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CarParts.com
Company typePublic company
Nasdaq: PRTS
Founded1995
FoundersSol Khazani and Mehran Nia
HeadquartersTorrance, California
Area served
Throughout the U.S.[1]
Key people
ProductsAutomotive parts and accessories[2]
Websitewww.carparts.com

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.[3] 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.[4][5]

History

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.[6] The flagship website, CarParts.com, was established in 1999 as an e-commerce site. Its online catalogue carries parts for vehicle makes and models from 1980 to the present.[7]

In addition to the corporate headquarters in Torrance, California, the company has distribution centers in LaSalle, Illinois, Chesapeake, Virginia (opened 2016), 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 plans to invest between $13 million and $15 million in the facility.[9]

As of 2019, CarParts.com had 335 employees in the United States. The company also has a 500-employee presence 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%. They ended the year with a net loss of $31.5 million. RSM US is their independent auditor.[4][10][4]

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

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.[5]

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.”[2]

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.[12][4][13][14]

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[15][16]

In June 2020, CarParts.com (NASDAQ: PRTS) was added to the Russell 2000 Index.[17]

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.[18]

Also in July 2020, the company, which was formerly named U.S. Auto Parts Network, Inc., changed its name to CarParts.com, the name of its flagship website. The U.S. Auto Parts NASDAQ ticker (PRTS) was retained.[3]

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.[19]

Acquisitions

CarParts.com purchased Automotive Specialty Accessories and Parts ("ASAP") in 2010, including ASAP's subsidiary, WAG (Whitney Automotive Group, owners of JC Whitney).[20]

Sales

CarParts.com sold AutoMD for $1.4 million in 2018.[4]

Services

CarParts.com sells auto parts and accessories to customers in the continental United States.[21] It operates warehouses in LaSalle, Illinois, Chesapeake, Virginia, and Las Vegas, Nevada.[7]

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.[22]

Corporate affairs

Lev Peker replaced Aaron Coleman, the company CEO, in January 2019. This is Lev's second time with the company, having previously held various managerial positions on the finance and online marketplace teams from 2008 to 2014. Peker's 2019 compensation was $1.9 million.[10] Barry Phelps is chairman of the board.[23]

In July 2020, CEO of Enplug Nanxi Liu joined the company board as the first woman on the board.[24]

See also

References

  1. ^ a b "Shipping Policy". CarParts.com. Retrieved April 12, 2020.
  2. ^ a b "CarParts.com Unveils New Brand Identity that Drives Customer Experience". BusinessWire. 24 February 2020. Retrieved April 12, 2020.
  3. ^ a b "U.S. Auto Parts Network Is Now CarParts.com". Businesswire. 27 July 2020. Retrieved July 28, 2020.
  4. ^ a b c d e "prts_Current_Folio_10K". usautoparts.com. Retrieved 29 April 2020.
  5. ^ a b "U.S. Auto Parts Reports Record Sales for First Quarter 2020". PR Newswire. 6 May 2020. Retrieved May 13, 2020.
  6. ^ "FAQ". US Auto Parts. Retrieved April 12, 2020.
  7. ^ a b "CarParts.com - About Us". CarParts.com. Retrieved April 12, 2020.
  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. ^ a b "PRTS_2020 Proxy". usautoparts.com. Retrieved 29 April 2020.
  11. ^ "Carparts.com Scholarship Program". ScholarshipPortal. Retrieved April 12, 2020.
  12. ^ "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". nytimes.com. Retrieved 28 April 2020.
  13. ^ "prts_current folio_8-k_PPP loan". usautoparts.com. Retrieved 29 April 2020.
  14. ^ O'Connell, Jonathan (May 4, 2020). "Small businesses still afloat grapple with whether to accept stimulus funds". Washington Post. Retrieved 2020-05-05.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Auto aftermarket e-tailer thrives in private label". Store Brands. Retrieved 2020-05-14.
  16. ^ Staff, Speedway Digest. "McDowell to Race with CarParts.com at Darlington". www.speedwaydigest.com. Retrieved 2020-05-14.
  17. ^ "U.S. Auto Parts Network Selected for Russell 2000 Index". Businesswire. 29 June 2020. Retrieved July 28, 2020.
  18. ^ "A New Era for JC Whitney". CarParts.com. Retrieved July 20, 2020.
  19. ^ "CarParts.com Reports Record Sales and Gross Profit for Second Quarter 2020". Yahoo! Finance. 11 August 2020. Retrieved August 12, 2020.
  20. ^ "EXHIBIT 21.1: SUBSIDIARIES OF THE REGISTRANT". usautoparts.com. Retrieved 29 April 2020.
  21. ^ "How to Shop". CarParts.com. Retrieved April 12, 2020.
  22. ^ "About In the Garage with CarParts.com". In the Garage. Retrieved April 12, 2020.
  23. ^ 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)
  24. ^ "Nanxi Liu Joins U.S. Auto Parts Network Board of Directors". www.businesswire.com. 2020-07-16. Retrieved 2020-07-16.
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