CarParts.com

Last updated
CarParts.com
Company typePublic company
Nasdaq:  PRTS
Founded1995
FoundersSol Khazani and Mehran Nia
HeadquartersTorrance, California
Area served
Throughout the U.S. [1]
Key people
  • David Meniane (CEO)
[2]
Products Automotive parts and accessories [3]
RevenueIncrease2.svg$582.4 million (2021)
Decrease2.svg $-10.3 million (2021)
Total assets Increase2.svg$235.3 million (2021)
Total equity Increase2.svg $95.5 million (2021)
Website www.carparts.com
Footnotes /references
[4]

CarParts.com (formerly U.S. Auto Parts Network, Inc.) is an American online provider of aftermarket auto parts, including collision parts, engine parts, and performance parts and accessories. [5] The company is headquartered in Torrance, California and was founded in 1995 by Sol Khazani and Mehran Nia. It is traded on NASDAQ as PRTS. The company sells 1.2 million SKUs, including 58,000 private label SKUs. [6]

Contents

History

Early years

U.S. Auto Parts Network, Inc. was founded in 1995 by Sol Khazani and Mehran Nia. The company was first incorporated in California in 1995 and reincorporated in Delaware in March 2006. [7] The flagship website, CarParts.com, was established in 1999 as an e-commerce site. Its online catalogue carries parts for different make models.

In addition to the corporate headquarters in Torrance, California, the company has distribution centers in LaSalle, Illinois, Chesapeake, Virginia (opened 2016), Grand Prairie, Texas, and Las Vegas, Nevada. The warehouse at 2821 Marion Drive in Las Vegas, Nevada was opened to cut shipping times for its customers in the West. [8] The company planned to invest between $13 million and $15 million in the facility. [9]

2019

CarParts.com had 335 employees in the United States. The company also had 500 employees in the Philippines handling a call center, website development, and back office. Online sales on eBay and Amazon each represented 42% of their sales, and private label collision parts were responsible for 62% of revenue. Their annual sales were $280 million at a gross margin of 30%. [10]

In 2019, the company launched a scholarship program for students enrolled in college or any post-secondary institution located within the U.S. [11]

Lev Peker replaced Aaron Coleman, the company CEO, in January 2019. Barry Phelps is chairman of the board. [12]

2020

For the first quarter of 2020, CarParts.com reported record net sales, the highest quarterly sales in the history of the company. Gross profit of $29.8 million in the first quarter of 2020 was the highest quarterly gross profit in nearly a decade. [13]

In February 2020, CarParts.com implemented an extensive rebranding initiative as part of its plans for growth. The company revamped its website design and logo, and introduced the new tagline, “Right Parts, Guaranteed.” [14]

During the COVID-19 pandemic, CarParts.com received $4.1 million in federally backed small business loans from J.P. Morgan as part of the Paycheck Protection Program. The company was not among the intended beneficiaries of this loan program aimed at small businesses. CarParts.com reported their highest revenue in eight years just before the pandemic started and has access to a $30 million line of credit with JP Morgan, which had a zero balance on December 28, 2019. After new SBA guidance for public companies, CarParts.com returned the loan. [15] [16]

In May 2020, Auto Parts Warehouse was merged into the flagship website, CarParts.com. CarParts.com also announced a partnership with Front Row Motor Sports as a primary partner for Michael McDowell in the NASCAR Cup Series' return to racing at Darlington Raceway on May 17, 2020, and May 20, 2020 [17] [18]

In June 2020, CarParts.com (NASDAQ: PRTS) was added to the Russell 2000 Index. [19] In July 2020, CEO and fo-founder of Enplug Nanxi Liu became the first woman on the company's board. [20]

In July 2020, JC Whitney, a subsidiary of CarParts.com, was merged into the flagship website. JC Whitney will launch a new line of accessories for Jeep and truck owners on its new website. [21] In the same month, the company also changed its name from U.S. Auto Parts Network, Inc. to CarParts.com, the name of its flagship website. The U.S. Auto Parts NASDAQ ticker (PRTS) was retained. [22]

In August 2020, CarParts.com reported record sales and gross profit for second quarter 2020. Net sales for the quarter increased 61% to a company record $118.9 million vs. $73.7 million. Gross profit increased 88% to a company record $40.8 million vs. $21.8 million. [23]

2021

In January 2021, website analytics firm SimilarWeb named CarParts.com the Fastest-Growing Auto Parts Site of 2020, citing 194 percent year-on-year growth. SimilarWeb also cited that the site surpassed its competitors in terms overall site visitors. [24]

In April 2021, CarParts.com announced that it has appointed Henry Maier to its board of directors. [25]

