Skip to main content
Back to homepage
Back to press releases

Strengthening of the offer of financial services in Belgium - Creation of VDFin

Download zone

10 Oct 2011 - D'Ieteren Automotive

D’Ieteren and Volkswagen Financial Services (a subsidiary of the Volkswagen group) have reached an agreement to create a joint venture, Volkswagen D’Ieteren Finance (VDFin), intended to provide a full range of financial services related to the sale of the Volkswagen group vehicles on the Belgian market. This partnership strengthens the strong link that has existed between D’Ieteren and Volkswagen for over sixty years.

Improved and integrated commercial offer

VDFin, which should be operational on 1 January 2012, aims at developing a comprehensive, coherent and competitive range of car financing services to individual customers, professionals and dealers.

Offering advantageous financing is an efficient promotional and loyalty tool in the individual customer segment. In Belgium, nearly 70% of new vehicles sold to individual customers are financed. Enlarging the range of financial services and having these actively promoted by a dedicated entity will therefore better exploit this potential and strengthen the position of the makes distributed by D’Ieteren Auto on the retail market.

Today, D’Ieteren Auto also offers its business customers leasing services, notably through D’Ieteren Lease. These services will be provided by the new entity and their development will be facilitated by an easier access to capital.

VDFin will also handle dealer financing, currently provided by Volkswagen Bank Belgium.

Creation of the joint venture

Subject to approval by competition authorities, VDFin will be created by the contribution of D’Ieteren Lease, the D’Ieteren subsidiary active in operational leasing, and of the Volkswagen Bank Belgium operations. VDFin will be 50% owned (minus one share) by D’Ieteren and 50% owned (plus one share) by Volkswagen Financial Services.

The VDFin Board of Directors will be equally made up of representatives from D’Ieteren and Volkswagen Financial Services. All D’Ieteren Lease and Volkswagen Bank Belgium personnel will be integrated into the new subsidiary.

All the financing of the new joint venture will be provided by Volkswagen Financial Services under the terms applied to subsidiaries of the Volkswagen group.

Improvement of D’Ieteren’s financial profile

The transaction will allow D’Ieteren Auto to reduce its capital employed and the risks related to refinancing and to the residual value of the vehicle fleet.

The transaction should generate a non-recurring positive impact on D’Ieteren’s consolidated equity, group’s share, of around 40 million EUR.

In addition, the deconsolidation of D’Ieteren Lease and equity method accounting of its share in VDFin in D’Ieteren’s financial statements will have the following consequences on the financial statements (2010 pro forma figures):

- reduction in the consolidated financial net debt of D’Ieteren of 276 million EUR, mainly as a result of the deconsolidation of DIL;

- reduction in D’Ieteren’s current consolidated result before tax, group’s share, of 11 million EUR, partially offset by an increase of 1 million EUR (or 5 million EUR excluding the amortization of the intangible assets) in D’Ieteren’s share of result of entities accounted for using the equity method, excluding financing costs improvement.


Thierry van Kan, CEO of D’Ieteren Auto: “We are very pleased with the combination of D’Ieteren Auto’s business know-how and knowledge of the Belgian market and Volkswagen Financial Services’ financial strength and expertise in car-related financial products. In addition to the distribution of the Volkswagen group vehicles and spare parts, D’Ieteren Auto will also represent their financial products through this new joint venture, strengthening its position on the Belgian market. Finally, this partnership is further evidence of the excellent relationship between D’Ieteren and Volkswagen since more than 60 years”.

Christian Dahlheim, Head of Sales Europe, Volkswagen Financial Services: “Belgium has a significant growth potential in terms of financing for individual customers. We are confident that this new partnership will take full advantage of this, while maintaining the current drive in the business segment. We are delighted that this agreement has been reached with D’Ieteren, our longstanding partner in Belgium.”

End of press release


D'Ieteren is a group of services to the motorist founded in 1805, serving over 13 million customers in 33 countries in two areas:

- D'Ieteren Auto distributes Volkswagen, Audi, Škoda, Seat, Porsche, Bentley, Lamborghini, Bugatti and Yamaha vehicles across Belgium. It is the country's number one car dealer, with a market share of over 20% and more than one million vehicles of the distributed makes on the road. Sales in 2010: 2.7 billion euro.

- Belron (92.7% owned) is the worldwide leader in vehicle glass repair and replacement. 1,900 branches and 9,500 mobile vans, trading under more than 15 different brands including Carglass, Autoglass and Safelite Auto Glass, serve customers in 33 countries. Sales in 2010: 2.8 billion euro.

Financial Calendar

16 November 2011 – Interim Management Statement

28 February 2012 – 2011 Full-year results

16 April 2012 – Annual Report 2011 available

10 May 2012 – Interim Management Statement

31 May 2012 – General Shareholders’ Meeting

4 June 2012 – Ex date

7 June 2012 – Payment date

28 August 2012 – 2012 Half-year results

8 November 2012 – Interim Management Statement


Jean-Pierre Bizet, Chief Executive Officer

Benoit Ghiot, Chief Financial Officer

Vincent Joye, Financial Communication - Tel: + 32 (0)2 536.54.39

E-mail: – Website:

Recent press releases

  1. 7 Apr 2021 - Group

    Test 3

    Read the press release
  2. 7 Apr 2021 - Results


    Read the press release
  3. 7 Apr 2021 - Group

    Test 2

    Read the press release
  4. 16 Mar 2020 - Moleskine

    Daniela Riccardi appointed as CEO of Moleskine

    Read the press release
Back to press releases