An ecommerce site for vehicle parts now has an enormous pile of latest investment money. With $35 million in recent working capital, ID Auto Inc., operator of CARiD, an ecommerce platform specializing in automotive parts and accessories, will think about five key areas including:
- Product expansion. The positioning now carries 17 million products.
- Technological advancements. Latest advanced features and capabilities to enhance the shopping experience. These include AI and machine learning tools for personalized recommendations.
- Customer support upgrade. Improving the Company’s customer support offerings. This ensures CARiD continues to offer unparalleled support and advice to its customers.
CARiD gets recent funding to drive its ecommerce platform
“This funding positions CARiD to speed up our growth, innovate further, and proceed improving the best way people shop for automotive parts and accessories,” says CEO Lev Peker. “This strategic positioning, combined with the clear upward trajectory of the auto parts market, solidifies our confidence in CARiD’s capability for remarkable growth and innovation.”
The brand new investor money is from Fifth Star Inc., a Delaware corporation that acquires and operates consumer and consumer-adjacent technology businesses.
With the brand new capital infusion, Fifth Star now becomes the bulk stakeholder, the corporate says.
“CARiD is poised for accelerated growth and continued success within the automotive e-commerce industry,” the corporate says. “The timing for such growth is critical, with the age of the common automotive on U.S. roads now hitting an all-time high of 12.5 years. This aging fleet represents a potent and sustained driver for growth inside the automotive aftermarket industry.”
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