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.