Carmel-based NextGear Capital, a fast-growing provider of inventory financing to auto dealers, said Wednesday morning that it plans to add up to 200 jobs by 2018.
The company plans to invest more than $50 million to lease and renovate its headquarters in Carmel to support its expanding customer service and technology divisions. Additionally, NextGear Capital plans to upgrade its technology infrastructure and software.
Wednesday's announcement marks the company’s second expansion in recent years. In 2013, NextGear announced plans to create up to 169 jobs. a target it exceeded. NextGear now has more than 430 Indiana employees.
“NextGear Capital’s success can be attributed to our talented workforce, both here and across the country, who work diligently every day to ensure our customers’ needs are met and embody the work ethic and family values that Indiana is known for,” company President Brian Geitner said in a statement.
NextGear is part of Atlanta-based Cox Automotive, which includes Autotrader, Kelley Blue Book and and the auto auction firm Manheim.
The company was created after Cox bought Carmel-based Dealer Service Corp. in 2012 and combined it with Atlanta-based Manheim Automotive Financial Services.
The Indiana Economic Development Corp. offered NextGear up to $1.6 million in tax credits and up to $85,000 in training grants based on the company's job-creation plans. The incentives are performance-based, meaning the company can't claim them until workers are hired.
IBJ reported earlier this month that NextGear has been on a growth tear, increasing its loan volume by more than $1 billion in 2014 alone.