CRANBURY, NJ, September 08, 2021 (GLOBE NEWSWIRE) – PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “Company”), the owner and operator of, among others, “CARiD. com ”, a leading digital commerce platform for the automotive aftermarket, today provided an update on its growth in the Original Equipment Parts (OE) segment. Genuine 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 posting 350% growth from original equipment to original equipment. semester 2021 compared to the first semester 2020.
In 2020, the company invested heavily in the cultivation of original products, integrating nearly 34 major manufacturer brands, including Dodge, Jeep, Hyundai and Lexus. As a result of this successful expansion, PARTS iD now lists approximately two million OE SKUs, significantly expanding its product selection to provide customers with a diverse range of spare parts and OE parts, all on one e-commerce platform. .
Original equipment parts remain the dominant segment of the auto parts industry, with Grandview Reports Genuine Parts Claim 72.9% Market Share in 2020. These factory-identical parts provide customers with quality assurance and a wider range of options. As it seeks to increase its market share with a wide range of customers including hobbyists, DIY enthusiasts and those looking for an alternative to dealer repair centers, PARTS iD is focused on growth and investment in genuine parts, leveraging its proprietary product data sets, algorithms and customer service features to provide more convenient ways to browse and purchase manufacturer parts.
“Historically, the OE segment was only accessible to buyers through certified dealers and retailers. By investing in these parts and offering competitive prices and prompt delivery, we are consolidating our position as a one stop shop for the aftermarket and maintaining genuine parts, ”said Nino Ciappina, CEO 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 strengthening this category now, we believe we are positioning the company and its shareholders for long-term growth and momentum across the aftermarket vehicle business.
PARTS iD is a one stop shop for custom parts, accessories and now, OE offerings. By increasing its original equipment inventory and strengthening existing aftermarket flagship categories such as custom exterior accessories and performance parts, the company is well positioned to meet the needs of all automotive buyers.
For more information, please visit www.partsidinc.com.
About PARTS iD, Inc.
PARTS iD is a technology-driven digital commerce company focused on creating personalized infrastructures and unique user experiences in niche markets. Founded in 2008 with the vision of creating a unique e-commerce destination for the automotive parts and accessories market, PARTS iD has since grown into a market leader and proven brand builder, fueled by its commitment to delivering a shopping experience. revolutionary ; complete, precise and varied product offers; and the continuous innovation of digital commerce.
Caution Regarding Forward-Looking Statements
All statements made in this press release regarding future financial or business performance, conditions, plans, prospects, trends or strategies and other similar matters, including, without limitation, future performance expected, consumer adoption, expected success of our business model, or the potential for long-term profitable growth, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. In addition, when they are used in this press release, the words “may”, “could”, “should,” “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “predict”, “potential”, “confident”, “anticipate” and similar expressions and variations thereof 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 impossible for us to predict all the risks that may affect us, especially those associated with the COVID-19 pandemic, which has had far-reaching effects and constantly evolving. We caution that these forward-looking statements are subject to many assumptions, risks and uncertainties, which change over time, often rapidly and in unforeseen ways.
Important factors that could cause actual results to differ materially from the results discussed in forward-looking statements include risks and uncertainties, including, without limitation: the costs of operating as a public company; difficulties in the management of our international business operations, in particular in Ukraine, in particular with regard to the application of the terms of our agreements with our subcontractors and the management of the increase in operating costs; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we can take to respond to them; changes in our strategy, future operations, financial condition, estimated revenues and losses, product pricing, projected costs, outlook and plans; the outcome of any actual or potential litigation, complaint, product liability claim or regulatory process, and the potential negative publicity associated with it; the implementation, market acceptance and success of our business model, expansion plans, opportunities and initiatives, including market acceptance of our anticipated products and services; competition and our ability to compete, including changes to Google algorithms and other search engines; developments and projections relating to our competitors and our industry; our expectations regarding our ability to obtain and maintain intellectual property protection and not to infringe the rights of others; ability to maintain and enforce intellectual property rights and ability to maintain technological leadership; our future capital needs, our ability to raise capital and use sources of liquidity; our ability to obtain financing for our operations; changes in applicable laws or regulations; the effects of current and future US and foreign trade policy and tariff measures; disruptions in the online shopping market for auto parts; disruptions in the supply chain; and the possibility that we will 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 forward-looking statements is contained in our filings with the United States Securities and Exchange Commission (SEC), available at https://www.sec.gov (or to https://www.partsidinc.com). Forward-looking statements represent our estimates as of the date hereof only, and we specifically disclaim any obligation or obligation to update forward-looking statements.