Monday, January 17

BBVA and Volkswagen renew their ‘joint venture’ for 5 years

“With Volkswagen Financial Services we cover all the edges of the business, this alliance allowed us to enter the wholesale world for the first time, financing the dealerships the acquisition of the factory cars and at the same time collaborating with the dealers for the financing of the people. We have an excellent partner relationship, with a maximum level of trust between both companies. These 5 years have been of great growth and have allowed us to consolidate our leadership in the garment market, we are committed to continuing to offer the best service and the best customer experience, said Juan Kindt, director of Business Development at BBVA in Argentina.

“For Volkswagen Financial Services it is very important to follow the sales strategy of the VW Group Brands. In Argentina, more than 8 out of 10 consumers, who came to their new Volkswagen through a pledge loan in 2021, received credit assistance from our company, which shows the leadership and preference of our customers. Now, there are new challenges in an automotive industry with transcendental changes in the most developed markets of the world and that will undoubtedly reach the Argentine market. We want to be part of this accelerated digitization process and focus on the technological changes necessary to achieve the digital transformation that has been defined globally in the VW Group. In these 5 years of the ‘joint venture’ we have consolidated our closeness to the brand’s clients, together with the dealer network and thanks to joint efforts with our partner BBVA, with whom we are going to face the challenges involved in carrying out this digital transformation, which will become even more relevant in the following years ”, comments Jörg Pape, VWFS Regional Director in South America.

The ‘joint venture involved investments that were used to finance operations for the purchase of vehicles of the German group’s brands by consumers and dealers. The technological integration allowed Volkswagen dealers to have in their offices the Volkswagen Financial Services evaluation system provided by BBVA, allowing customers to qualify with only DNI.

In 2016, BBVA reached an agreement with Volkswagen to buy the majority of the capital of its finance company. BBVA’s stake in Volkswagen Financial Services Compañía Financiera SA is 51% of the capital stock, while Volkswagen owns 49% of the shares of the financial company.

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