VW Financial Services posted a slight decrease
in profits in 2008, but the company is confident it will weather
the economic crisis better than many of its competitors.
in profits in 2008, but the company is confident it will weather
the economic crisis better than many of its competitors.
VW captive arm’s pre-tax profits were €792
million, 2 percent below the record results achieved in 2007.
million, 2 percent below the record results achieved in 2007.
However, the company said receivables from its leasing business
rose by 9.3 percent in 2008 to €14.91 billion. Leased assets
recorded a growth of over 23 percent and the number of new
contracts went up 30.5 percent.
VW Financial Services’ head Frank Witter said he was confident
that the company was better placed than many of its
competitors.
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He said he expected “comprehensive changes” within the captive
sector, with several competitors forced to consolidate or shut down
business.
