CarParts.com Accelerates Growth in Aftermarket
25 September 2000
CarParts.com Accelerates Growth in AftermarketE-Commerce Acquisition, Commercial Contracts and Record Consumer Sales Place Company in Automotive Industry's Fast Lane EL SEGUNDO, Calif., Sept. 25 CarParts.com announced today that a strategic acquisition, growth in aftermarket contracts, and record consumer sales from CarParts.com online superstore continue to fuel the company's rapid growth in both the commercial and consumer segments of the automotive aftermarket. CarParts' growth has been driven by several of the company's ongoing business initiatives, including: * Acquisition of AutoNet International, a provider of information technology solutions to the automotive aftermarket. Founded in 1985, AutoNet specializes in e-commerce solutions for program distribution groups and warehouse distributors (WDs). The company, with 17 professionals based in Fayetteville, Arkansas, was instrumental in the development of PartsXchange, CarParts's e-commerce solution for the aftermarket. * PartsXchange agreements with more than 85 parts distribution companies with some 200 distribution centers across North America. In addition to dozens of major WDs across the U.S., PartsXchange has received endorsements from National PRONTO and members of Parts Plus, two of the industry's leading Program Distribution Groups selling automotive products to tens of thousands of installers. * Record consumer sales through http://www.CarParts.com , the nation's leading online automotive parts store. Conservatively, CarParts' 12-month sales will top $35 million based on average sales achieved in the current quarter -- assuming no growth. * Year-to-year employment grew 280 percent at CarParts, from 50 employees in September 1999 to 191 employees in September. CarParts expects to have more than 200 employees by year end. * Unique visitors to CarParts.com increased 1,200 percent from January to September 2000, the industry leader with some 1.5 million unique visitors to the site each month and growing. "Both our commercial and consumer businesses have seen unprecedented growth in the last year," said Alan Bennett, chief executive officer of CarParts. "For warehouse distributors and the entire automotive aftermarket, CarParts is committed to developing e-commerce solutions that create new sources of revenue through new sales channels in consumer and commercial markets, whether down the street or around the world." About AutoNet International Founded in 1986 and based in Fayetteville, Arkansas, AutoNet International, Inc., has provided information management systems and services to clients in a variety Automotive Aftermarket segments. The company specializes in Internet solutions for program distribution groups and WDs. AutoNet International launched the first Automotive Aftermarket extranet in 1996 and is continuing to enhance its applications to meet the growing needs of the Automotive Aftermarket. About CarParts Founded in 1997, CarParts is the e-commerce leader in the automotive aftermarket, providing supply chain management solutions to manufacturers, warehouse distributors, jobbers and installers. The company's flagship commercial product, PartsXchange, is the preferred supply chain management solution for the aftermarket and is being implemented across hundreds of parts distribution centers throughout North America. For more information on PartsXchange visit http://www.partsxchange.com . In April 1999, the company launched its online automotive superstore for consumers, http://www.CarParts.com, offering more than 2.5 million automotive products including replacement parts, performance products and accessories. CarParts.com is now ranked number one by consumers and all major net ratings services for sales, service and unique visitors. The company's remarkable growth has placed it among the top ten of ALL auto-related web sites worldwide and earned it "Best of the Web" awards for both consumer and commercial e-businesses by Forbes magazine. CarParts, headquartered in El Segundo, California, offers the aftermarket and driving public the convenience of online shopping to millions of automotive products from 600 major suppliers. CarParts has received venture capital funding from @Ventures, the affiliated venture capital arm of CMGI , Rho Management, Barnard & Co., Investor AB Group, Brand Equity Ventures, St. Paul Venture Capital and Ravenswood Capital Corp.