Earlier this week Citi and Volkswagen announced the launchof the Volkswagen After-Sales Credit Card Program for the U.S. market. Theprivate label credit card can be used to purchase or finance maintenance,service and other ownership needs.
“Volkswagen stands among the world’s most recognizedbrands, and we are proud to welcome them to our family,” said Citi RetailServices’ Craig Vallorano, Managing Director for Business Development andStrategy. “This agreement solidifies Citi Retail Services’ position as aleader in auto aftermarket service financing.
This card product is a creative way for Citi to expand thebank’s private label business, an objective it has spoken about publicly inrecent years. The launch also appears to be well timed, as the U.S. autoindustry has been very strong of late. A private label card product can be avaluable tool for dealerships to form closer relationships with theircustomers.
Overview by Michael Misasi, Analyst, Credit Advisory Service for Mercator Advisory Group
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