Economic studies in recent months have pointed to Nevada’s steady recovery from the Great Recession. Most major economic indicators have started pointing in a positive direction.
Local car sales have been especially strong recently, rewarding the multimillion-dollar investment and long-term confidence the owners of the Park Place Infiniti dealership on West Sahara Avenue have in their business and in the local economy.
According to Nevada State Bank’s Economic Briefing for July, the low rate of new mortgage debt, combined with historically low interest rates, has allowed households to lower their debt and spend more freely in other areas. As proof of this point, the report noted that Nevada consumers are “buying in droves” at local car dealerships.
And that’s what Park Place Infiniti General Manager Joe Tortomasi is banking on with the dealership’s multimillion-dollar investment in a renovation project that will revamp the 6-acre property and create between 10 and 15 new permanent positions in sales and service.
Work on the project itself, performed by Boyd Martin Construction of Las Vegas, is creating an estimated 50 construction jobs.
“We’re confident in Southern Nevada’s improving economy,” said Tortomasi, a longtime Las Vegan, who has operated other local dealerships. “We’re starting to see the trend more and more since Park Place bought this dealership about two years ago. During the recession, people were coming in more for service than sales, extending the life of their vehicle. Now, things are looking better and people are ready for a new car.”
Across the country, 16.5 million cars were sold in the second quarter of the year, more than any quarter since 2006, according to Nevada State Bank.
In Nevada, taxable auto sales were up a whopping 62.3 percent since the low point reached during the recession.
Park Place Infiniti’s renovation project is expected to further boost sales for the dealership.
The renovation includes a complete redesign of one building with exterior façades, the addition of a service drive canopy, a remodeled showroom gallery and expanded service facility. The exterior elevation of the building will be updated with a clear, low-iron, insulated glass-feature wall across the entire front of the store.
The second building, which has undergone its own improvements over the past year, will become the sales center for preowned vehicles.
The dealership expects the entire project will be complete later this year.
Founded in 1987 by Ken Schnitzer, Park Place Dealerships represents luxury brands including Lexus, Mercedes-Benz, Porsche, Volvo, Jaguar, Rolls-Royce, Bentley, McLaren, Maserati, Lotus and smart. In June 2012, Park Place purchased the Infiniti dealership in Las Vegas. For more information, visit, www.parkplaceinfiniti.com.