VW Expands American Lending Unit

Volkswagen AG has opened a $10 million addition to the offices of its Libertyville, Ill.-based auto loan unit. The expansion is part of the carmaker's push to boost U.S. sales 72% from last year to 1 million vehicles by 2018.

VW Credit Inc., which finances loans to dealers and customers of the VW and Audi brands, will expand its workforce 28% to 680 employees over the next five years.

VW Credit says it increased new business 28% to nearly 405,000 loans and contracts in 2012. U.S. sales by VW and Audi jumped 31% to 580,300 vehicles last year.