KAR Auction to Invest in Downtown Indy
Carmel-based KAR Auction Services Inc. (NYSE: KAR) is planning to move its TradeRev business unit to downtown Indianapolis, investing nearly $4 million to expand the division’s headquarters and tech center. KAR says the investment will create 200 additional, high-paying jobs by 2023. TradeRev is the company’s digital platform, which allows for live, online, dealer-to-dealer auctions.
“Being in the heart of downtown Indianapolis will help us attract the talent KAR needs to accelerate the digital transformation of our industry and help TradeRev remain the premier digital automotive auction platform,” said Jim Hallett, KAR chairman and CEO.
While the company is looking toward the future with this expansion, it’s also celebrating Indy’s auto history. KAR will occupy a 45,000 square foot space in the Century building, the former home of C.H. Black Manufacturing which was a pioneer in the automobile industry.
“KAR’s growing North American team needed a larger space, and we were fortunate to find one with deep automotive roots,” said Hallett.
In 2014, KAR acquired a 50 percent stake in Toronto-based Nth Gen Software Inc. and the TradeRev brand. In 2017, KAR acquired the remaining interest of the company. The online business employs approximately 700 people across North America.
Using the mobile app or desktop tool, dealers can sidestep the traditional physical auction which is KAR’s core business.
“As the Tech Capital of the Midwest, Indianapolis will provide the perfect home for the company’s new offices and tech center, as well as access to a growing pool of talent needed to fill the hundreds of new jobs created at the location,” said Indianapolis Mayor Joe Hogsett.
Based on the new job commitments from the company, KAR says it will be seeking performance-based training grants for the project to help offset the costs associated with training newly hired TradeRev employees who live in Marion County.