Client Profile
The Indianapolis Car Exchange is a Midwest based car auction service provider. Indianapolis Car Exchange provides a valuable service to the car buying industry with warehousing and inventory management, reconditioning services and reporting, and showroom facilities. Licensed buyers come from all over the Midwest to participate in the weekly auction events, hosted on Fridays. Hundreds of dealers and buyers utilize the facility every week located in Whitestown, Indiana.
The Challenge
The Indianapolis Car Exchange was started in Lafayette, Indiana and moved to its current location in Whitestown, Indiana in 1995. The 100+ acre site houses hundreds of vehicles for its weekly auction services. With an ever growing need in the automotive industry, the Indianapolis Car Exchange needed to increase its services and offer premium options to its clients to keep up with demand. The Indianapolis Car Exchange plans to meet these growth challenges with a new 90,000 sq. ft. building and an increased workforce.
Study Results
The Indianapolis Car Exchange hired McGuire Sponsel to negotiate and procure economic incentives on their behalf in support of the company’s expansion project. McGuire Sponsel worked with the Indiana Economic Development Corporation (IEDC) and the Town of Whitestown to procure tax credits and incentives. The company, with the guidance and collaboration of McGuire Sponsel’s Credits and Incentives team, requested and received a HBI tax credit from the State of Indiana as well as a real property tax abatement from the Town of Whitestown. These incentives will assist with the financing of the new building. The Indianapolis Car Exchange also anticipates hiring 25 new employees over the next 5 years.
State and Local Incentives
- $150,000 HBI (Hoosier Business Investment) Tax Credit
- $538,000 Estimated Real Property Abatement Savings
$688,000 Total Incentives