Parts.com, Inc. (stock symbol: MIRM), a leading real-time business-to-business e-commerce parts exchange, today announced that it has signed 73 new silver/distributor agreements, with numerous pending. The new distributors/suppliers collectively reported over $82 million in 1999 auto parts sales, putting the combined auto parts sales of all dealerships in excess of $1.1 billion annually.
The new dealerships added further reinforces parts.com’s distribution points allowing parts inventories of hundreds of dealerships nationwide to be accessible with the mere touch of a few keystrokes.
“In the past month, we have continued to attract many of the leading dealers in the industry to the Parts.com’s exchange,” stated Jeff Odato, Vice President of National Sales. “Names such as Crown, Pride and Massey are well-known in automotive circles and we are glad to have them as our business partners. We look forward to working with them and believe they will benefit from our OCTANE system, concluded Mr. Odato.”
“We are pleased with results of our marketing efforts to date, but we will not be satisfied until we have greater than 50% participation from the nationwide dealership base. We are hopeful that hundreds more Dealerships nationwide will join the parts.com network in the upcoming months,” stated Shawn D. Lucas, Chairman, President and Co-CEO. “We offer a strong brand name coupled with outstanding technology,” concluded Mr. Lucas.
Parts.com believes its unique business model will continue to gain dealer support as profit margins decline in new car sales as well as in finance and insurance ancillary products. The parts and service department is becoming a central focus for customer retention and profits.
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Parts.com provides a business-to-business e-commerce solution for the $600 billion auto parts industry. The site creates value for participants throughout the supply chain, including manufacturers, distributors, dealerships, collision repair shops, garages, recyclers and insurance companies, as a result of its unique, direct business model which eliminates a number of inefficient links in the supply chain inherent in the auto parts business. Parts.com’s OCTANE System and logistics plan enables parts distributors to deliver their product more quickly and cost-effectively than through traditional distribution channels. Parts.com was officially launched on January 23, 2000 and presently has 458 dealer/distributors whose combined auto parts sales, prior to joining parts.com, were in excess of $1.1 billion in 1999.
(This news release includes statements that may constitute forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Although parts.com, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be met. Factors that could cause actual results to differ materially from parts.com’s expectations include the operational performance of parts.com, the Company’s success in entering into strategic alliances, parts.com’s and ReallyKnow.com’s operational and financial performance, industry conditions, demand for its products, as well as other risks.)