Volkswagen of America, Inc. Applies for Bank Charter

Apr 11, 2001, 01:00 ET from Volkswagen of America, Inc.

    AUBURN HILLS, Mich., April 11 /PRNewswire/ -- VW Credit, Inc., a wholly
 owned subsidiary of Volkswagen of America, Inc., is seeking approval to
 operate an on-line bank in the U.S., and today submitted a bank charter
 application to the FDIC for operation in the state of Utah.
     The name of the bank will be Volkswagen Bank USA.
     Once approved, Volkswagen Bank USA will be incorporated as an Industrial
 Loan Corporation in the state of Utah, with headquarters planned in Salt Lake
 City.  It will be a wholly owned subsidiary of VW Credit, Inc. based in Auburn
 Hills, Michigan.
     "Our goal is to enhance the financial services Volkswagen can offer to its
 Volkswagen and Audi customers," said Raymond Specht, who will be Volkswagen
 Bank USA's president, CEO and chairman.
     Specht said the bank, which hopes to take advantage of advancements in the
 Internet and technology, plans to prudently phase in a full array of financial
 products and service offerings.
     VCI is a wholly owned subsidiary of Volkswagen of America, Inc. that was
 established in 1955 and is headquartered in Auburn Hills, Michigan.  It is a
 wholly owned subsidiary of Volkswagen AG, headquartered in Wolfsburg, Germany.
 The fourth-largest producer of passenger cars in the world and Europe's
 largest, the Volkswagen Group delivers some 5 million cars annually and
 operates some 43 manufacturing facilities in 18 countries across four
 continents.  Brands in the Volkswagen Group include Volkswagen, Audi, Seat,
 Skoda, Bentley, Rolls-Royce, Lamborghini, and Bugatti.
     Volkswagen of America markets a full line of Volkswagen and Audi vehicles
 through a network of 603 Volkswagen and 264 Audi dealers in the United States.
 In 2000, Volkswagen sold 355,479 new cars representing its best year in the
 U.S. in 25 years and a 12.6% increase over 1999.  Audi set a record in 2000
 with sales of 80,372, the best ever for the brand in the U.S.  This record was
 a 21.9% increase over the 1999 sales of 65,959.  With these recent results,
 the U.S. has become Volkswagen's second best market in the world.
 
 

SOURCE Volkswagen of America, Inc.
    AUBURN HILLS, Mich., April 11 /PRNewswire/ -- VW Credit, Inc., a wholly
 owned subsidiary of Volkswagen of America, Inc., is seeking approval to
 operate an on-line bank in the U.S., and today submitted a bank charter
 application to the FDIC for operation in the state of Utah.
     The name of the bank will be Volkswagen Bank USA.
     Once approved, Volkswagen Bank USA will be incorporated as an Industrial
 Loan Corporation in the state of Utah, with headquarters planned in Salt Lake
 City.  It will be a wholly owned subsidiary of VW Credit, Inc. based in Auburn
 Hills, Michigan.
     "Our goal is to enhance the financial services Volkswagen can offer to its
 Volkswagen and Audi customers," said Raymond Specht, who will be Volkswagen
 Bank USA's president, CEO and chairman.
     Specht said the bank, which hopes to take advantage of advancements in the
 Internet and technology, plans to prudently phase in a full array of financial
 products and service offerings.
     VCI is a wholly owned subsidiary of Volkswagen of America, Inc. that was
 established in 1955 and is headquartered in Auburn Hills, Michigan.  It is a
 wholly owned subsidiary of Volkswagen AG, headquartered in Wolfsburg, Germany.
 The fourth-largest producer of passenger cars in the world and Europe's
 largest, the Volkswagen Group delivers some 5 million cars annually and
 operates some 43 manufacturing facilities in 18 countries across four
 continents.  Brands in the Volkswagen Group include Volkswagen, Audi, Seat,
 Skoda, Bentley, Rolls-Royce, Lamborghini, and Bugatti.
     Volkswagen of America markets a full line of Volkswagen and Audi vehicles
 through a network of 603 Volkswagen and 264 Audi dealers in the United States.
 In 2000, Volkswagen sold 355,479 new cars representing its best year in the
 U.S. in 25 years and a 12.6% increase over 1999.  Audi set a record in 2000
 with sales of 80,372, the best ever for the brand in the U.S.  This record was
 a 21.9% increase over the 1999 sales of 65,959.  With these recent results,
 the U.S. has become Volkswagen's second best market in the world.
 
 SOURCE  Volkswagen of America, Inc.