Automotive financial services provider, NextGear Capital, will invest $19.5 million to expand its headquarters in Carmel, Indiana, 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 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.
This 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. The company employees 225 associates in Carmel.
“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.”
“Indiana’s business climate is a magnet for high-growth companies across the country,” said Gov. Mike 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.”
As an incentive, 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.
“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.”