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 announced it has surpassed 500 repair classifications within
its Shop By Service Type search functionality. The feature allows
customers to select a specific replacement part, while the platform
searches through more than 16.7 million product SKUs to deliver a
thorough list of the exact products needed to complete the task.
Shop By Service Type is built directly into PARTS iD’s
proprietary site infrastructure, creating a unique and frictionless
customer interface that many competing e-commerce, hybrid or
brick-and-mortar businesses do not currently offer. The outstanding
feature is that the customer chooses the primary replacement item
(for example, brake pads), and the website delivers a wide choice
of results while also showing complimentary or optional items
frequently needed (brake rotors, brake fluid, and even special
brake tools). The benefit is that the customer can order all
supplemental products at the same time, rather than later
discovering that a necessary component is missing. All products
found via Shop by Service Type are guaranteed to fit the vehicle,
based on the year, make and model as entered by the customer.
The current Shop by Service Type collection includes major
systems such as brakes, cooling, ignition, and suspension, which
are broken down into detailed component lists such as brake
calipers, radiators, spark plugs, and shock absorbers. The
feature’s functionality and scalability are made possible by way of
the platform’s robust fitment data, which encompasses over 14
billion unique product and vehicle data points.
“The growth of our Shop by Service Type search capabilities is
directly aligned with PARTS iD’s overall efforts to reinvent how
shoppers purchase car parts and accessories online. The strength of
this feature enables us to build on our industry-leading customer
service offerings and drive continued positive sentiment from
shoppers,” said Nino Ciappina, CEO of PARTS iD, Inc. “Through
consistent investments in platform enhancements that optimize the
customer experience on CARiD.com, including Shop by Service Type,
PARTS iD is confident in our ability to drive revenue while
maintaining low return rates and high customer satisfaction.”
Like other features found across PARTS iD’s stores, Shop By
Service Type prioritizes the delivery of an informative, intuitive
and confident shopping journey. PARTS iD’s proven commitment to
innovation and first-class customer service was recently validated
by the Company’s 2021 industry-leading Net Promoter Scores.
With new and used car prices maintaining record levels at the
start of 2022, many drivers who are delaying new car purchases are
expected to seek repair and replacement services to maintain their
existing vehicles. The extensive collection of parts replacement
items available to customers through Shop by Service Type and the
platform’s industry-leading vehicle fitment data make PARTS iD
well-positioned to capture this market.
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 e-commerce destination for the automotive
parts and accessories market, management believes that the Company
is 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.
Investors:Brendon FreyICRir@partsidinc.com
Media:Erin HaddenFischTank
PRpartsid@fischtankpr.com
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