An ecommerce site for vehicle parts now has a big pile of new investment money. With $35 million in new working capital, ID Auto Inc., operator of CARiD, an ecommerce platform specializing in car parts and accessories, will concentrate on five key areas including:
- Product expansion. The site now carries 17 million products.
- Technological advancements. New advanced features and capabilities to improve the shopping experience. These include AI and machine learning tools for personalized recommendations.
- Customer service upgrade. Improving the Company’s customer service offerings. This ensures CARiD continues to provide unparalleled support and advice to its customers.
CARiD gets new funding to drive its ecommerce platform
“This funding positions CARiD to accelerate our growth, innovate further, and continue improving the way people shop for car parts and accessories,” says CEO Lev Peker. “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.”
The new investor money is from Fifth Star Inc., a Delaware corporation that acquires and operates consumer and consumer-adjacent technology businesses.
With the new capital infusion, Fifth Star now becomes the majority stakeholder, the company says.
“CARiD is poised for accelerated growth and continued success in the automotive e-commerce industry,” the company says. “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.”
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