cabela's executives and special guests, will begin at 9:45 a.m. and conclude with ... (click for more)

City Detective Who Was Arrested Twice In 4 Months Is Fired After Internal Affairs Investigation

A city detective who was arrested twice in four months has been fired by Police Chief Fred Fletcher. David Catchings had been charged with DUI last September and then with domestic assault at the end of the year. Police said, "After a complete review of both investigations – which included recommendations from Internal Affairs, the Administrative Review Committee and Officer ... (click for more)

Physicians Thank Their Patients On Doctor’s Day

March 30 has been set aside as National Doctors’ Day since 1933 as a time to recognize the contributions made by our physicians. While the recognition is appreciated, our greatest satisfaction comes from caring for our patients.  For 132 years, the Chattanooga-Hamilton County Medical Society has been the physicians’ voice as we worked together to improve health of our community. ... (click for more)

Roy Exum: Goodbye, Dr. Nassour

About 51 years ago, right after Jim Creel had graduated from the University of Texas and was in Guadalajara for medical school, he was surprised to find a complete stranger sitting on his battered and dusty Volkswagen. “He had seen my Longhorns sticker and was thrilled to find somebody else in Mexico who loved the University of Texas. “That’s when our friendship started and it ... (click for more)