2022

CarParts.com announced effective April 18, 2022, COO & CFO, David Meniane transitioned to CEO and SVP of Finance, Ryan Lockwood was appointed CFO. Lev Peker has stepped down as chief executive officer and director, effective as of close of business on April 15, 2022, to pursue other business opportunities. [2]

Acquisitions and sales

In 2010, CarParts.com purchased Automotive Specialty Accessories and Parts ("ASAP") including ASAP's subsidiary, WAG (Whitney Automotive Group, owners of JC Whitney). [26]

In 2018, CarParts.com sold AutoMD for $1.4 million. [27]

In March 2021, CarParts.com announced that the company entered into a definitive asset purchase agreement with Premium Guard, a global automotive aftermarket supplier, to acquire all Precise Fuel Delivery Systems ("Precise") inventory and data. Premium Guard's Precise assets were absorbed and added to CarParts.com's premium fuel brand, "DriveMotive." [28]

Services

CarParts.com's Grand Prairie, Texas Distribution Center. CarParts.com Grand Prairie Texas Distribution Center.jpg
CarParts.com's Grand Prairie, Texas Distribution Center.

CarParts.com sells auto parts and accessories for car repair, maintenance, and collision to a wide range of customers in the continental United States. In addition, it also has a catalog with over 1 million products. [29]

The company operates warehouses in LaSalle, Illinois, Chesapeake, Virginia, Las Vegas, Nevada, and Grand Prairie, Texas. [30] It also has plans to open another distribution center in Jacksonville, Florida that is slated to open in the first quarter of 2022. [31]

CarParts.com ships its products via air or truck freight. [1]

The website's blog, In The Garage, publishes industry news articles, features, auto repair guides, and tips for maintaining vehicles. [32]

See also

Related Research Articles

<span class="mw-page-title-main">Toyota Prius</span> Hybrid compact car produced by Toyota

The Toyota Prius is a compact/small family liftback produced by Toyota. The Prius has a hybrid drivetrain, combined with an internal combustion engine and an electric motor. Initially offered as a four-door sedan, it has been produced only as a five-door liftback since 2003.

<span class="mw-page-title-main">JCPenney</span> American department store chain

Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 656 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Men's, Women's, Boys', Girls', Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, JCPenney Salon, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.

<span class="mw-page-title-main">Nissan Navara</span> Pickup truck line produced by Nissan

The Nissan Navara is a nameplate used for Nissan pickup trucks with D21, D22, D40 and D23 model codes. The nameplate has been used in Australia, New Zealand, Central America, South America, Asia, Europe, and South Africa. In North, Central and South America and some selected markets, it is marketed as the Nissan Frontier or Nissan NP300.

The automotive aftermarket is the secondary parts market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer. The parts, accessories, etc. for sale may or may not be manufactured by the OEM.

<span class="mw-page-title-main">AutoZone</span> American automotive parts company

AutoZone, Inc. is an American retailer of aftermarket automotive parts and accessories, the largest in the United States. Founded in 1979, AutoZone has 7,140 stores across the United States, Mexico, Puerto Rico, Brazil, and the US Virgin Islands. The company is based in Memphis, Tennessee.

<span class="mw-page-title-main">ZF Friedrichshafen</span> German car parts maker

ZF Friedrichshafen AG, also known as ZF Group, originally Zahnradfabrik Friedrichshafen, and commonly abbreviated to ZF, is a German technology manufacturing company that supplies systems for passenger cars, commercial vehicles and industrial technology. It is headquartered in Friedrichshafen, in the south-west German state of Baden-Württemberg. Specializing in engineering, it is primarily known for its design, research and development, and manufacturing activities in the automotive industry and is one of the largest automotive suppliers in the world. Its products include driveline and chassis technology for cars and commercial vehicles, along with specialized plant equipment such as construction equipment. It is also involved in the rail, marine, defense and aviation industries, as well as general industrial applications. ZF has 162 production locations in 31 countries with approximately 168,700 (2023) employees.

BYD Auto Co., Ltd. is the main automotive subsidiary and brand of BYD Company, a publicly listed Chinese multinational manufacturing company. It manufactures passenger battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China. It also produces electric buses and trucks. The company sells its vehicles under the main BYD brand and high-end vehicles under its Denza, Yangwang and Fangchengbao brands.

Lookers is a British car dealership chain in the United Kingdom and Ireland. It represents multiple brands, and is based in Altrincham. It was listed on the London Stock Exchange until it was bought by Global Auto Holdings, a sister company of Alpha Auto Group, for £465.4m in 2023.

