Press release

Braunschweig, 8 February 2019. Volkswagen Financial Services are further expanding their offer in the field of international fleet and mobility management through a strategic partnership with TÜV SÜD. To this end, Volkswagen Financial Services AG have taken a 60 percent stake in FleetCompany GmbH, based in Oberhaching, Bavaria, which operates worldwide under the brand name FleetLogistics in over 70 countries. The remaining 40 percent of the company's shares are held by the former sole shareholder TÜV SÜD Auto Service GmbH, headquartered in Munich, a wholly-owned subsidiary of TÜV SÜD AG. "Together with our strategic partner TÜV SÜD, we will bundle and further develop our mobility offers for fleet customers. The strong international focus of FleetLogistics, in particular, excellently complements our own global financial services activities," says Lars Henner Santelmann, Chairman of the Management Board of Volkswagen Financial Services AG. The two shareholders have agreed to maintain the brand neutrality of FleetLogistics. The goal is to create a complete range of products and services for the customer in which travel and fleet management are combined. The completion of the transaction is subject to merger control approval by the relevant antitrust authorities. Both parties have agreed not to disclose the purchase price.

"This strategic partnership enables us to deliver significant added value to our fleet customers. We have resolved to transfer the existing business model to intermodal mobility. To this end, we will be able to offer additional services from the joint venture in the future. We have also agreed to retain the brand neutrality of the vehicle portfolio and the independence of leasing companies," says Patrick Fruth, CEO Mobility Division TÜV SÜD.

In the context of the strategic realignment, it is planned to transfer the business of CarMobility GmbH, a wholly-owned subsidiary of Volkswagen Financial Services AG, to FleetLogistics. CarMobility has been operating in Germany as an independent fleet management company since 2006 and had around 40,000 contracts on its books at the end of 2018. "CarMobility has developed very positively in Germany over recent years, has built up a large customer base and has established many new products in the market," as Santelmann sums up the company's accomplishments. He goes on: "But in order to continue this trend, we need economies of scale that can only be effectively achieved by expanding our business internationally. That is exactly what is now feasible by bundling activities at FleetLogistics."

FleetLogistics was founded in 1996. The company employs around 360 people worldwide and operates in over 70 countries. Its clients include large national and international fleet customers. With a total portfolio of around 200,000 vehicles, FleetLogistics is one of the world's largest independent providers of fleet management services. The spectrum of services is divided into three main areas: fleet management, fleet consulting and fleet reporting.

Information for editors:

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 15,770 employees worldwide – including 6,670 alone in Germany. Volkswagen Financial Services report total assets of around EUR 186.9 billion, an operating result of EUR 2.5 billion euros and a portfolio of around 19.7 million current contracts (as at: 31.12.2017).

Founded in 1866 as a steam boiler inspection association, TÜV SÜD is now a globally active company. More than 24,000 employees at over 1,000 locations in around 50 countries optimize technology, systems and know-how. They make a significant contribution to making technical innovations such as Industry 4.0, autonomous driving or renewable energies safe and reliable (www.tuev-sued.de).