Volkswagen Group Financial Services

The activities in the Financial Services Division cover the Volkswagen Group’s dealer and customer financing, leasing, banking and insurance activities, fleet management and mobility services. The division comprises Volkswagen Financial Services and the financial services activities of Scania, Navistar and Porsche Holding Salzburg and also extends to the contracts concluded by our international joint ventures.

The Financial Services Division’s products and services were popular in fiscal year 2023. However, limited vehicle availability caused by parts supply shortages and disruptions in logistics chains weighed on demand. The number of new financing, leasing, service and insurance contracts signed worldwide increased by 11.3% to 9.5 million. The ratio of leased and financed vehicles to Group deliveries (penetration rate) in the Financial Services Division’s markets stood at 32.8% in the reporting year, on a level with the previous year. The total number of contracts stood at 24.6 (24.5) million on December 31, 2023.

At 6.9 million, the number of new contracts signed was up 12.0% on the previous year’s figure in the Europe/ Other Markets region even though the financial services business was impacted by limited vehicle availability in 2023. The total number of contracts at the end of the reporting year was 18.4 (18.1) million, putting it on a level with the figure for December 31, 2022. The customer financing/leasing area was responsible for 7.1 (7.2) million of these contracts.

The number of new contracts signed in North America in 2023 increased to 1.0 (0.8) million. At 2.9 (3.0) million, the number of contracts as of December 31, 2023 was on a level with the end of the previous year. The customer financing/leasing area recorded 1.6 (1.7) million contracts.

In the South America region, 543 (360) thousand new contracts were concluded in the reporting year. Compared with December 31, 2022, the total number of contracts at the end of the reporting year rose to 933 (828) thousand. Existing contracts mainly related to the customer financing/leasing area.

The number of new contracts signed in the Asia-Pacific region in 2023 declined to 1.0 (1.2) million, falling short of the comparative prior-year figure. At the end of December 2023, the total number of contracts stood at 2.4 (2.6) million. The customer financing/leasing area was responsible for 1.5 (1.6) million of these contracts.