Boston, MA 09/17/2014 (wallstreetpr) – Diversified financial services provider, Citigroup Inc (NYSE:C)’s subsidiary, Citi Retail Services disclosed that it has a struck a multi-year deal with Volkswagen America, Inc. for its After-Sales credit card initiative in the U.S.
Advantages of Card
Citigroup Inc (NYSE:C) Retail Services said that the program’s objective was to offer a credit option to eligible Volkswagen lessees/owners for their accessories, service, parts and maintenance requirements, a statement from the company indicated. At the same time, the program also provides qualified dealers an option to deepen their relationships with such customers. The card offers benefits such as rewards, exclusives and competitive offers.
The company said that the plan would be rolled out in October to nearly 400 independent Volkswagen dealerships in the U.S. through their participation in the Volkswagen Service Express program. It believes that the roll out would be completed in early 2015. Customers would get the first available card later in the fourth quarter.
It is expected that the credit card would be an instrument for Volkswagen dealers to be even more competitive to provide their customers with the convenience, exclusive offers for cardholder and more. The deal has put Citigroup Inc (NYSE:C) Retail Services in the leadership position as far as auto aftermarket service financing was concerned.
Management Speaks
Citi Retail Services’ Managing Director for Business Development and Strategy, Crag Vallorano, said that Volkswagen was one among the most innovative marketers as far as the automobile industry was concerned. Therefore, the deal would provide the company to work with Volkswagen dealer service network with the objective of helping them grow their customer base. Since its strength was working with independent dealers, Citi official said that the relationship would be fruitful for both.
Similarly, Volkswagen Vice President for after sales, Don Stephenson, said that the agreement offers its customers a new financing opportunity through its dealer network. He also expressed his confidence that Citigroup Inc (NYSE:C) retail services would be able to offer premium financial products to its customers since they were expert in offering private label consumer financing.
