PARTS iD, Inc. Launches EV Specialty Shop on CARiD.com

Rhea-AI Summary

PARTS iD, Inc. (NYSE American: ID) announced the launch of its new EV Specialty Shop on CARiD.com, targeting the growing electric vehicle market. This dedicated section features a wide range of EV parts and accessories for popular models including Tesla, Nissan Leaf, and Ford Mustang Mach-E. With over 17.5 million SKUs and a capital-efficient inventory model, PARTS iD positions itself to meet the demands of EV owners while enhancing overall customer experience. The company aims to maintain its competitive edge as the EV segment is projected to make up two-thirds of passenger vehicle sales by 2040.

Positive

• Launch of a dedicated EV Specialty Shop to cater to the growing electric vehicle market.
• Offers extensive selection of over 17.5 million SKUs, enhancing product availability for customers.
• Strong positioning to capitalize on the increasing interest in EV accessories and parts.

Negative

• None.

CRANBURY, N.J., Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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 the launch of an EV Specialty Shop on its flagship retail site CARiD.com.

Creating a dedicated destination for EV parts and accessories is a key milestone in PARTS iD’s efforts to penetrate the growing EV market and its broader mission to offer a one-stop shop for all automotive shoppers. The Specialty Shop includes EV-specific accessories such as charging equipment, mechanical repair, maintenance and electrical parts as well as popular accessories in vehicle customization categories such as body kits, performance suspension systems and custom wheels and tires. The EV Shop’s wide selection is compatible with many of the best-selling EV models on the market today including Tesla Models 3, S, X, and Y, the Nissan Leaf, Ford Mustang Mach-E, Chevy Bolt EV, Polestar 1 and 2, Hyundai Ioniq and Kona, Audi e-tron, Porsche Taycan and more. Using PARTS iD’s robust fitment data, EV shoppers can browse with confidence, inputting their vehicle’s make, model and year to identify the correct parts and have them delivered right to their door.

“The launch of our EV Specialty Shop is an exciting accomplishment for our team. We’ve offered EV parts across a variety of categories for some time and can now provide our customers with a more convenient way to search and shop for these items,” said Nino Ciappina, CEO of PARTS iD, Inc., “Regardless of their vehicle’s power plant, customers can turn to PARTS iD’s broad, reliable inventory, and industry know-how when outfitting and repairing their vehicles. With the introduction of a dedicated EV Shop, we are taking the lead by providing EV drivers with direct access to the parts and accessories they want. We have already seen that contrary to what some might think, EV owners are just as interested in accessorizing and upgrading their vehicles as our customers driving gas-engine vehicles.”

Thanks to its capital-efficient inventory model, PARTS iD is able to quickly enter emerging and new product categories, such as EV parts and accessories, and build a comprehensive assortment with minimal investment in physical inventory. Currently, PARTS iD offers over 17.5 million SKUs, more than 5,000 active brands and over 1,000 categories.

eMarketer reports that by 2040, EVs will represent two-thirds of passenger vehicle sales and many major manufacturers are making pledges to go fully electric or electrify major segments of their offerings in the coming years. As the EV segment matures, by investing in expanding its selection of parts and accessories for these vehicles, PARTS iD is well-positioned to grow and serve the needs of all drivers with broad inventory, fitment data and reliable fulfilment processes.

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 eCommerce 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 Frey
ICR
ir@partsidinc.com

Media:
Erin Hadden
FischTank PR
partsid@fischtankpr.com

FAQ

What is the significance of the EV Specialty Shop launched by PARTS iD?

The EV Specialty Shop aims to meet the rising demand for electric vehicle parts and accessories, positioning PARTS iD as a leader in the automotive aftermarket.

How many SKUs does PARTS iD offer?

PARTS iD currently offers over 17.5 million SKUs across more than 1,000 categories.

Which electric vehicle models are compatible with the new EV Specialty Shop?

The shop includes products for popular models such as Tesla, Nissan Leaf, and Ford Mustang Mach-E, among others.

What market trend is PARTS iD tapping into with its EV Specialty Shop?

PARTS iD is targeting the growing electric vehicle market, which is projected to represent two-thirds of passenger vehicle sales by 2040.

How does PARTS iD's inventory model support its business strategy?

The capital-efficient inventory model allows PARTS iD to quickly enter new product categories like EV parts with minimal investment in physical inventory.