Volkswagen Financial Services has acquired 60% stake in Fleet Logistics in an effort to expand its offering in the field of international fleet and mobility management with the creation of a complete range of products and services customers
The remaining 40% of the company's shares are held by the former sole shareholder TÜV SÜD Auto Service GmbH, which is a wholly-owned subsidiary of TÜV SÜD AG, according to a release from Volkswagen Financial Services. The two shareholders have agreed to maintain the brand neutrality of Fleet Logistics.
Fleet Logistics services are divided into three main areas: fleet management, fleet consulting and fleet reporting.
"We have resolved to transfer the existing business model to intermodal mobility. To this end, we will be able to offer additional services from the joint venture in the future. We have also agreed to retain the brand neutrality of the vehicle portfolio and the independence of leasing companies," said Patrick Fruth, CEO Mobility Division TÜV SÜD.
Following the strategic realignment, there are plans to transfer the business of CarMobility GmbH, a wholly-owned subsidiary of Volkswagen Financial Services AG, to Fleet Logistics. CarMobility has been operating in Germany as an independent fleet management company since 2006 and had around 40,000 contracts on its books at the end of 2018, according to the company.