Press Release

Braunschweig, 2 August 2021. With their new "Vender" service, Volkswagen Financial Services are offering individual buyers and sellers of used vehicles a secure, fast and convenient online tool for completing their private-party transaction. The service can be used for any brand of vehicle from any manufacturer. "Vender has exactly what people privately buying and selling used cars need: transparency and security when initiating and concluding their business transaction," as Dr. Michael Reinhart, Chairman of the Management Board of Volkswagen Bank GmbH, describes the advantages of the new online service, which is the first of its kind in Germany. 

Dr. Reinhart continues: "Our goal is to support buyers and sellers with a complete solution that is technically secure and convenient to use. With Vender, we are continuing the systematic digitalization of our product portfolio, further strengthening our position in the private used car market, and gaining many new customers. Using this as a basis, we will gradually add further products such as insurance or maintenance services – welcome to a new era!"

Vender regulates the procedure from the preparation and signing of the contract up to the payment of the purchase price. The online service offers the parties a legally binding contract template, with the result that the sale and purchase agreement is quickly and digitally drawn up. Both the buyer and seller verify themselves in Vender with an identity card or passport, and the respective data are automatically incorporated in the contract. The buyer can then trigger the secure payment. With the completion of the payment, the signature of the buyer is automatically placed under the contract. Volkswagen Bank GmbH guarantees the seller that payment will be received. This procedure eliminates the need for a cash transaction. As an option, the vehicle can also be financed online through Volkswagen Bank. 

Vender is not a car exchange or online marketplace, but purely an instrument for facilitating sale and purchase transactions. As a digital web application, Vender can be used regardless of the car brand involved. The seller pays a one-time fee of 39 euros for the service when the contract is concluded. There are no costs for the buyer.

Further information about Vender is available at www.vender.vwfs.de.

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 and Canada 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 16,558 employees worldwide – including 7,472 alone in Germany. Volkswagen Financial Services report total assets of around EUR 225.6 billion, an operating result of EUR 2.8 billion and a portfolio of around 21.9 million current contracts (as at: 31.12.2020).