Volkswagen Group Financial Services
The Financial Services Division combines the Volkswagen Group’s dealer and customer financing, leasing, banking and insurance activities, fleet management and mobility offerings. The division comprises Volkswagen Financial Services (including the financial services business of MAN Finance International GmbH since January 1, 2014) and the financial services activities of Scania, Porsche and Porsche Holding Salzburg.
The number of new contracts signed worldwide in the Customer Financing/Leasing and Service/Insurance areas rose by 14.3% year-on-year to 5.3 million. The total number of contracts was 13.4 million as at the end of 2014, surpassing the figure at the prior-year reporting date by 13.7%. The number of contracts in the Customer Financing/Leasing area was up 11.5% to 8.3 million, while the number of contracts in the Service/Insurance area increased by 17.5% to 5.0 million. The ratio of leased or financed vehicles to Group deliveries (penetration rate) increased to 30.7% (29.1%) in the Financial Services Division’s markets.
In Europe, 3.7 million new contracts were signed in the reporting period, 16.7% more than in the previous year. The number of contracts was up 10.7% to 9.4 million as of December 31, 2014. This included 5.1 million contracts in the Customer Financing/Leasing area, an increase of 7.6% on the figure for 2013. The penetration rate in the region amounted to 43.6% (44.5%).
In North America, the Financial Services Division added 805 thousand new contracts in 2014, up 8.6% year-on-year. The total number of contracts grew by 13.9% to 2.1 million. Of this figure, 1.6 million were attributable to the Customer Financing/ Leasing area (+10.0%). The penetration rate increased to 56.8% (54.4%) in this region.
In South America, 178 thousand new contracts were signed in 2014 (−53.3%). The number of contracts was up 0.4% year-on-year to 827 thousand contracts as of year-end 2014. The majority of these were attributable to the Customer Financing/Leasing area. At the same time, the share of leased or financed vehicles increased from 32.3% to 33.1% of deliveries.
In the Asia-Pacific region, 595 thousand new contracts were signed in the reporting period, an 83.0% increase on the prior-year figure. The total number of contracts amounted to 1.1 million (+69.6%), of which 862 thousand were attributable to the Customer Financing/Leasing area (+64.4%). The penetration rate rose from 8.4% to 13.1% in this region.
SALES TO THE DEALER ORGANIZATION
In 2014, the Volkswagen Group’s worldwide unit sales to the dealer organization – including the Chinese joint ventures – amounted to 10,217,003 vehicles, exceeding the prior-year figure by 5.0%. Growing demand for Group models in particular in China and in other European countries outside Germany saw sales there rise by 5.0% compared with the previous year. In Germany, the number of vehicles sold increased by 5.1%. At 12.2%, the proportion of the Group’s sales accounted for by Germany was on a level with the previous year (12.2%).
The Golf, Jetta and Passat were our biggest sellers last year. Sales of the Golf, Golf Estate, up!, Audi A3 family, Audi Q3, Audi Q5, ŠKODA Rapid and SEAT Leon family increased most significantly. The new Porsche Macan was also very well received by the market. The Lavida, Santana and Sagitar models developed for the Chinese market were likewise very popular with customers.
The Volkswagen Group produced 10,212,562 vehicles worldwide in fiscal year 2014, representing an increase of 5.0%. Our Chinese joint ventures produced 12.6% more units than in the previous year, mainly due to the continued positive demand in China. The percentage of the Group’s total production accounted for by Germany was on a level with the previous year, at 25.1% (25.3%). In the past year, our plants worldwide produced an average of 40,626 vehicles per working day (+3.2%). The Volkswagen Group production figures do not include the Crafter models built in the Daimler plants.
Global vehicle inventories at Group companies and in the dealer organization were higher on December 31, 2014 than at year-end 2013 due to an increase in inventories in China in response to demand.