CARiD.com
Overview
CARiD.com is a leading e-commerce platform specializing in automotive parts and accessories. Established in 2008, CARiD operates under the umbrella of ID Auto, Inc., formerly PARTS iD, Inc. The company is headquartered in Cranbury, New Jersey, and was founded by Steven Royzenshteyn. Since its inception, CARiD has raised significant capital to expand its operations, with a notable funding round of $35 million secured in early 2024. CARiD's extensive online catalog features a vast array of products catering to automotive enthusiasts, everyday drivers, and professional mechanics.
Recent Developments
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January 2, 2024: Parts ID, parent company of CARiD.com, filed for Chapter 11 bankruptcy as part of its strategy to restructure and manage debt amid challenging economic conditions. Despite the bankruptcy filing, CARiD plans to continue normal operations and focus on restructuring its financial obligations with support from its lenders.
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March 20, 2024: CARiD secured $35 million in new funding from Fifth Star Inc., which became a majority shareholder. This funding aims to enhance product offerings, technological advancements, and customer service, positioning the company for accelerated growth.
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July 2024: CARiD announced a strategic focus on leveraging advanced technology, including AI and machine learning, to improve customer experience and personalize service offerings.
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October 2024: The company launched a significant marketing initiative, offering promotional deals and discounts on various automotive parts and accessories in line with seasonal sales events.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2008 |
| Headquarters | Cranbury, New Jersey, United States |
| Founders | Steven Royzenshteyn |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Fifth Star Inc. |
| Industry | E-commerce, Automotive |
| Number of Employees | Approximately 95 |
Early History
CARiD.com was founded in 2008 as part of Onyx Enterprises Int'l, Corp., with a vision to revolutionize the automotive e-commerce space by creating an extensive online marketplace for car parts and accessories. The company quickly gained a reputation for its user-friendly website and broad selection of high-quality products. Initially, CARiD focused on building a robust digital infrastructure that catered to the needs of car enthusiasts and mechanics alike. Its efforts in enhancing customer experience and product accessibility laid the foundation for broad market entry and sustained growth.
Company Profile and Achievements
CARiD’s business model is built around providing a vast selection of automotive parts and accessories, backed by a strong commitment to customer service and technological innovation. Key achievements in its journey include:
- Diversified Product Range: CARiD offers an expansive selection of over 17 million SKUs, including OEM and aftermarket products across various categories, making it a leading platform in the automotive aftermarket industry.
- Technological Innovation: The company leverages advanced technology platforms for enhanced user experience, including AI-driven personalization features and a comprehensive digital infrastructure.
- Strategic Expansion: CARiD has expanded its reach by launching multiple subsidiary websites to cater to diverse automotive and recreational needs, such as MOTORCYCLEiD, TRUCKiD, and BOATiD.
- Customer Engagement: The introduction of the CARiD Drive content hub in 2024 has fostered community engagement by providing informational content and guidance on automotive projects.
- Industry Recognition: CARiD's strategic initiatives and operational excellence have cemented its place as a frontrunner in automotive e-commerce.
Current Operations and Market Position
Currently, CARiD continues to focus on enhancing its market position through technological advancements and expanding its product catalog. The company has invested in AI tools to refine its online platform, allowing for highly personalized customer experiences. Despite facing financial challenges, CARiD's commitment to innovation and customer service aims to maintain a competitive edge in the automotive aftermarket industry.
Conclusion
CARiD.com stands as a pivotal player in the automotive e-commerce sector, driven by a commitment to innovation, expansive product offerings, and customer satisfaction. Despite recent financial challenges leading to a restructuring under bankruptcy, the company aims for resilience and growth, supported by significant funding and strategic planning. Moving forward, CARiD plans to leverage its technological capabilities and extensive market experience to enhance its offerings and continue serving its diverse customer base efficiently.