Volkswagen Bank Polska new industry leader in car loans after 30% rise

Volkswagen Bank Polska (VBP) has become the new leader in the car loans market, after recording an outstanding 30% year-on-year rise in the total value of its loans and a 20% rise in the number of contracts. VBP managed to succeed despite long lasting stagnation in car sales, which has seriously affected the performance of its competitors. The whole market shrank from zl. 1.22 billion in total loans and 65,100 customers in 2000 to zl. 1.16 billion and 54,100, respectively, last year. The former leader, FIAT Bank Polska, signed only 23,400 contracts, or nearly 40% less than in 2000, while its total loans value dropped even more drastically, at roughly 80% of the previous year. Renault Credit Polska attracted nearly the same number of customers last year as in 2000 but recorded a decrease of 30% in the total value of loans. Other banks offering loans for car buyers, including DaimlerChrysler Polska and Toyota Bank Polska, recorded a significant increase from the year 2000 but as they started Polish operations at that time, their results are not comparable. (Puls Biznesu, p. 7) M.K.