Indy-Based Semi Truck Financing Firm Closing Down
(stock photo courtesy: Pixabay/Ken Ritchie)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAn Indianapolis-based truck financing and fleet management company has notified the state it is closing next month and laying off approximately 200 employees.
In a notice to the state, 19th Capital Group said an exact date for the closure has not been set, but it expects the shutdown to begin in late March. The company says workers will work through April.
19th Capital specializes in asset financing for owner-operators of Class 8, large semi-trucks, and private fleets across North America.
It also owns and manages Quality Co., a truck leasing and sales company.
A company spokesperson told Inside INdiana Business the freight industry deteriorated rapidly in the second half of 2019.
“As a result, 19th Capital Group has reached the difficult decision to conduct an orderly run-off and eventual full wind-down of our operations. We will continue to support all of our existing customers to the end of their contracts with us,” said the company.
The company says it will provide employment transition assistance, such as job search workshops, to its workers.
“While specific transition assistance is unique to each role and individual, we are committed to giving every employee a minimum of 30 days’ notice of their final date of employment as well as a transition payment of at least 30 days’ pay,” said the company spokesperson.
In addition to its Indy location, the company also has an office in Dallas which will also be closing.