VW Reaches Initial Agreement for Dealer Compensation

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Volkswagen has reached an agreement in principle to compensate 650 US dealers affected by last year’s emissions scandal.

A payment of approximately $1.2 billion will be distributed to dealers for the reduction in value of VW vehicles, as well as additional funds for vehicles that could not be sold.

“We believe this agreement in principle with Volkswagen dealers is a very important step in our commitment to making things right for all our stakeholders in the United States,” said Hinrich J. Woebcken, chief executive of VW’s North American Region. “Our dealers are our partners and we value their ongoing loyalty and passion for the Volkswagen brand.”

Final details of the settlement should be available by the end of September.