VW Credit, Inc. (VCI), a subsidiary of Volkswagen Group of America Inc., broke ground for a 30,000-square-foot expansion of its Libertyville facility. The multimillion-dollar expansion, to be completed early next year, will accommodate approximately 150 new jobs that VW Credit, Inc. expects to create through 2018. The VCI Libertyville facility currently employs nearly 500 employees.
The expansion of VW Credit, Inc., one of Libertyville's largest employers, will include the construction of additional workstations and conference rooms, a larger dining area, fitness center, as well as accommodate a total of 650 parking spaces.
"VW Credit, Inc. has been experiencing an upsurge in growth in recent years, and we are pleased to be able to create additional jobs to accommodate this growth," said Andrew Stuart, Chief Executive Officer and President of VW Credit, Inc. "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." In 2011, Volkswagen Group of America sold more than 444,000 units, an increase of 23.3 percent through its Volkswagen, Audi, Bentley, Lamborghini and Bugatti brands in the U.S.
VW Credit, Inc., which provides financial products and services to Volkswagen and Audi dealers and their customers in the United States, has been operating from the Franklin Boulevard site in Libertyville since 1999. The company offers retail leasing and financing, as well as wholesale financing solutions for new and used vehicles. VW Credit, Inc. also manages and markets co-branded financial services through third-party providers. The company was founded in 1981, with headquarters in Herndon, Va. It maintains operational and customer service centers in Libertyville, Ill. and Portland, Ore.; a remarketing department in Auburn Hills, Mich.; as well as regional offices in Westlake Village, Calif.; Alpharetta, Ga.; Woodcliff Lake, N.J.; Irving, Texas; and Pleasant Prairie, Wis.
About VW Credit, Inc.
VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of America, Inc. (VWGoA), was founded in 1981 to function as the financial service arm of VWGoA and is affiliated with Volkswagen of America, Inc. and Audi of America, Inc. VCI, a captive finance company, services Volkswagen and Audi customers, authorized automotive dealers and their affiliated stores as Volkswagen Credit and Audi Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States.