Braunschweig, 7 May 2018. Volkswagen Financial Services have started off well in 2018 and increased their total contract portfolio and new contract acquisitions in all product segments during the first quarter. "Following our successful financial year 2017, we have also made a good start to the new year. We have performed particularly well in Asia. The strong growth in service contracts shows that we are meeting customer demand for additional car-related services," says Dr. Christian Dahlheim, Chief Sales Officer of Volkswagen Financial Services AG. The markets of China, Japan and Italy showed particularly positive development. Overall, the level of new contracts rose by almost nine percent compared with the same quarter last year to 1.99 million units. The portfolio of current contracts grew by over eight percent to reach 19.9 million units.
The new contracts for vehicle financing amounted to 613,000 units (+15.4 percent) during the first three months of 2018. In addition, 439,000 new leasing contracts (+4.3 percent), 415,000 new service contracts (+10.4 percent) and more than 527,000 new insurance contracts (+4.8 percent) were also concluded within this period. The services business includes maintenance and inspection contracts or tyre contracts.
The total contract portfolio of Volkswagen Financial Services at the end of the first quarter comprised 6.1 million vehicle financing contracts (+6.2 percent), 4.1 million leasing contracts (+4.9 percent), 4.29 million service contracts (+19.2 percent) and 5.38 million insurance contracts (+0.3 percent).
Growth is continuing to rise in the German market as well. The total number of current contracts rose to 6.33 million at the end of March 2018 (previous year: 6.30 million contracts), an increase of 0.6 percent. With a figure of 577,000 units, the number of new contract acquisitions was also slightly above the last year's figure (previous year: 571,000 units; +1.0 percent).
