Volkswagen Group Financial Services

The Financial Services Division covers the Volkswagen Group’s dealer and customer financing, leasing, banking and insurance activities, fleet management and mobility offerings. The division comprises Volkswagen Financial Services and the financial services activities of Scania and Porsche Holding Salzburg and also includes the contracts concluded by our international joint ventures. Since July 1, 2021, it has also included the financial services business of Navistar.

The Financial Services Division’s products and services were popular in fiscal year 2021, although demand was impaired by the Covid-19 pandemic and the limited vehicle availability due to the semiconductor shortage. At 8.6 (8.6) million, the number of new financing, leasing, service and insurance contracts worldwide was on the previous year’s level. The ratio of leased and financed vehicles to Group deliveries (penetration rate) in the Financial Services Division’s markets rose to 36.1 (35.5) %. As of December 31, 2021, the total number of contracts was 24.5 million, up 1.7 % from the end of 2020. The number of contracts in the customer financing/leasing area fell by 3.2 % to 11.6 million, while it increased by 6.4 % to 12.9 million in the service/insurance area.

In the Europe/Other Markets region, the financial services business was still impacted by the Covid-19 pandemic in the reporting year. The semiconductor shortage also had a detrimental effect. At 6.3 (6.3) million, the number of new contracts signed in 2021 reached the previous year’s level. The penetration rate decreased to 48.8 (50.1) %. At 18.0 million, the total number of contracts at the end of the reporting year exceeded the 2020 figure of 17.6 million. The customer financing/leasing area accounted for 7.4 million of these contracts (−2.8 %), while 10.5 million (+5.2 %) related to the service/insurance area.

In North America, the number of new contracts signed increased year-on-year by 5.0 % to 983 thousand. The ratio of leased or financed vehicles to Group deliveries in North America fell to 59.9 (67.0) % as deliveries grew at a higher rate than new contracts. The number of contracts in North America on December 31, 2021 was 3.2 (3.1) million. The increase resulted from the number of contracts acquired from Navistar. The customer financing/leasing area accounted for 1.9 million contracts (−2.4 %) and 1.4 million contracts (+12.4 %) related to the service/insurance area.

In the South America region, the number of new contracts signed increased to 332 (318) thousand in the reporting year. The penetration rate rose to 34.5 (32.7) %. At 723 (721) thousand as of December 31, 2021, the total number of contracts was higher than the year before. The contracts mainly related to the customer financing/leasing area.

The number of new contracts signed in the Asia-Pacific region in the past fiscal year fell by 5.7 % to 1.0 million units. The ratio of leased or financed vehicles to Group deliveries was unchanged at 17.7 (17.7) %. At 2.6 (2.6) million, the total number of contracts at the end of the reporting year reached the previous year’s level. The number of contracts in the customer financing/leasing area fell by 5.5 % to 1.8 million, while it increased by 13.5 % to 0.8 million in the service/insurance area.