U.S. Auto Parts Network announced it has formally changed its name to CarParts.com.
Following its sales growth and its inclusion in the Russell 2000 Index, the online parts seller said it “decided it needed a name that reflected the tech-forward company it has become.” The company “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.”
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 began at market opening on July 28. Holders of common stock are not required to exchange currently outstanding stock certificates for new stock certificates, the company noted.
“CarParts.com remains committed to maintaining the customer-centric strategy that has drawn consumer trust and respect for over two decades,” the company said in a news release. “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.”
