A UK company is bucking all the trends in the current credit crunch by reporting record sales growth.
Volkswagen Financial Services (UK) Limited has reached £1 billion of lending for 2008, months ahead of previous years, and despite the general slow-down in consumer borrowing.
“It’s a tremendous achievement for the company,” said Managing Director Graham Wheeler, “We first hit £1b of lending within a year in December 2006, and last year the target was reached in October. It is fantastic that we have secured so much new business already this year in the current economic climate.”
The customer who benefited from the billionth pound to finance his new car was from Doncaster, and drove away a new Audi A3.
The £1b in lending represents finance on 72,803 vehicles sold through Volkswagen retailers across the UK since 1 January 2008.
Finance was used to purchase a range of vehicles across the Volkswagen Group brands including Audi, Volkswagen, Volkswagen Commercial, Bentley, Skoda and SEAT.
Mr Wheeler added: “The credit crunch has not affected our lending abilities as we have such a strong portfolio. This means that we are able to offer some very competitive deals on vehicle finance and contract hire, and an increasing number of people have been taking advantage of this rather than going to banks for loans.”
Volkswagen Financial Services (UK) Limited employs around 450 people and is based in Milton Keynes.
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