VW Credit Expands Illinois Facility

Wednesday, February 06, 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.


Bradley Square Mall Hosts Mommy And Me Kid's Talent And Fashion Show

Bradley Square Mall will host the  Mommy and Me Kid's Talent and Fashion Show on Saturday, Nov. 8, at 3 p.m. All participants must have a signed pre-registration form filled out and submitted prior to the event. Registration forms my be picked up at Guest Services, Ashton Manor or downloaded from  here. Registration forms are due by  Friday, Oct. 31 . (click for more)

SIGNIX Hires New Vice President Of Partner Development

SIGNiX , a company that provides secure and simple digital signature services announced the hiring of its new Vice President of Partner Development, Leonora Zilkha Williamson. Ms. Williamson will work to identify and target potential partners in a variety of industries.  SIGNiX has long been a partner-centric company that focuses on providing total solutions to software ... (click for more)

Additions And Improvements At Camp Jordan Arena Coming Soon

Additions and improvements are coming to Camp Jordan Arena in the near future. At the Thursday night meeting of the East Ridge city council, approval was given for buying new playground equipment. It will come from Gametime, a locally-based company. The VP of Marketing lives in East Ridge and made a proposal to set up the playground at Camp Jordan so his company could use it for ... (click for more)

Teenager Killed In ATV Accident Thursday Night

Damon Lee Jones, 15, was killed Thursday night in an ATV accident in Walker County. It was reported he was riding with a 17-year old, when they tried to enter a church parking lot, but ran into a cable barrier. The accident happened on Dunwoody Road in LaFayette. The other rider, identified as Timothy J. Wallin, was not injured.   (click for more)

Tom Dugan Was A Good Man

Tom was my boss for most of my 36 years at Carta.  At the ceremony where I was awarded my 30-year service award, Tom said, "Don disagrees with 85% of my decisions, but I wish I had 80 more employees just like him." This kind of indicates our relationship. When I asked him to help with my plans for a reunion for the group of Veterans that I served with in Vietnam, he quickly ... (click for more)

Roy Exum: A Veterinarian’s Horse Sense

I suspect you’ve heard by now that a doctor in New York City, who volunteers with “Doctors Without Borders,” just got back from the African nation of Guinea on October 17 – last Friday – and on Thursday tested positive for the deadly Ebola virus. Luckily, he came in actual contact with only a few people but he reportedly rode a subway, took a taxi, went on a three-mile run and ... (click for more)