DETROIT -- Auto lender Credit Acceptance Corp. plans to add more than 500 jobs in an expansion of its corporate headquarters in suburban Detroit.
A state of Michigan economic development fund on Tuesday gave the company a $2.3 million performance-based grant to help finance the $33 million project in Southfield, Mich., north of Detroit. The Michigan Economic Development Corp. said the company plans to add 532 jobs on top of its current workforce of 1,058.
Credit Acceptance, which works with auto dealerships to provide vehicle loans to customers who otherwise couldn't obtain one, plans to expand its headquarters on 12 Mile Road, including leasing extra space at one or more of its three local buildings, renovating and extending lease contracts, according to the MEDC.
The state said Credit Acceptance considered expanding an existing facility in Henderson, Nev., a Las Vegas suburb, where wages are roughly $2 per hour below the average wage paid in Southfield.
The state and Oakland Community College will help cover recruitment and training costs of new employees, the MEDC said. The city of Southfield has offered a property tax incentive, the state said.
Credit Acceptance has received state grants in the past -- namely, a $1.8 million grant in 2012 that led to 274 jobs in Southfield, the MEDC said.