Volkswagen Bank Ireland provided Irish consumers with car loans to the value of more than €340 million so far in 2016. This represents a strong growth of 39% for the bank which lent about €245 million to Irish consumers during the same period in 2015.
Personal Contract Plans (PCP) continue to increase in popularity with the bank now offering affordable and flexible plans across all Volkswagen Group brands. With Volkswagen Bank guaranteeing a minimum future value for the cars, 90% of customers surveyed this July were happy with the trade-in value of their car at the end of their agreement and 97% of all customers were happy with their finance arrangement with Volkswagen Bank. Volkswagen Group brands remain number one in the marketplace accounting for 23% of all new car sales. Volkswagen Bank finances 38% of these cars sold, accounting for nearly 9% (8.74%) of the total car market.
Commenting on the bank’s performance, Conor Threadgold, Head of Sales, Volkswagen Bank Ireland, said, “We are very pleased with our performance so far this year and the growth that it represents. The success of the Volkswagen group offering combined with our innovative and customer-focused finance solutions has delivered a loyal customer base which has helped us to further grow the business. Unlike most other car brands, Volkswagen Bank guarantees the minimum future value of the vehicle. This removes the depreciation and negative equity risk and provides comfort for the customer when planning for the future.”
This achievement comes at an exciting time of growth for Volkswagen Bank Ireland. The company currently employs 69 people and the total number of employees is expected to grow by 10% to approximately 75 by year-end, rising further in 2017. Volkswagen Bank continues to support the Volkswagen Group brands through the provision of flexible finance packages and innovative products. Most recently, the bank launched a motor insurance offering on Volkswagen Up! and Polo models, recognising it’s growing customer base’s need for accessible and affordable mobility.