Volkswagen was granted a NBFC license by RBI last month (read about it here) and the company intends to finance pre-owned cars from January, 2012. The German automaker also plans to setup a pre-owned arm like arch rivals Maruti Suzuki, Honda and Toyota have done in India. This will help them promote their cars with aggressive buy back schemes.
“We feel demand for pre-owned cars is good in the Indian market and we want to bank on the opportunity,” Joern Achim Kurzrock, Chairman, Volkswagen Finance India said. “India being one of the fastest growing economies, Volkswagen Finance wants to position itself in the market as a mobility provider with products which fully respect the needs of VW, Skoda and Audi customers. Our focus is to support the sales of our branded vehicles to customers,” Kurzrock added.