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.


Birmingham’s Good People Brewing To Expand Into Central Tennessee

Good People Brewing Company in Alabama, announced it will begin selling its selection of beers in central Tennessee. Partnering with Hand Family Companies, the Birmingham-based brewery will expand into Chattanooga, Clarksville and Cookeville.  “We’ve got a lot of love for Tennessee at Good People,” said Michael Sellers, who cofounded Good People in 2008 with his friend ... (click for more)

American Advertising Award Winners To Be Honored Feb. 20

The Chattanooga market’s best in advertising, as chosen by the AAF Chattanooga panel of judges, will be honored Saturday, Feb. 20 at The Camp House at the AAF Chattanooga American Advertising Awards celebration. The event recognizes and showcases the area’s "outstanding advertising creative work" for the previous year. The event begins at 6:30 p.m. with cocktails and passed ... (click for more)

Underground Fire Closes Several Downtown Streets

An underground fire closed several downtown streets late Saturday afternoon. At approximately 5:20 p.m., the Chattanooga Fire Department responded to a reported fire in a man-hole at the corner of Chestnut Street and W. 8th Street. When fire companies arrived on the scene, they found black smoke coming from an underground electrical service line. The man-hole cover had been ... (click for more)

16-Year-Old Who Was Shot In The Head In East Ridge Dies

 Monserrate Ferrer, the 16 year old who  was shot in East Ridge on Friday , has died. Investigators will meet early next week with the Hamilton County District  Attorney's Office to discuss the case. The shooting that involved two juveniles was at the 4200 block of Bennett Road. Responding officers found a 16-year-old boy in the bedroom with a single ... (click for more)

The City Failed To Watch The Chattanooga History Museum Dollars

The tell tale signs of the History Museum's folly have been evident for years. When I was a former member of City Council I interviewed Dr. Daryl Black, Ph.D. to determine if I should argue for or against the annual funding of his organization. His interview, the multi-year history of administrative non-performance (despite consistent repetitive funding), and a review of the organizational ... (click for more)

Roy Exum: Vote ‘No’ On Vouchers

I fully believe that public education in Hamilton County is the single most important opportunity that challenges us today. Over the weekend the new website for the ‘Chattanooga 2.0’ initiative went up and every parent who has a child in our public system should make it “required reading.” You can find it at www.chatt2.org. Please sign up for updates because a lot of us need to ... (click for more)