PARTS iD, Inc. Achieves 350% Growth within Original Equipment Parts Segment
Company onboarded products from nearly 34 major manufacturer brands including, Ram, Ford, Honda and Toyota
CRANBURY, N.J., Sept. 08, 2021 (GLOBE NEWSWIRE) -- PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “Company”), the owner and operator of, among other verticals, “CARiD.com,” a leading digital commerce platform for the automotive aftermarket, today provided an update on its growth within the Original Equipment (OE) parts segment. OE parts, which are the same parts used to assemble the vehicle at the factory, continue to be a high-growth area for PARTS iD, with the Company reporting 350% OE business growth in H1 2021 compared to H1 2020.
In 2020, the Company invested heavily into OE product cultivation, onboarding nearly 34 major manufacturer brands including Dodge, Jeep, Hyundai and Lexus. Following this successful expansion, PARTS iD now lists approximately two million OE SKUs, greatly broadening its product selection to provide customers with a diverse range of both aftermarket and OE parts all in one e-commerce platform.
Original equipment parts remain the dominant segment of the aftermarket auto parts industry, with Grandview reporting OE parts claiming a 72.9% market share in 2020. These factory-identical parts offer customers quality assurance and greater breadth of options. As it looks to increase its market share across a broad range of customers including enthusiasts, DIY owners, and those seeking an alternative to dealer repair facilities, PARTS iD is focusing on growth and investment into OE parts, leveraging its proprietary product data sets, fulfilment algorithms and customer service features to offer more convenient ways to browse and purchase manufacturer parts.
“Historically, the OE segment has only been accessible to shoppers through dealerships and certified retailers. By investing in these parts and offering competitive pricing and quick fulfillment, we’re cementing our position as a one-stop-shop for both aftermarket and now OE Parts,” said Nino Ciappina, Chief Executive Officer of PARTS iD, Inc. “This is a key milestone as we continue to build an all-inclusive e-commerce store for all automotive customers. By bolstering this category now, we believe we’re positioning the Company and its shareholders for long-term growth and momentum across the entire vehicle aftermarket business.”
PARTS iD is a one-stop-shop for custom parts, accessories and now, OE offerings. By growing its OE inventory and bolstering existing flagship aftermarket categories such as custom exterior accessories and performance parts, the Company is well-positioned to meet the needs of all automotive shoppers.
For more information, please visit www.partsidinc.com.
About PARTS iD, Inc.
PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, PARTS iD has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate, and varied product offerings; and continued digital commerce innovation.
Cautionary Note Regarding Forward-Looking Statements
All statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, expected future performance, consumer adoption, anticipated success of our business model or the potential for long term profitable growth, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “confident,” “look forward” and similar expressions and their variants, as they relate to us may identify forward-looking statements. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us, particularly those associated with the COVID-19 pandemic, which has had wide-ranging and continually evolving effects. We caution that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways.
Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements include risks and uncertainties, including without limitation: costs related to operating as a public company; difficulties in managing our international business operations, particularly in the Ukraine, including with respect to enforcing the terms of our agreements with our contractors and managing increasing costs of operations; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; changes in our strategy, future operations, financial position, estimated revenues and losses, product pricing, projected costs, prospects and plans; the outcome of actual or potential litigation, complaints, product liability claims, or regulatory proceedings, and the potential adverse publicity related thereto; the implementation, market acceptance and success of our business model, expansion plans, opportunities and initiatives, including the market acceptance of our planned products and services; competition and our ability to counter competition, including changes to the algorithms of Google and other search engines; developments and projections relating to our competitors and industry; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; ability to maintain and enforce intellectual property rights and ability to maintain technology leadership; our future capital requirements, our ability to raise capital and utilize sources of cash; our ability to obtain funding for our operations; changes in applicable laws or regulations; the effects of current and future U.S. and foreign trade policy and tariff actions; disruptions in the marketplace for online purchases of aftermarket auto parts; disruptions in the supply chain; and the possibility that we may be adversely affected by other economic, business, and/or competitive factors.
Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in our filings with the United States Securities and Exchange Commission (SEC), which are available at https://www.sec.gov (or at https://www.partsidinc.com). The forward-looking statements represent our estimates as of the date hereof only, and we specifically disclaim any duty or obligation to update forward-looking statements.
Released September 8, 2021