CARiD, a prominent player in the automotive e-commerce market, has announced the completion of a substantial $35 million funding round, marking a significant financial achievement for the company.
This infusion of capital is a nod to the company’s robust strategic plan, innovative edge, and resilience in the competitive landscape.
Since its inception in 2008, CARiD has evolved from a fledgling startup to a leading platform offering a vast array of automotive parts and accessories. The company’s commitment to quality, coupled with its exceptional customer service, has distinguished it in the market, catering to a diverse clientele that includes casual drivers, car aficionados, and professional mechanics.
The recent acquisition of a majority stake by Fifth Star, Inc., through a $35 million investment, underscores a strong endorsement of CARiD’s business model and growth trajectory. This move is particularly timely, as the average vehicle age on U.S. roads reaches a record 12.5 years, signaling a robust and enduring demand for aftermarket automotive parts.
The newly acquired funds are earmarked for strategic investments in product range expansion, technological enhancements, customer service improvements, and competitive pricing strategies. These initiatives are aimed at reinforcing CARiD’s market position and delivering maximum value to customers without compromising on quality.
Lev Peker, CEO of iD Auto, the parent company of CARiD, expressed optimism about the future: “This funding is a catalyst for CARiD’s accelerated growth and innovation. It reflects our team’s dedication and our customers’ unwavering support. With the auto parts market on an upward swing, we’re poised for remarkable advancements and are more ambitious than ever about our prospects.”
CARiD is a leading e-commerce platform specializing in automotive parts and accessories.