To comply with the “upsurge in growth” in the last few years, VW Credit Inc. (Volkswagen’s financing arm) is expanding its offices in the Chicago suburbs. VW of America said that there will soon be a new building in Libertyville, Ill., for its subsidiary. It currently has a workforce of around 500 but with this expansion, 150 jobs will be added through 2018.
Financing is offered by VW Credit to Volkswagen and Audi dealers. CEO Andrew Stuart said that the expansion is required to cope with the VW Group’s rapid growth in the U.S. In a statement, Stuart said that VW Credit Inc.’s expansion, when combined with the 40% rise in U.S. sales among its brands for the first quarter of 2012 is aligned with Volkswagen Group of America’s growth strategy.
VW Group is expecting that by 2018, it could sell 1 million annually in the U.S. under VW, Audi and Bentley (its three core brands). In 2011, group sales had a 23% increase to 443,840 vehicles. Audi posted a record U.S. sales year in 2011 while the VW brand’s sales rose by at least 35% for the past seven months.