Volkswagen AG executives in the United States pledged to compensate numerous American franchise dealers who have been impacted by the automaker’s emissions scandal, as per the dealerships who met the company on Friday.
A senior American executive from the German vehicle maker made the pledge at a conference with over 150 Volkswagen dealers from the Northeast at the Renaissance Hotel located in Newark, N.J., that lasted almost three hours Friday.
It is the very first time the automaker acknowledged that dealerships would get restitution for the financial damage they experienced because of the scandal, which impacted nearly 500,000 diesel vehicles in the U.S. alone. The information of the restitution aren’t understood as settlements are continuing.
Volkswagen is hosting conferences throughout the United States to inform dealers about how the company prepares to execute a historic approximately $15 billion settlement reached last month with consumers and federal government authorities.
Volkswagen provided dealerships an in-depth timeline of the buyback and repair program. Owners of the tainted VW diesel cars on U.S. roads will have the ability to offer back or fix the automobiles starting in October, pending final court approval of its settlement, business executives informed dealers Friday. The buyback is anticipated to run through the completion of 2018.
A software repair would be readily available for third-generation diesels in October, followed by a “software/hardware modification” for first-generation diesels in January and a software upgrade for second-generation diesel automobiles in February. In October 2017, Volkswagen expects to have a hardware repair ready for third-generation diesel automobiles.
U.S. environmental authorities have not yet approved the fixes for the almost 500,000 affected diesel cars in the country.
