Kinetic Advantage, a newly-created automotive floorplan financing company, announced plans to scale its operations in central Indiana, expanding the company’s new headquarters in Carmel. To support its growth, Kinetic, which has already added 65 new Indiana positions since July 2020, plans to continue growing its team by creating up to an additional 225 new jobs over the next few years.
"With Indiana’s best in the Midwest ranking for entrepreneur friendliness, we're committed to providing the business-friendly environment and skilled workforce that companies like Kinetic need to grow operations," said Governor Eric J. Holcomb. "Kinetic's rapid growth, even during the pandemic, is impressive, and we're grateful for the quality career opportunities that the company is creating for Hoosiers."
The company, which currently operates out of 24,500 square feet of office space at 10333 N. Meridian in Carmel, plans to invest more than $4 million to expand its new headquarters, leasing and equipping an additional 34,200 square feet in the same building. The additional upgraded space will allow Kinetic to grow its client base and continue providing technology-driven solutions to independent automotive dealers across the U.S. The company plans have the expanded space fully operational by April 2021.
Kinetic has already launched in 26 markets to date and will continue expanding nationally by developing relationships across auction platforms. The company will continue ramping up hiring this year, and open positions will be posted online as they become available.
“I’ve been involved in three startups in Indiana and have found that Indiana is a great place to build a business given the educated workforce, excellent work ethic and pro-business climate in Indiana," said Marty McFarland, CEO of Kinetic. "I am thrilled to work with my Indiana teammates in building an employee and customer centric business."
Founded in July 2020 by McFarland, who also co-founded Dealer Services Corporation, Kinetic utilizes market-leading technology solutions to enhance the floorplan experience for independent auto dealers, streamlining customer experience, increasing flexibility and offering increased cost transparency around fees. Kinetic has secured more than $225 million of initial debt and equity funding to support its expansion.
“We are thrilled that Kinetic Advantage has chosen Carmel for its corporate headquarters along the Meridian Corridor, which continues to attract high-paying jobs,” said Carmel Mayor Jim Brainard. “We work hard to create and sustain a high quality of life so that companies like Kinetic Advantage will have a large pool of highly educated residents to fill the new jobs they create. We look forward to watching them grow and succeed in Carmel.”
The Indiana Economic Development Corporation offered Kinetic Advantage up to $5 million in conditional tax credits based on the company’s plans to create up to 273 jobs by the end of 2024. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The city of Carmel supports the project.