Volvo reported that its Volvo Financial Services unit’s new financing volume in the second quarter was SEK 13.9 billion ($2.03 billion), up from SEK 11.7 ($1.71 billion) or about 18.8% compared to the same period a year ago.

In total, 13,992 new units were financed during the quarter compared to 12,693 during the same quarter last year. In markets where financing is offered, Volvo said the average penetration rate in the second quarter was 27% versus 2 6% in the same quarter in 2013.

Credit provisions in the second quarter were SEK 227 million ($33.11 million) up from SEK 224 million ($32.67 million) in 2013.