Dealertrack Technologies, a leader in the development and production of web-based software products and tools for auto dealers, will open its new corporate headquarters and expand its operations in a new 233,000 square foot state-of-the-art office facility in North Hills, Long Island this summer. The $100 million project will result in the creation of more than 350 new jobs in Nassau County and represents one of the largest State-supported projects ever on Long Island, both in terms of job creation and State and County investment.
Dealertrack Technologies, founded in 2001, is a publicly traded company that develops and provides web based software products and tools for the automotive dealership industry, third party automotive lenders and original equipment manufacturers (OEMs). Dealertrack’s growth on Long Island and across the country has been explosive; and the company is a major high wage employer in Nassau County, with its workforce consisting primarily of highly compensated software engineers. The company, now a subsidiary of COX Automotive, currently operates the largest online credit application network in the country and employs over 2,400 nationwide.
Mike Press, President of SCOUT Economics, a firm that specializes in state-of-the-art site selection services, provided a short-list of viable locations in North Carolina, Texas, Utah, and New Jersey and represented Dealertrack in the economic incentive negotiations achieving an unprecedented $47 million in combined New York State and Nassau County IDA benefits.
In order to keep Dealertrack and its expansion on Long Island, the State has committed a total of up to $12 million in performance-based incentives from ESD – $10.5 million in tax credits through the Excelsior Jobs Program and a $1.5M capital grant, both of which are tied directly to job creation and investment commitments, including 357 net new jobs, the retention of 535 current jobs and capital investment of $10 million. The Nassau County IDA is providing property tax, sales tax and mortgage recording tax abatements.