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.


Yoga East Wellness Center To Open Second Studio At Cambridge Square

Yoga East Wellness Center (Yoga East) will open a second location in Cambridge Square, a mixed-use community located at the corner of Ooltewah-Georgetown Road and Lee Hwy. in Ooltewah. Yoga East will be locating in what is now the 2500 square foot Beyoga Ooltewah studio. The proprietors of both studios worked together to facilitate the transition "We would first like to thank ... (click for more)

Chief Justice Lee, Chancellor Lyle Launch New Court To Business And Legal Community

Tennessee Supreme Court Chief Justice Sharon Lee and Davidson County Chancellor Ellen Hobbs Lyle launched the state’s first Business Court to the business and legal communities at a gathering in downtown Nashville Thursday. The event brought together more than 120 leaders in the business and law arena at the Baker Donelson Center to learn how this initiative will enhance the ... (click for more)

Chattanooga Area Bracing For Possibility Of Strong Tornadoes

The Chattanooga area on Saturday was bracing for the possibility of strong tornadoes coming in from the West. The National Weather Service issued this Hazardous Weather Outlook: AN OUTBREAK OF SEVERE THUNDERSTORM IS EXPECTED THIS EVENING AND EARLY TONIGHT ACROSS THE TENNESSEE VALLEY AND SOUTHERN APPALACHIAN REGION ALONG AND AHEAD OF A COLD FRONT. DANGEROUS DAMAGING WINDS ... (click for more)

State Attorney General Says City Council Cannot Make Taxis Not Registered In Hamilton County Go Through Emissions Testing

The state attorney general's office has ruled that the City Council cannot require that taxis not registered in Hamilton County go through emissions testing. The city is dealing with the new Uber taxi service that has an out-of-town owner. Locally-owned cabs have to go through the annual emissions testing. The opinion says that local taxi owners cannot get around the emissions ... (click for more)

The Heart Of A Teacher Makes A Difference - And Response (2)

In less than four weeks, I expect to be one of 216 graduating seniors from East Hamilton School. One could say all possible variables help a student rise to the highest levels in school; but a student is more than his environment or genetic code. He is a mixture of his own propensity and dedication to academics, coupled with a systemic team of mentors who give their all as a student’s ... (click for more)

Roy Exum: Would Mr. Summers’ Clients…

It was a beautiful day at Orange Grove Friday as the nationally-famed center, which cares for over 1,000 intellectually disabled children of all ages, celebrated its annual “Lunch of Champions” with a packed house in the Bucky Williams Gymnasium. Jerry Summers, who insiders know has done more for Orange Grove than any other man alive, not only emceed the event as he does every year, ... (click for more)