Overfuel, an emerging automotive dealership technology platform, announced its commitment to job creation in Indiana with the addition of at least 26 high-tech positions by 2026.
Based on the company’s job creation plans, the Indiana Economic Development Corporation (IEDC) committed an investment in Overfuel of up to $550,000 through incentive-based tax credits. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
Founded by serial entrepreneurs Alex Griffis, Ryan Pfenninger, Peyman Rashidfarokhi, and Paul Fearnow, the company emerged from the successful exit of the founders' previous venture, 250ok. Overfuel expanded its customer base by acquiring Washington-based competitor 321 Ignition in 2023, resulting in the addition of 15 new employees to its workforce.
“We greatly appreciate the support we’ve received from city and state leaders,” said Pfenninger, Overfuel CEO. "Our aspirations for growth are deeply rooted in this region, and we firmly believe that the Hoosier state harbors the requisite talent not only for our current endeavors but also for our future ambitions."
Ann Lathrop, chief strategy officer for the IEDC, said, “Indiana continues to build on its reputation as one of the Midwest’s leading tech hubs, constantly reimagining the future of technology.”
Lathrop went on to state, “Strong partnerships help grow that reputation through innovative tech advancements and a push for collaboration, and we are excited to support Overfuel’s growth and future success."
Sikich Site Selection & Incentives assisted Overfuel in securing incentive assistance.
“Indiana makes it attractive for companies to locate and expand, and we are pleased that a company of Overfuel’s caliber has recognized that,” said Jenny Massey, director of site selection and business incentives, a newly formed practice at Sikich, LLP.
