CRANBURY, N.J., April 19, 2022 (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 that it added over 5,000 new locations to its tire installation network during the first quarter of 2022, bringing the total number of participating installers to 7,270.
When browsing CARiD.com's broad inventory of tires, customers across the 48 contiguous U.S. states and Washington, DC now have direct access to more local installation partners who can complete the job. With this expansion, PARTS iD reports an increase in installer density and service coverage in highly populous states and metropolitan areas including Texas, metro New York, Southern California, Florida and Chicago. Similarly, new installation locations are now available in less populated states and regions that previously saw low or no coverage through the tire installation network including Iowa, West Virginia, Vermont, Montana and North Dakota.
PARTS iD's tire installation network is navigable from the CARiD.com homepage. Customers can easily browse an estimated 15,000+ SKUs of tires available to find the right size and fit for their specific vehicle by inputting its year, make and model. Search results can be further refined by brand, price and tire type (e.g. all-season, winter, or performance). At checkout, the customer is prompted to explore local installation options by entering their ZIP code. From there, they can scan a list of participating installers, select their preferred store location from available options and choose an installation date and time. They also have the option of either direct delivery to the installer or home delivery.
PARTS iD's tire installation network relies on the company's proprietary fitment data and search functionality to offer customers a reliable and convenient way to browse tire options by style and price. By providing seamless access to installation professionals directly within the purchasing journey, this service offers a unique value proposition for "do-it-for-me" (DIFM) customers who prioritize breadth of options and price points but do not wish to complete the installation themselves.
"Expanding our tire installation network on CARiD.com is a key strategic goal for PARTS iD and we're thrilled to be well on our way to reaching it with the addition of more than 5,000 new locations," said Nino Ciappina, CEO of PARTS iD, Inc. "Furthermore, we believe our growing network of tire installers positions us well to increase sales and awareness among the do-it-for-me segment of automotive aftermarket customers."
According to a report from Smithers, business-to-consumer (B2C) e-commerce is the fastest-growing segment of the global tire industry, accounting for roughly 6.5% of the total market as of 2018. Customers are gaining confidence in using online channels for major purchases, like car parts. As this trend continues, PARTS iD is well-positioned to increase sales and market share among DIY and DIFM customers by offering a seamless tire shopping experience that merges convenience and breadth of options with easy access to local service providers who can help complete the job.
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.
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