One of the nation’s largest inventory financing companies for independent car dealers, Dealer Services Corp., will move a mile up the road to larger headquarters in Carmel.
Dealer Services will occupy 26,000 square feet in City Center at Penn Office Plaza. The company said it has outgrown its 13,000-square-foot headquarters at Two Penn Mark Plaza, 11555 N. Meridian St.
The company employs 74 people at its current headquarters and a total of 550 at 71 U.S. locations. Last summer the company told IBJ it held loan receivables in excess of $550 million.
Dealer Services recently opened an office in Orlando and is eyeing three other markets for expansion. The company was founded in 2005 by John E. Fuller, a former executive of Carmel-based wholesale auto auction chain Adesa Inc.
Fuller founded the dealer financing unit of Adesa, which he left in 2001 after ownership and management changes at the nation’s No. 2 auto wholesale auction chain.
Soon after founding Dealer Services three years ago, Fuller and several former Adesa finance employees were named in a lawsuit Adesa filed in Hamilton Superior Court. The suit alleged the Dealer Services employees were bound under non-compete agreements and that Adesa had lost proprietary information when the employees jumped ship.
Fuller disputed the allegations and the complaint was later settled.
Dealer Services has expanded beyond auto financing into products such as motorcycles, ATVs and boats.