U.S. Auto Parts Network Is Now CarParts.com
27 Juli 2020 - 2:15PM
Business Wire
U.S. Auto Parts Network, Inc. Announces
Corporate Name Change to CarParts.com, Inc. Effective
Immediately
U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) today announced it
has formally changed its name to CarParts.com, Inc. Following its
sales growth and its inclusion in the Russell 2000® Index, the
company decided it needed a name that reflected the tech-forward
company it has become. The company, which has been a leader in
online aftermarket auto parts for over 20 years, has built a strong
brand identity and loyal, engaged consumer base under its flagship
brand – CarParts.com – and decided its official corporate name
should reflect this progression.
“CarParts.com is a tech company,” said Lev Peker, CEO of
CarParts.com. “Like the best tech firms, CarParts.com’s value is in
its people, expertise, supply chain, proprietary software, parts
catalogue, and consumer brand. The new name speaks to the way we
have used technology and e-commerce expertise to increase sales and
profitability.”
As an e-commerce auto parts company, CarParts.com has carved a
niche in the tech sector. CarParts.com is transforming the way
drivers shop for auto parts in order to benefit today’s digital
consumer. Through its simple and convenient website, CarParts.com
enables consumers to connect with the parts that they need to get
their vehicle on the road.
The U.S. Auto Parts NASDAQ ticker (PRTS) will be retained.
CarParts.com, Inc. common stock has been assigned the CUSIP number
14427M107. Trading under the new name will begin at market opening
on Tuesday, July 28, 2020. Holders of common stock are not required
to exchange currently outstanding stock certificates for new stock
certificates.
CarParts.com remains committed to maintaining the
customer-centric strategy that has drawn consumer trust and respect
for over two decades. The updated corporate identification reflects
the company’s customer-first mentality in making the process of
purchasing car parts online reliable, fast, cost-effective, and
easy. Through continued innovation and growth, CarParts.com is
dedicated to improving the e-commerce customer experience for
drivers.
About CarParts.com, Inc.
For over 20 years, CarParts.com has been a leader in the
e-commerce automotive aftermarket, providing collision, engine, and
performance parts and accessories. With over 50 million parts
delivered, we’ve helped everyday drivers across the continental
United States find the right parts to keep their vehicles on the
road.
With a focus on the end-to-end customer experience, we’ve
designed our website and sourcing network to simplify the way
drivers get the parts they need. Our vehicle selector and
easy-to-navigate, mobile-friendly website offer customers
guaranteed fitment and a convenient online shopping experience. And
with our own wide distribution network, we bring the very best
brands and manufacturers directly to consumer hands, cutting out
all the brick-and-mortar supply chain costs to provide quality
parts at a discount for our loyal customers. Combined with our
90-day return policy and satisfaction guarantee, CarParts.com makes
it simple for customers to get parts delivered straight to their
door.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based on
management's current expectations, estimates and projections about
the Company's business and its industry, as well as certain
assumptions made by the Company. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended and
Section 27A of the Securities Act of 1933, as amended. Words such
as "anticipates," "could," "expects," "intends," "plans,"
"potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include, but
are not limited to, its future operating results and financial
condition and our potential growth. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, our actual results could
differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but
are not limited to, competitive pressures, our dependence on search
engines to attract customers, demand for the Company's products,
the online market and channel mix for aftermarket auto parts, the
economy in general, increases in commodity and component pricing
that would increase the Company's product costs, the operating
restrictions in its credit agreement, the weather, the impact of
the customs issues and any other factors discussed in the Company's
filings with the Securities and Exchange Commission (the "SEC"),
including the Risk Factors contained in the Company's Annual Report
on Form 10K and Quarterly Reports on Form 10Q, which are available
at www.carparts.com and the SEC's website at www.sec.gov. You are
urged to consider these factors carefully in evaluating the
forward-looking statements in this release and are cautioned not to
place undue reliance on such forward-looking statements, which are
qualified in their entirety by this cautionary statement. Unless
otherwise required by law, the Company expressly disclaims any
obligation to update publicly any forward-looking statements,
whether as result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200727005165/en/
Media Inquiries: Sasha Trosman press@usautoparts.com
Investor Relations: Ryan Lockwood
rlockwood@usautoparts.com
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