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.



State Supreme Court Clarifies Law When Bank Sells Loan Collateral Without Proper Notice

The Supreme Court of Tennessee issued guidance on the steps courts should follow when a creditor sells collateral used to obtain a loan, but does not provide the required notice of the sale. The case involved a bank loan that was used to purchase an airplane, with the plane itself and additional guarantors securing the transaction. When the debtor failed to maintain insurance, the ... (click for more)

Gas Prices Drop 9.3 Cents In Chattanooga

Average retail gasoline prices in Chattanooga have fallen 9.3 cents per gallon in the past week, averaging $2.21 per gallon on Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.45, according to gasoline price website GasBuddy.com. Including the ... (click for more)

Ooltewah High's Robin Copp Is State Principal Of The Year

Ooltewah High School principal Robin Copp has been named Tennessee’s 2017-18 Principal of the Year.   Officials said of the second-year principal, "No matter the grade level, she believes in creating student-centered schools, which are first and foremost focused on teaching and learning. To support this model, Copp has instituted a professional learning framework ... (click for more)

City Has Apparently Found Buyer For Chattanoogan Hotel

The city of Chattanooga has apparently found a buyer for the Chattanoogan hotel on Broad Street. A city board will meet next Monday to consider several resolutions. One item before the Chattanooga Downtown Redevelopment Corporation is approving the hiring of the Husch Blackwell law firm "as special counsel in connection with the preparation of a sale and purchase agreement ... (click for more)

Congress Needs To Get Down To Business And The News Media Report Facts

"Pettiness" seems to be the driver of the news continuing into its third week.  When will it stop? I want to make it clear to my friends, this country and abroad, that I have called the President much worse words than "moron" to my best friend, so much worse that I am sure they would not be printed by AOL in the interest of acceptability.  I make no apologies. ... (click for more)

Roy Exum: UT A 34-Point ‘Dog

I can’t remember a time in my life when a University of Tennessee football team has been a five touchdown underdog and this comes at a time when my primary-care physician tells me, “Let’s face it … you are old.” That said, even when I look at myself naked in the bathroom mirror I ain’t as ugly as what I fear will happen in Tuscaloosa this coming Saturday. I can remember the Tide ... (click for more)