- Wells Fargo will provide
new U.S. consumer retail financing for vehicle purchase as a
co-branded offering, with an estimated transition beginning in
April 2025
- VWFS continues
to lead VWGoA financing solutions for brand and dealer
relationships while prioritizing consumer leasing and delivering
usage-based products, including mobility solutions
RESTON,
Va. and SAN
FRANCISCO, Sept. 16, 2024 /PRNewswire/ -- Volkswagen
Financial Services (VWFS), the captive financial services arm of
Volkswagen Group of America, and Wells Fargo (NYSE: WFC) today
announced a multi-year co-branded agreement under which Wells Fargo
will be the preferred purchase financing provider for the
Volkswagen (VW), Audi, and Ducati brands in the U.S. market. This
new relationship is intended to begin for Audi and VW dealers and
consumers beginning in April 2025,
with Ducati to follow. VWFS will continue to service existing
customer contracts.
Volkswagen Financial Services will continue to lead the customer
experience in the U.S. market with Volkswagen, Audi, and Ducati
brand partners and dealers. After this transition, VWFS will focus
on consumer leasing and usage-based products, including mobility
solutions, supporting Volkswagen Group's growth strategy in the
U.S.
"We continuously evaluate our global business to make bold
decisions that best position us in each of our markets," said
Pablo Di Si, President and CEO,
Volkswagen Group of America. "By aligning ourselves to respond to
evolving market dynamics through this partnership, we're able to
more effectively support the needs of Volkswagen, Audi, and Ducati
while providing tremendous opportunities for Volkswagen Financial
Services in the U.S. market in the future."
"This is a union of great strengths, as Volkswagen Financial
Services U.S. will remain the host of automotive expertise,
supporting our brands, dealers, and customers, while Wells Fargo
will join us in offering their retail financial services
capabilities and comprehensive balanced book to offer outstanding
retail solutions," said Ernst Jan van Eijkelenburg, President and
CEO for VW Credit, Inc., and Region Manager for the North American
Region.
Under the terms of the agreement, Wells Fargo will provide a
dedicated purchase experience for more than 600 Volkswagen, 300
Audi, and 130 Ducati dealerships in the U.S.
"We are proud of working with Volkswagen Financial Services U.S.
to take another significant step forward in the ongoing
transformation of our Auto business," said Tanya Sanders, head of Wells Fargo Auto. "Our
two companies share a commitment to continuously innovating and
creating great experiences, and this relationship will deliver a
superior experience for VW, Audi, and Ducati dealers and
customers."
Additional information may be found at
https://www.volkswagengroupofamerica.com and
www.wellsfargo.com.
About Volkswagen Group of America
Volkswagen Group of America, Inc. (VWGoA) is a wholly owned
subsidiary of Volkswagen AG, one of the world's leading automobile
manufacturers and the largest carmaker in Europe. VWGoA houses the U.S. operations of a
worldwide family of distinguished and exciting brands including
Audi, Bentley, Lamborghini, and Volkswagen and is the sole importer
and distributer of Bugatti and Rimac vehicles in the U.S. VWGoA
also operates a state-of-the-art assembly facility in Chattanooga, Tennessee which produces
Volkswagen brand vehicles including the Atlas, Atlas Cross Sport,
and the ID.4. VW Credit, Inc. (doing business as "Volkswagen
Financial Services"), a wholly owned subsidiary of VWGoA, provides
financial services and innovative mobility solutions. Electrify
America, another VWGoA subsidiary, is building a
publicly-accessible, nation-wide electric vehicle charging network.
VWGoA's autonomous vehicle (AV) technology subsidiary, ADMT LLC,
tests and proves AV technology. VWGoA's headquarters are in
Reston, Va. The company has
approximately 10,000 employees in the
United States and sells its vehicles through a network of
approximately 1,000 independent dealers.
About Volkswagen Financial Services
VW Credit, Inc., dba Volkswagen Financial Services (VWFS), was
founded in 1981 as the captive financial services arm of Volkswagen
Group of America, Inc. and is affiliated with Volkswagen of
America, Inc., Audi of America, Inc. and Ducati North America, Inc.
VWFS offers services to Volkswagen, Audi, Ducati customers, and
authorized dealers as Volkswagen Financial Services, Volkswagen
Credit, Audi Financial Services, and Ducati Financial Services. The
company offers competitive financial products and services to
customers and authorized dealers in the
United States. VWFS is headquartered in Reston, VA.
About Wells Fargo
Wells Fargo & Company (NYSE:
WFC) is a leading financial services company that has approximately
$1.9 trillion in assets. We provide a
diversified set of banking, investment and mortgage products and
services, as well as consumer and commercial finance, through our
four reportable operating segments: Consumer Banking and Lending,
Commercial Banking, Corporate and Investment Banking, and Wealth
& Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings
of America's largest corporations. In the communities we serve, the
company focuses its social impact on building a sustainable,
inclusive future for all by supporting housing affordability, small
business growth, financial health, and a low-carbon economy. News,
insights, and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
"Volkswagen", "Audi," "Ducati", all model names and the
Volkswagen logo are registered trademarks of Volkswagen AG. All
other trademarks are the property of their respective owners.
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SOURCE Volkswagen Financial Services; Wells Fargo