News

Issues and events that shape Long Island's economic and legislative landscape.

Tuesday, October 21, 2014

GOVERNOR CUOMO ANNOUNCES DEALERTRACK TECHNOLOGIES TO EXPAND HEADQUARTERS ON LONG ISLAND

Govpressrelease.jpg

For Immediate Release: April 11, 2014

GOVERNOR CUOMO ANNOUNCES DEALERTRACK TECHNOLOGIES TO EXPAND HEADQUARTERS ON LONG ISLAND

Leader in Web-Based Software Solutions for Automotive Retail Expected to Create More Than 350 New Jobs

Governor Andrew M. Cuomo today announced that Dealertrack Technologies, a leader in web-based solutions and services for automotive retailing, has plans to expand its operations and establish new corporate headquarters on Long Island. The project will result in the creation of more than 350 additional jobs in Nassau County and represents one of the largest State-supported projects ever on Long Island in terms of job creation. The company had considered over 100 sites in five states before choosing the Nassau County location.

"Since day one, my administration''s top priority has been creating jobs and economic opportunities for New Yorkers, and Dealertrack Technologies is bringing both to Long Island in a big way," Governor Cuomo said. "The company''s major commitment to doing business in New York is proof positive of the progress we have made in creating an environment that attracts investment and enables businesses to grow and succeed. I am pleased with Dealertrack''s decision to create hundreds of new jobs for New Yorkers and look forward to watching them continue to thrive here in the Empire State."

Dealertrack Technologies, founded in 2001, is a publicly traded company (NASDAQ: TRAK) that develops and provides software solutions and services for all major segments of the automotive retail industry, including dealers, lenders, original equipment manufacturers (OEMs), third-party retailers, agents and aftermarket providers. 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 currently operates the largest online credit application network in the country and employs nearly 3,500 nationwide.

Mark O''Neil, chairman and chief executive officer, Dealertrack Technologies said, "We have been working closely with the Governor''s office, Nassau County and iOptimize Realty® to help ensure that Dealertrack has a permanent home for its North American headquarters on Long Island. We appreciate the efforts of the Governor''s office, New York State and Nassau County to enable us to build our business here, provide more jobs on Long Island and to economically stimulate the local area."

Empire State Development (ESD), the state''s chief economic development agency, developed an attractive incentive package to facilitate the company''s decision to remain and expand in New York State and establish its headquarters in North Hills, Long Island, which is only one mile from Dealertrack''s current facility.

Empire State Development President, CEO & Commissioner Kenneth Adams said, "Dealertrack''s decision to not just expand, but establish new corporate headquarters on Long Island demonstrates the restored confidence companies have in New York State under Governor Cuomo's leadership. Empire State Development is proud to support this project and the 350 new jobs that Dealertrack has committed to create will bring economic opportunities for years to come."

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 more than 350 net new jobs, the retention of over 500 current jobs and additional capital investment. The Nassau County IDA is expected to provide property tax and sales tax abatements, as well.

Senator Jack Martins said, "Dealertrack''s presence on Long Island has grown Nassau County''s economy, generating new jobs and paving the way for future economic development, and this expansion will further strengthen our economy. I commend Governor Cuomo and our local partners for their leadership and dedication to helping great companies like Dealertrack expand and create new jobs and opportunities for Long Islanders."

Nassau County Executive Ed Mangano said, "Businesses like Dealertrack are the heartbeat of our local economy. I applaud Governor Cuomo for his commitment to ensuring Dealertrack remains, expands and grows jobs here in Nassau County."

Long Island Regional Economic Development Council Co-chairs Kevin Law, President & CEO of the Long Island Association and Stuart Rabinowitz, President of Hofstra University said, "The Long Island Regional Council is dedicated to strengthening Long Island and making it a better place to live, work, and do business. Governor Cuomo''s continued support of companies like DealerTrack will help us to achieve our goal of growing the regional economy and supporting economic development in Nassau County."

Empire State Development (ESD) is New York''s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo''s Regional Economic Development Councils and the marketing of "I Love NY," the State''s iconic tourism brand. For more information on Regional Councils and Empire State Development, visitwww.regionalcouncils.ny.gov and www.esd.ny.gov

###

Additional news available at www.governor.ny.gov
New York State | Executive Chamber | press.office@exec.ny.gov | 518.474.8418