CRANBURY, N.J.--(BUSINESS WIRE)--CARiD, a leading e-commerce platform specializing in car parts and accessories, is thrilled to announce the successful closure of a $35 million funding round. This significant financial milestone is a testament to the Company's resilience, innovation, and the successful execution of its strategic turnaround plan. The funding will fuel further expansion, technological advancements, and enhance customer service capabilities, solidifying CARiD’s position as a frontrunner in the automotive e-commerce sector.
Founded in 2008, CARiD has grown from a startup into one of the most comprehensive and user-friendly platforms for automotive parts and accessories. Offering an extensive selection of high-quality products across various categories, the Company caters to all automotive needs, from everyday drivers to car enthusiasts and professional mechanics. CARiD’s unique approach to customer service, which includes expert advice and personalized support, has set it apart in a competitive market.
Earlier this year Fifth Star, Inc. acquired a majority stake in CARiD with its $35 million investment. Fifth Star, Inc. is an operator of consumer and consumer-adjacent technology businesses. This investment marks a significant vote of confidence in CARiD’s business model, growth strategy, and its commitment to serving the automotive community. With its customer-centric approach, expansive product range, and now, significant financial backing, CARiD is poised for accelerated growth and continued success in the automotive e-commerce industry. The timing for such growth is critical, with the age of the average car on U.S. roads now hitting an all-time high of 12.5 years. This aging fleet represents a potent and sustained driver for growth within the automotive aftermarket industry.
Investing in the Future
The $35 million in funding will be strategically invested in several key areas:
- Expansion of Product Offerings: Broadening the range of products available to customers, including the latest innovations in automotive parts and accessories.
- Technological Advancements: Enhancing the online platform with advanced features and capabilities to improve the shopping experience, including AI and machine learning tools for personalized recommendations.
- Customer Service Excellence: Improving the Company’s customer service offerings, ensuring that CARiD continues to provide unparalleled support and advice to its customers.
- Competitive Pricing: Offering competitive prices and maximizing value for our customers by leveraging strategic data science and streamlined supply chain management. This approach reinforces the Company’s dedication to affordability without compromising on quality.
A Bright Future Ahead
“This funding positions CARiD to accelerate our growth, innovate further, and continue improving the way people shop for car parts and accessories,” said Lev Peker, CEO of iD Auto, parent company of CARiD. “It’s a testament to the hard work of our team and the loyal support of our customers. This strategic positioning, combined with the clear upward trajectory of the auto parts market, solidifies our confidence in CARiD's capacity for remarkable growth and innovation. Our vision for CARiD is more ambitious than ever, and we are excited about the future.”
For more information, please visit CARiD.com.
About ID Auto, Inc. (f/k/a PARTS iD, Inc.)
ID Auto, Inc. is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche vehicle markets. Founded in 2008 with a vision of creating a one-stop e-commerce destination for the automotive parts and accessories market, the Company 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.
About Fifth Star, Inc.
Fifth Star, Inc. is a Delaware corporation that acquires and operates consumer and consumer-adjacent technology businesses.
