VW Credit to expand in Illinois, hire 150 people
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Volkswagen’s financing arm, VW Credit Inc., is expanding its offices in the Chicago suburbs to meet what the company describes as an “upsurge in growth in recent years.”
VW of America said today it will break ground on a new building in Libertyville, Ill., for its subsidiary and add 150 new jobs through 2018 to the existing workforce of about 500.
VW Credit provides financing to Volkswagen and Audi dealers. The company’s CEO Andrew Stuart said the expansion is needed to keep up with the VW Group’s breakneck growth in the U.S. market.
“VW Credit Inc.’s expansion, coupled with increased U.S. sales among our brands during the first quarter of 2012 by 40 percent, aligns with Volkswagen Group of America’s ambitious growth strategy,” Stuart said in a statement. By 2018, VW Group aims to sell 1 million a year in the United States under its three core brands: VW, Audi and Bentley.
Sales for the group rose 23 percent last year to 443,840 vehicles. Audi recorded a record U.S. sales year in 2011, and the VW brand has increased sales 35 percent or more for the last seven consecutive months.
