Porsche 2012 Annual Report Download - page 48

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As of 31 December 2012, global vehicle
inventories at group companies and in the dealer
organizations were higher than a year earlier.
Financial services in demand
Volkswagen Financial Services’ portfolio of ser-
vices covers dealer and customer financing, leas-
ing, banking and insurance activities, fleet man-
agement and mobility offerings. Volkswagen
Financial Services AG coordinates the global fi-
nancial services activities of the Volkswagen
group, with the exception of the Scania, MAN and
Porsche brands and the financial services busi-
ness of Porsche Holding Salzburg. The principal
companies in this division in Europe are
Volkswagen Bank GmbH, Volkswagen Leasing
GmbH and Volkswagen Versicherungs-dienst
GmbH. Financial Services activities in North Amer-
ica are performed by VW CREDIT, INC.
Volkswagen Leasing GmbH acquired the deal-
er-owned rental company Euromobil on 1 January
2012. The acquisition expanded Volkswagen
Financial Services AG’s mobility offering to include
the classic short-term car rental business.
The number of new finance, leasing and ser-
vice/insurance contracts signed in fiscal 2012
amounted to 3.8 million, a 21.0 percent increase
on the prior-year figure. The number of contracts
in the Customer Financing/Leasing area was up
14.5 percent on the previous year to 6.4 million as
of 31 December 2012. The number of contracts in
the Service/Insurance area rose to 3.3 million, up
21.9 percent on the previous year. The total num-
ber of contracts reached a new record of 9.6 mil-
lion (up 16.9 percent). Based on unchanged credit
eligibility criteria, the share of financed or leased
vehicles was 27.5 percent (36.3 percent) of total
group delivery volumes. This decline was due to
the inclusion of the Chinese market since the be-
ginning of 2012. In China, the share of leased or
financed vehicles is significantly below the average
in other automotive markets. Volkswagen Bank
direkt was managing 1,438 thousand accounts at
the end of the reporting period (prior year: 1,442
thousand).
The number of contracts in the Volkswagen
group’s fleet management business at the end of
2012 was up 1.5 percent on year-end 2011; the
Volkswagen group’s joint venture LeasePlan Cor-
poration N.V. managed around 1.4 million vehicles.
2The company
Group management report
244