The company intends to double its portfolio of credit, leasing and insurance contracts by 2025, which would be 30 million units, according to the report.
On Thursday, Volkswagen Financial Services announced it had created the HeyCar platform. Its purpose is to list high-margin used cars in order to target German pre-owned vehicle markets, where 95 percent of online sales are conducted through the platforms mobile.de and autoscout24.de.
Christian Dahlheim, the head of sales for Volkwagen’s finance division, said that the platform is aiming for as many as 300,000 listings. He referenced the 1.2 million listings currently on mobile.de.
“We want to grow and tap into new customer segments,” said Anthony Bandmann, chief executive of Volkswagen Leasing GmbH.
Some analysts suspect Volkswagen is emphasizing used-car sales as a result of declining diesel demand in Germany. A report by Schwacke, the German subsidiary of pricing data provider Autovista Group, showed rising preferences for gasoline-powered used cars in German markets.
“The HeyCar launch has absolutely nothing to do with falling diesel residual values,” said Dalheim.
HeyCar, which was launched in early October, currently lists 50,000 vehicles, with plans to triple that number by next year.
Back in February, Volkswagen also began its efforts to push online car sales in Denmark. The company put its Up! minicars for sale on the internet and allowed customers to make payments via credit card or Danske Bank’s payment app, MobilePay. The cars would be delivered to customers within 10 business days of purchase.
Volkswagen owns five primary passenger-car brands: Volkswagen, Audi, Porsche, Skoda and Seat. According to Reuters, the company accounts for about 40 percent of pre-owned car sales in Germany.