Volkswagen South Africa aims to make accessibility into the brand easier with a new financial services division. Vehicle and asset financier WesBank has a 49% stake in the initiative while the remaining 51% is owned by Volkswagen Financial Services Germany.
At a press briefing yesterday, it was announced that a new range of products and services would be rolled out. These include leasing packages, insurance as well as fleet management for enterprises.
Frank Witter, CEO of Volkswagen Financial Services Germany, addressed the media. “This joint venture holds a lot of opportunity for growth for both companies. We will not only be providing good products, but we will also see that we answer to all of the customers’ needs” said Witter.
Patrik Riese, responsible for sales and marketing at the new financial services provider, spoke of innovative new products. Insurance packages for new and used vehicles from the Volkswagen stable, facilitated in-house for greater convenience would be offered. In addition a flat-rate policy is on the cards, catering to buyers irrespective of risk rating or claims history. Financing structures and leasing deals will also be made available.
WesBank CEO, Chris de Kock, explained that the financing house and Volkswagen have been in partnership since 1999. De Kock was confident that the deal would be a win-win situation for both parties. He cited the automaker’s large footprint in the country as well as WesBank’s expertise as factors for its potential success. “We are going to take this business to a whole new level,” he said.
According to Wessel Stadtlander, tasked with handling the finance aspect of the new initiative, the partnership would render favourable results for both companies and strengthen them in the process. He said consumers have much to look forward to from Volkswagen Financial Services in the future.