U.S. Auto Parts Network

U.S. Auto Parts Network, Inc. or US Auto Parts or USAP, 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. USAP 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.[1][2]

U.S Auto Parts Network, Inc.
Public company
Traded asNASDAQ: PRTS
Founded1995
FoundersSol Khazani and Mehran Nia
HeadquartersTorrance, California
Key people
  • Lev Peker (CEO)
  • David Meniane (CFO and COO)
Websitewww.usautoparts.com

History

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.[3] Barry Phelps is chairman of the board.[4]

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 (opened in 2019). It also has a 500-employee presence in the Philippines handling a call center, website development, and back office. As of 2019, it had 335 employees in the United States. 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.[1][3][1]

For the first quarter of 2020, USAP 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.[2]

During the COVID-19 pandemic, USAP received $4.1 million in federally backed small business loans from J.P. Morgan as part of the Paycheck Protection Program. The company received scrutiny over this loan, which was aimed at small businesses, and because USAP reported their highest revenue in eight years just before the pandemic started. The company 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, USAP returned the loan.[5][1][6][7]

In May 2020 USAP redirected it's Auto Parts Warehouse traffic to CarParts.com.

In March 2020, USAP teamed up with Front Row Motorsports (FRM) for the 2020 NASCAR Cup Series season.[8]

Acquisitions

USAP purchased Automotive Specialty Accessories and Parts ("ASAP") in 2010, including ASAP's subsidiary, WAG (Whitney Automotive Group, owners of JC Whitney).[9]

Sales

USAP sold AutoMD for $1.4 million in 2018.[1]

Subsidiaries
  • Go Fido
  • Automotive Specialty Accessories and Parts 'ASAP' (a subsidiary of Go Fido)[9]
  • Whitney Automotive Group 'WAG' (a subsidiary of ASAP)
  • JC Whitney (a subsidiary of WAG)
  • PartsBin
  • U.S. Auto Parts Network (Phillipines) Corporation
  • Lobo Marketing
  • Private Label Parts (dba Kool-Vue)[9]
  • Pacific 3PL
  • Local Body Shops (dba Perfect Fit)[9]

References
  1. "prts_Current_Folio_10K". usautoparts.com. Retrieved 29 April 2020.
  2. "U.S. Auto Parts Reports Record Sales for First Quarter 2020". PR Newswire. 6 May 2020. Retrieved May 13, 2020.
  3. "PRTS_2020 Proxy". usautoparts.com. Retrieved 29 April 2020.
  4. Inc, U. S. Auto Parts Network. "U.S. Auto Parts Appoints Lev Peker to Chief Executive Officer". www.prnewswire.com. Retrieved 2020-05-15.
  5. "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". nytimes.com. Retrieved 28 April 2020.
  6. "prts_current folio_8-k_PPP loan". usautoparts.com. Retrieved 29 April 2020.
  7. O'Connell, Jonathan (May 4, 2020). "Small businesses still afloat grapple with whether to accept stimulus funds". Washington Post. Retrieved 2020-05-05.
  8. McDowell to Race with CarParts.com at Darlington, retrieved 2020-05-14
  9. "EXHIBIT 21.1: SUBSIDIARIES OF THE REGISTRANT". usautoparts.com. Retrieved 29 April 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.