JC Whitney is a retailer of aftermarket automotive parts and accessories. as well as an automotive content platform via JCWhitney.com and the JC Whitney print magazine It was acquired by CarParts.com, a publicly traded American online provider of aftermarket auto parts in 2010. JC Whitney is headquartered in Torrance, California.

<span class="mw-page-title-main">Barrett-Jackson</span> Auction company

Barrett-Jackson is an American collector car auction company headquartered in Scottsdale, Arizona. It was founded by Scottsdale business partners Tom Barrett and Russ Jackson. They initially launched a car show, Fiesta de los Autos Elegantes, in 1967 to raise money for local facilities. The first Barrett-Jackson auction, originally meant as a one-time event, was held in December 1971. Due to its success, it became an annual event, eventually prompting the creation of other collector car auctions in the Scottsdale area.

<span class="mw-page-title-main">Niterra</span> Japanese spark plug and technical ceramics manufacturer

Niterra Co., Ltd. is a public company established in 1936 and based in Nagoya, Japan. Formerly known as NGK Spark Plug Co. Ltd., the company’s automotive business revolves around the manufacturing and the sale of spark plugs and related products for internal combustion engines, as well as vehicle electronics and ceramics for a wide range of applications in the automotive industry and beyond.

<span class="mw-page-title-main">Mitsubishi Motors North America</span> American component of Mitsubishi Motors

Mitsubishi Motors North America, Inc. is the U.S. operation of Mitsubishi Motors Corporation, overseeing sales and research and development functions. The company manufactures and sells Mitsubishi brand cars and sport utility vehicles through a network of approximately 350 dealers.

<span class="mw-page-title-main">O'Reilly Auto Parts</span> American automotive parts company

O’Reilly Automotive, Inc., doing business as O’Reilly Auto Parts, is an American auto parts retailer that provides automotive aftermarket parts, tools, supplies, equipment, and accessories to professional service providers and do-it-yourself customers. Founded in 1957 by the O’Reilly family, the company operates more than 6,000 stores in 48 states, Puerto Rico and Mexico.

<span class="mw-page-title-main">Advance Auto Parts</span> American auto parts retailer

Advance Auto Parts, Inc. is an American automotive aftermarket parts provider. Headquartered in Raleigh, North Carolina, it serves professional installer and do it yourself (DIY) customers. As of December 2023, Advance operated 4,935 stores and 321 Worldpac branches in the United States and Canada. The company also serves 1,245 independently owned Carquest-branded stores in the U.S., Mexico, The Cayman Islands, Turks and Caicos, and British Virgin Islands.

<span class="mw-page-title-main">Zappos</span> Online shoe and clothing store

Zappos.com is an American online shoe and clothing retailer based in Las Vegas, Nevada, United States. The company was founded in 1999 by Nick Swinmurn and launched under the domain name Shoesite.com. In July 2009, Amazon acquired Zappos in an all-stock deal worth around $1.2 billion at the time. Amazon purchased all of the outstanding shares and warrants from Zappos for 10 million shares of Amazon's common stock and provided $40 million in cash and restricted stock for Zappos employees.

<span class="mw-page-title-main">Kandi Technologies</span> Chinese battery and electric vehicle manufacturer

Kandi Technologies Group, Inc. is a Chinese manufacturer of batteries and electric vehicles. The company is listed on the NASDAQ stock exchange under the ticker symbol KNDI. It was founded in 2002 in Jinhua, Zhejiang by Hu Xiaoming.

Tesla, Inc., an electric vehicle manufacturer and clean energy company founded in San Carlos, California in 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning. The company is named after Serbian-American inventor Nikola Tesla. Tesla is the world's leading electric vehicle manufacturer, and, as of the end of 2021, Tesla's cumulative global vehicle sales totaled 2.3 million units.

Byton was a Chinese-German all-electric vehicle automotive brand established in 2017 and incorporated in Hong Kong, co-founded by former BMW and Nissan executives. Byton unveiled its first concept car to the public in January 2018. It planned to introduce its M-Byte SUV model first, with the start of production and sales scheduled for late 2019, however developmental delays and financial troubles repeatedly pushed back the launch.

<span class="mw-page-title-main">Stellantis</span> Multinational automotive manufacturing corporation

Stellantis N.V. is a multinational automotive manufacturing company formed from the merger in 2021 of the Italian–American conglomerate Fiat Chrysler Automobiles (FCA) and the French PSA Group. The company headquarters are located in Hoofddorp, Netherlands.

<span class="mw-page-title-main">Automotive part retailer</span> Type of retail business

An automotive part retailer is a retail business that sells automotive parts and related accessories to both consumers and professional repair shops, through physical stores and websites. Some automotive parts retailers also offer customer support and services related to automotive maintenance and repair.

