Governor Mike Pence joined executives from NextGear Capital, an automotive financial services provider, today to announce the company's plans to expand its headquarters in Carmel, creating up to 169 new jobs by 2015.
The company, which provides inventory financing programs for more than 17,000 automotive dealers across the country, will invest $19.5 million to lease and renovate a second 33,000 square-foot Carmel office at 11799 N. College Ave. NextGear Capital, which will also maintain its current City Center Drive facility, plans to use the new space to house its dealer services, auction services and business development center.
"Indiana's business climate is a magnet for high-growth companies across the country," said Pence. "Our first-rate workforce, fiscal stability and low tax structure continue to position the Hoosier State for additional growth from well-respected firms like NextGear Capital. Indiana is open for business."
Today's announcement is the company's second expansion in recent years. In 2009, NextGear Capital made plans to invest $6.4 million to add 12,000 square-feet to its Carmel headquarters, resulting in the creation of more than 60 new jobs.
"We are extremely excited to be expanding our corporate campus in Carmel," said Brian Geitner, president of NextGear Capital. "We have seen solid growth in our customer base over the past couple of years and this expansion will allow us to continue to provide the solutions necessary to service our customers as they continue to grow their business."
NextGear Capital, which currently has 225 associates in Carmel, has already begun hiring additional information technology, financial and customer service associates. Interested applicants can apply at www.nextgearcapital.com.
The Indiana Economic Development Corporation offered NextGear Capital up to $1,300,000 in conditional tax credits and up to $60,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Carmel supports the project.
Founded in 2005, NextGear Capital is a subsidiary of Manheim, the world's largest provider of vehicle remarketing services operating in more than 100 markets across North America. NextGear Capital supports more than 17,000 independent auto dealers around the country and will finance more than $10 billion-worth of inventory in 2013.
"I am pleased that NextGear Capital has invested in our community and is continuing to expand in Carmel," said Carmel Mayor Jim Brainard. "Our focus and commitment to a high quality of life is always key in attracting and retaining business. This increased economic growth continues to provide excellent employment opportunities in our community."
NextGear Capital is the latest company to announce plans to grow its headquarters in Central Indiana. Recently, Angie's List, ExactTarget, First Advantage, Bell Techlogix, Guidon Design, Hahn Systems and Polleo Systems also made plans to expand their headquarters here, accounting for more than 1,800 new jobs and more than $67 million in capital investment.
About NextGear Capital
NextGear Capital is the world's most comprehensive and innovative provider of lending products for vehicle dealers and auctions. With pioneering technology and a total commitment to customer service, NextGear Capital empowers dealers to floor plan vehicles from anywhere, at any time. NextGear Capital lines of credit can be used for a variety of purchases - Retail, Wholesale, Salvage or Specialty. The company was created by the merger of Manheim Financial Services and Dealer Services Corporation, resulting in a dynamic new industry leader that is 100% focused on helping customers shift their business to the next level.
About IEDC
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
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