Volkswagen Finance Private Limited (VWF), the Mumbai-based subsidiary of Volkswagen Financial Services AG with regional offices in New Delhi and Bangalore, was founded in 2009, initially joining forces with local banks to provide funding. VWF began to operate as an independent financial services provider in March 2011, first catering for private customers and then extending its services to include dealer financing in the fall of the same year.
Today, Grover’s customer base includes 215 Volkswagen dealers, with many more expected to follow: “We also help the Volkswagen, Audi and ŠKODA Group brands to build up and expand their dealer network in India.” Some of the now 110-strong financial services team work on location at large dealerships, thus ensuring maximum customer proximity.
At the end of 2011, after the first nine months in the market, Grover is delighted with the positive result: “We got off to an excellent start.” Next on the agenda for 2012 is corporate fleet financing with concepts for used cars to follow shortly afterwards. Based on in-house studies, Volkswagen estimates that there is a “relevant target group” of 23 million potential customers in India. Which means that Gurpreet Grover and his colleagues will have plenty to do in the foreseeable future.