CARiD, a premier e-commerce destination specializing in Carid Car Parts and accessories, has successfully completed a $35 million funding round. This financial achievement underscores the company’s robust business strategy, innovative approach, and effective turnaround plan. The investment is set to propel CARiD’s expansion, accelerate technological advancements, and elevate customer service, reinforcing its leadership in the online automotive parts marketplace.
Established in 2008, CARiD has evolved into a leading platform for automotive parts and accessories, providing a comprehensive and user-friendly experience. The company offers an extensive array of high-quality products, catering to a wide spectrum of automotive needs, from everyday vehicle maintenance to specialized projects for car enthusiasts and professional mechanics. CARiD distinguishes itself through exceptional customer service, offering expert guidance and personalized support, setting a high standard in the competitive car parts market.
Earlier this year, Fifth Star, Inc., an operator focused on consumer and consumer-adjacent technology businesses, acquired a majority stake in CARiD through this $35 million investment. This investment signifies strong confidence in CARiD’s business model, growth trajectory, and its dedication to serving the automotive community with top-notch car parts. With a customer-first philosophy, a vast product catalog of car parts, and now, substantial financial backing, CARiD is well-positioned for rapid growth and sustained success in the automotive e-commerce sector. The timing is particularly opportune, as the average age of vehicles on U.S. roads reaches a record high of 12.5 years. This aging vehicle fleet is a significant catalyst for growth in the automotive aftermarket, especially for car parts.
Investing in the Future of Car Parts
The $35 million funding injection will be strategically deployed across several key areas to enhance CARiD’s offerings in car parts and accessories:
- Expanding Car Parts Product Range: CARiD will broaden its already extensive selection of carid car parts, incorporating the latest innovations and meeting the evolving demands of vehicle owners. This includes adding new lines of performance parts, OEM replacement parts, and a wider variety of accessories to enhance vehicle customization and maintenance.
- Technological Enhancements for Car Parts Shopping: The online platform will be upgraded with cutting-edge features to streamline the car parts shopping journey. This includes integrating AI and machine learning to provide personalized product recommendations, improving search functionality for specific car parts, and creating a more intuitive and mobile-friendly user interface.
- Elevating Customer Service for Car Parts Buyers: CARiD is committed to providing unparalleled support and expert advice to its customers searching for car parts. Investments will be made in training and expanding the customer service team, implementing advanced support tools, and ensuring prompt and helpful assistance throughout the car parts purchasing process.
- Competitive Pricing on Car Parts: By leveraging strategic data science and optimizing supply chain management, CARiD aims to offer the most competitive prices on a wide range of car parts. This commitment to affordability ensures customers receive maximum value without sacrificing quality, reinforcing CARiD’s position as a trusted source for cost-effective car parts.
Driving Forward in the Car Parts Market
“This funding empowers CARiD to accelerate our growth, drive further innovation, and continuously improve how customers shop for car parts and accessories online,” stated Lev Peker, CEO of iD Auto, parent company of CARiD. “It reflects the dedication of our team and the unwavering loyalty of our customers. Coupled with the positive growth trends in the auto parts market, this strategic investment reinforces our confidence in CARiD’s potential for significant expansion and innovation. Our vision for CARiD is bolder than ever, and we are excited to embark on this next chapter.”
For further details, please visit CARiD.com.
About ID Auto, Inc. (formerly PARTS iD, Inc.)
ID Auto, Inc. is a technology-driven e-commerce company focused on developing custom infrastructure and unique user experiences within specialized vehicle markets. Founded in 2008 with the goal of creating a premier online destination for the automotive car parts and accessories market, the Company has become a market leader and established brand, driven by its commitment to delivering a revolutionary shopping experience, offering comprehensive and accurate product selections, and continuous innovation in digital commerce.
About Fifth Star, Inc.
Fifth Star, Inc. is a Delaware-based corporation that specializes in acquiring and operating consumer and consumer-adjacent technology businesses.
Media Contact: Lee Pacchia ICR [email protected]
