Volkswagen Financial Services (VWFS), the captive financial services arm of Volkswagen Group of America, and Wells Fargo entered a multi-year co-branded agreement under which Wells Fargo will be the preferred purchase financing provider for the Volkswagen (VW), Audi and Ducati brands in the U.S. market.
This new relationship is intended to begin for Audi and VW dealers and consumers beginning in April 2025, with Ducati to follow. VWFS will continue to service existing customer contracts.
After this transition, VWFS will focus on consumer leasing and usage-based products, including mobility solutions, supporting Volkswagen Group’s growth strategy in the U.S.
“We continuously evaluate our global business to make bold decisions that best position us in each of our markets,” Pablo Di Si, president and CEO at Volkswagen Group of America, said. “By aligning ourselves to respond to evolving market dynamics through this partnership, we’re able to more effectively support the needs of Volkswagen, Audi and Ducati while providing tremendous opportunities for Volkswagen Financial Services in the U.S. market in the future.”
“This is a union of great strengths, as Volkswagen Financial Services U.S. will remain the host of automotive expertise, supporting our brands, dealers and customers, while Wells Fargo will join us in offering their retail financial services capabilities and comprehensive balanced book to offer outstanding retail solutions,” Ernst Jan van Eijkelenburg, president and CEO for VW Credit and region manager for the North American region, said.
Under the terms of the agreement, Wells Fargo will provide a dedicated purchase experience for more than 600 Volkswagen, 300 Audi and 130 Ducati dealerships in the United States.
“We are proud of working with Volkswagen Financial Services U.S. to take another significant step forward in the ongoing transformation of our Auto business,” Tanya Sanders, head of Wells Fargo Auto, said. “Our two companies share a commitment to continuously innovating and creating great experiences, and this relationship will deliver a superior experience for VW, Audi and Ducati dealers and customers.”
