We just heard that Volkswagen of America has put its business up for review. The account, which we’re told is valued at $220-250 million has been Crispin’s charge since 2005. The agency told us via a statement that they will not defend, despite being invited.

“We have been privileged to have had the opportunity to work with Volkswagen for the past four years and are extremely proud of all that we have accomplished together. As a rule, we do not participate in reviews for our current accounts and this will not be an exception. We wish Volkswagen the absolute best.”

It’s an interesting turn of events, especially if rumors that the automaker is gearing up for a big North American push over the next decade are true. Could there be a better time for a foreign car manufacturer with strong brand value to make its move? Does CP+B have another car client in the works?

We’re also hearing that VW has several new vehicles planned for release in the US &#151 and given that the company already supports a strong line-up of diesel cars, something even greener may be coming to compete with Leaf, Volt etc.

Slated to compete (thus far) are Deutsch and Goodby Silverstein and Partners, we hear, and others.

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