A fast-growing startup that helps finance inventory for independent auto dealers announced Monday it will add 225 jobs over the next several years and is spending $4 million to expand its headquarters in Carmel.
Kinetic Advantage launched last July, but has already grown to 65 employees and is operating in 26 markets. It’s what is called a floorplan company, which is an auto industry term that refers to financing that helps put cars on the lot and then allows payment after the vehicles are sold.
The company announced earlier this month that it had secured more than $225 million of initial debt and equity funding to support its expansion.
The Indiana Economic Development Corp. said Monday it will offer Kinetic up to $5 million in conditional tax credits based on the company’s plans to create 273 jobs by the end of 2024. The tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
Kinetic’s CEO is industry veteran Marty McFarland, who co-founded Indianapolis-based Dealer Services Corp. (now known as NextGear Capital) in 2005. He also served as CEO of Coastal Credit LLC, a company that acquired and serviced subprime automobile loans until it shut down operations last March, terminating 127 employees.
“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,” McFarland said in a statement. “I am thrilled to work with my Indiana teammates in building an employee and customer centric business.”
Kinetic is expanding its 24,500-square-foot headquarters at 10333 N. Meridian by adding 34,200 square feet that it expects to finish in April.
Kinetic officials said the additional space and employees will allow Kinetic to grow its client base. The company said its technology helps dealers’ streamline customer experience and offers increased cost transparency around fees.
“We are thrilled that Kinetic Advantage has chosen Carmel for its corporate headquarters along the Meridian Corridor, which continues to attract high-paying jobs,” Carmel Mayor Jim Brainard said in a statement. “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.”