2022 Business Report

In this cross interview, Sven Kunath of Volkswagen Financial Services and Pierre Syssau of Icare discuss Staymo. This joint venture was born from a partnership between Icare, the BNP Paribas Cardif subsidiary specialised in warranty and maintenance contracts, and Volkswagen Financial Services. They discuss how this partnership is a natural fit, the win-win advantages for both partners and their future ambitions.

Could you start by telling us a little about yourselves?

Sven Kunath (SK): Certainly. As Senior Vice President at Volkswagen Financial Services, I’m responsible for the fast-growing fleet business of Europe's largest automotive captive.

Pierre Syssau (PS): I’m Deputy CEO of Icare, which is BNP Paribas Cardif’s centre of expertise in mechanical breakdown warranties and maintenance contracts for cars. I’m also the CEO of Staymo, the joint venture we launched in 2022 in collaboration with our longstanding partner Volkswagen Financial Services.

THE PARTNERSHIP

How is the world of mobility changing?

Pierre Syssau: The topic of mobility is a key element in the BNP Paribas group strategy, in which BNP Paribas Cardif aims at playing an active role, notably through its subsidiary Icare. Besides, the whole automotive industry is facing mega trends: new energies, digitalisation, connected and autonomous cars… Customer behaviours are also evolving. These changes create challenges and opportunities. At the same time, all actors are trying to get closer to the final customer.

Sven Kunath: We are entering the age of flexible access to vehicles, rather than pure ownership. The Volkswagen Group has therefore set the goal of evolving into a software-driven mobility company as part of our NEW AUTO strategy. At Volkswagen Financial Services, our task is to develop a platform that gives customers fast, digital and flexible access to mobility.