|Founders||Sol Khazani and Mehran Nia|
|Throughout the U.S.|
|Products||Automotive parts and accessories|
CarParts.com (formerly U.S. Auto Parts Network, Inc.) is an American online provider of aftermarket auto parts, including collision parts, engine parts, and performance parts and accessories. The company is headquartered in Torrance, California and was founded in 1995 by Sol Khazani and Mehran Nia. It is traded on NASDAQ as PRTS. The company sells 1.2 million SKUs, including 58,000 private label SKUs.
U.S. Auto Parts Network, Inc. was founded in 1995 by Sol Khazani and Mehran Nia. The company was first incorporated in California in 1995 and reincorporated in Delaware in March 2006. The flagship website, CarParts.com, was established in 1999 as an e-commerce site. Its online catalogue carries parts for vehicle makes and models from 1980 to the present.
In addition to the corporate headquarters in Torrance, California, the company has distribution centers in LaSalle, Illinois, Chesapeake, Virginia (opened 2016), and Las Vegas, Nevada. The warehouse at 2821 Marion Drive in Las Vegas, Nevada was opened to cut shipping times for its customers in the West. The company plans to invest between $13 million and $15 million in the facility.
As of 2019, CarParts.com had 335 employees in the United States. The company also has a 500-employee presence in the Philippines handling a call center, website development, and back office. Online sales on eBay and Amazon each represented 42% of their sales, and private label collision parts were responsible for 62% of revenue. Their annual sales were $280 million at a gross margin of 30%. They ended the year with a net loss of $31.5 million. RSM US is their independent auditor.
For the first quarter of 2020, CarParts.com reported record net sales, the highest quarterly sales in the history of the company. Gross profit of $29.8 million in the first quarter of 2020 was the highest quarterly gross profit in nearly a decade.
In February 2020, CarParts.com implemented an extensive rebranding initiative as part of its plans for growth. The company revamped its website design and logo, and introduced the new tagline, “Right Parts, Guaranteed.”
During the COVID-19 pandemic, CarParts.com received $4.1 million in federally backed small business loans from J.P. Morgan as part of the Paycheck Protection Program. The company was not among the intended beneficiaries of this loan program aimed at small businesses. CarParts.com reported their highest revenue in eight years just before the pandemic started and has access to a $30 million line of credit with JP Morgan, which had a zero balance on December 28, 2019. After new SBA guidance for public companies, CarParts.com returned the loan.
In May 2020, Auto Parts Warehouse was merged into the flagship website, CarParts.com. CarParts.com also announced a partnership with Front Row Motor Sports as a primary partner for Michael McDowell in the NASCAR Cup Series' return to racing at Darlington Raceway on May 17,2020 and May 20, 2020
Also in July 2020, the company, which was formerly named U.S. Auto Parts Network, Inc., changed its name to CarParts.com, the name of its flagship website. The U.S. Auto Parts NASDAQ ticker (PRTS) was retained.
In August 2020, CarParts.com reported record sales and gross profit for second quarter 2020. Net sales for the quarter increased 61% to a company record $118.9 million vs. $73.7 million. Gross profit increased 88% to a company record $40.8 million vs. $21.8 million.
Lev Peker replaced Aaron Coleman, the company CEO, in January 2019. This is Lev's second time with the company, having previously held various managerial positions on the finance and online marketplace teams from 2008 to 2014. Peker's 2019 compensation was $1.9 million. Barry Phelps is chairman of the board.
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