CRANBURY, N.J.–CARiD, a premier e-commerce destination specializing in Carid Parts and auto accessories, has successfully closed a $35 million funding round. This significant investment underscores the company’s robust business model and its strategic plan for growth and innovation within the automotive aftermarket sector. The funding will be instrumental in expanding CARiD’s market presence, enhancing its technological infrastructure, and further improving its customer service, reinforcing its position as a leader in the online carid parts marketplace.
Founded in 2008, CARiD has evolved into a comprehensive online platform renowned for its extensive catalog of carid parts and accessories. From essential components for everyday vehicle maintenance to specialized parts for automotive enthusiasts and professional mechanics, CARiD offers a vast selection of high-quality products. The company’s commitment to providing expert customer service, characterized by knowledgeable advice and personalized support, distinguishes it within the competitive landscape of online carid parts retailers.
Earlier this year, Fifth Star, Inc., an operator focused on technology-driven consumer businesses, acquired a majority stake in CARiD through this $35 million investment. This infusion of capital represents a strong endorsement of CARiD’s vision, operational strategy, and dedication to serving the automotive community with top-tier carid parts and accessories. With a steadfast customer-centric approach, a wide-ranging inventory of carid parts, and now, substantial financial resources, CARiD is well-positioned for rapid expansion and sustained success in the dynamic automotive e-commerce industry. This growth trajectory is particularly timely, given the increasing average age of vehicles on U.S. roads, which has reached a record high of 12.5 years, signaling a growing demand for aftermarket carid parts to maintain and repair these vehicles.
Strategic Investments in Expanding Car Parts and Services
The $35 million funding will be strategically deployed to enhance several critical areas of CARiD’s operations, all aimed at better serving customers seeking carid parts and accessories:
- Extensive Expansion of Product Lines: CARiD will significantly broaden its already impressive selection of carid parts, incorporating the newest innovations and technologies in automotive components and accessories. This means offering an even wider variety of carid parts to meet the diverse needs of car owners and repair professionals.
- Advancements in E-commerce Technology: The funding will accelerate the enhancement of CARiD’s online platform. This includes integrating cutting-edge features such as AI-powered tools and machine learning algorithms to provide customers with personalized product recommendations and a more intuitive shopping experience for carid parts.
- Elevating Customer Service to New Standards: CARiD is committed to providing exceptional customer support. These funds will enable the company to further refine its customer service capabilities, ensuring that CARiD remains the go-to source for expert advice and support when purchasing carid parts.
- Competitive Pricing through Data and Supply Chain Optimization: By leveraging advanced data science and refining supply chain management, CARiD aims to offer even more competitive pricing on its extensive catalog of carid parts. This strategy reinforces CARiD’s commitment to delivering affordability without compromising on the quality of carid parts it provides.
Driving Forward in the Car Parts E-commerce Sector
“This funding milestone empowers CARiD to accelerate our growth trajectory, drive further innovation in the carid parts market, and continuously improve the online shopping experience for our customers,” stated Lev Peker, CEO of iD Auto, the parent company of CARiD. “It is a recognition of the dedication of our team and the ongoing loyalty of our customers. Coupled with the positive growth trends in the auto parts market, this strategic investment reinforces our confidence in CARiD’s significant potential for growth and innovation. Our vision for CARiD is more ambitious than ever, and we are excited to embark on this next chapter.”
For more detailed information about CARiD and to explore their vast selection of carid parts, please visit CARiD.com.
About ID Auto, Inc.
ID Auto, Inc., formerly known as PARTS iD, 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 comprehensive online destination for the automotive carid parts and accessories market, the company has become an industry leader and a proven brand builder. This success is driven by its dedication to providing a revolutionary shopping experience, offering a comprehensive, accurate, and diverse product range of carid parts, and continuously innovating in the digital commerce space.
About Fifth Star, Inc.
Fifth Star, Inc. is a Delaware-based corporation that specializes in acquiring and operating consumer and consumer-adjacent technology businesses, providing strategic support and investment to foster growth and innovation.
Contacts
Media: Lee Pacchia ICR [email protected]