References

  1. 1 2 "Shipping Policy". CarParts.com. Retrieved April 12, 2020.
  2. 1 2 "CarParts.com Promotes David Meniane to CEO and Ryan Lockwood to CFO". PR Newswire. 15 March 2022. Retrieved May 2, 2022.
  3. "CarParts.com Unveils New Brand Identity that Drives Customer Experience". Business Wire. 24 February 2020. Retrieved January 26, 2022.
  4. "CarParts.com 2021 Annual 10K Report" . Retrieved April 26, 2022.
  5. "U.S. Auto Parts Network Is Now CarParts.com". Businesswire. 27 July 2020. Retrieved July 28, 2020.
  6. "U.S. Auto Parts Reports Record Sales for First Quarter 2020". PR Newswire. 6 May 2020. Retrieved May 13, 2020.
  7. "FAQ". CarParts.com. Retrieved January 26, 2022.
  8. "Las Vegas distribution hub to help CarParts.com cut shipping times". Las Vegas Review-Journal. 2019-09-28. Retrieved 2020-05-14.
  9. "Las Vegas distribution hub to help CarParts.com cut shipping times". Las Vegas Review-Journal. 27 September 2019. Retrieved April 12, 2020.
  10. "U.S. AUTO PARTS NETWORK, INC. FORM 10-K". U.S. S.E.C. Retrieved January 26, 2022.
  11. "Carparts.com Scholarship Program". ScholarshipPortal. Archived from the original on 29 September 2020. Retrieved April 12, 2020.
  12. Inc, U. S. Auto Parts Network. "U.S. Auto Parts Appoints Lev Peker to Chief Executive Officer". www.prnewswire.com. Retrieved 2020-05-15.{{cite web}}: |last= has generic name (help)
  13. "U.S. Auto Parts Reports Record Sales for First Quarter 2020". PR Newswire. 6 May 2020. Retrieved January 26, 2022.
  14. "CarParts.com Unveils New Brand Identity that Drives Customer Experience". Bloomberg. 24 February 2020. Retrieved January 26, 2022.
  15. "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". nytimes.com. Retrieved 28 April 2020.
  16. O'Connell, Jonathan (May 4, 2020). "Small businesses still afloat grapple with whether to accept stimulus funds". Washington Post. Archived from the original on 2020-05-04. Retrieved 2020-05-05.
  17. "Auto aftermarket e-tailer thrives in private label". Store Brands. Retrieved 2020-05-14.
  18. Staff, Speedway Digest. "McDowell to Race with CarParts.com at Darlington". www.speedwaydigest.com. Retrieved 2020-05-14.
  19. "U.S. Auto Parts Network Selected for Russell 2000 Index". Businesswire. 29 June 2020. Retrieved July 28, 2020.
  20. "Nanxi Liu Joins U.S. Auto Parts Network Board of Directors". www.businesswire.com. 2020-07-16. Retrieved 2020-07-16.
  21. "A New Era for JC Whitney". CarParts.com. Retrieved July 20, 2020.
  22. "U.S. Auto Parts Network Is Now CarParts.com". CarParts.com. Retrieved January 26, 2020.
  23. "CarParts.com Reports Record Sales and Gross Profit for Second Quarter 2020". Yahoo! Finance. 11 August 2020. Retrieved August 12, 2020.
  24. "CarParts.com Named 2020's Fastest-Growing Auto Parts Site". Yahoo! Finance. 8 January 2021. Retrieved January 26, 2022.
  25. "Henry Maier, CEO Of FedEx Ground, Joins CarParts.com Board". April 7, 2021. Retrieved April 26, 2021.
  26. U.S. S.E.C. "Form 10-K Carparts.com, Inc. Annual report". U.S. S.E.C. Retrieved January 26, 2022.
  27. "U.S. Auto Parts Reports Fourth Quarter and Full Year 2018 Results". March 7, 2019. Retrieved January 26, 2022.
  28. "CarParts.com Signs Definitive Agreement to Acquire Precise Fuel Pumps from Premium Guard". March 29, 2021. Retrieved April 26, 2021.
  29. "How to Shop". CarParts.com. Retrieved April 12, 2020.
  30. "CarParts.com - About Us". CarParts.com. Retrieved April 12, 2020.
  31. "CarParts.com To Open Sixth Distribution Center In Jacksonville, Florida". PRNewswire. Retrieved January 26, 2022.
  32. "About In the Garage with CarParts.com". In the Garage. Retrieved April 12, 2020.