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Volkswagen Financial Services UK finances record 100,000 used cars in 2022 thanks to ‘ground-breaking’ changes

Volkswagen Financial Services UK finances record 100,000 used cars in 2022 thanks to ‘ground-breaking’ changes

Volkswagen Financial Services UK (VWFS) is driving the nation’s renaissance with older vehicles after announcing it has financed a record 100,000 used cars so far this year.

The leading car finance provider activated more than 10,000 used finance cases in July alone and is now financing every other used car sold through its retailer network.

These figures mean that Volkswagen Financial Services UK has seen significant annual growth over the past 12 months and expects this trend to continue accelerating into the second half of the year.

A key factor in driving this performance was the activation of a new Used Car campaign, which offered customers a £250 deposit contribution – including the cost of two service plans.

Mike Todd, CEO at Volkswagen Financial Services UK, said: “This is a great effort from the business. Our Used Car campaign has helped us produce compelling offers that help customers with the overall affordability of quality used cars, with a single monthly payment, at a time when the cost of living crisis has tightened many people’s budgets.

“It’s more important than ever before that we put the customer at the heart of the offers we provide.”

The UK’s used car market experienced unprecedented growth earlier this year, fuelled by the shortage of new cars brought about by supply chain bottlenecks caused by the pandemic and global semiconductor shortage.

Despite industry forecasts suggesting the market is cooling, used car values are expected to remain resilient.

Volkswagen Financial Services UK also attributes its half-year success to a refocused technology strategy that has expanded its reach on its retailer partners’ online platforms.

Furthermore, with ambitious plans for growth in HY2, the car finance provider has expanded the parameters on the age of the vehicles it can fund, as well as optimising channels in its franchised dealer partners’ wider used car businesses.

Mike Todd added“A year in the making, we’ve just gone live with expanded parameters for the age and range of cars we can fund.

“We can now finance both Volkswagen Group and non-Group vehicles up to 10 years old, allowing us to fund thousands more vehicles in our network and online channels, with these ground-breaking changes applying to PCP.

“The move is fuelled by an ever-increasing demand from our network and customers, supported further by supply issues. These are prompting people to keep their cars much longer, leaving our network with older cars we were unable to fund.

“The second major change sees us starting to finance vehicles in our Second Tier; our franchisees’ own used car supermarkets. Our most recent step into Tier 2 opportunities has already gone live with Murray’s in the South West.

“We are incredibly excited by the opportunity to work with our network partners to produce compelling finance and aftersales products for customers – wherever and however they’re looking to buy used vehicles.”

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