AutoMD, Inc. Announces Strategic Investments by Federal-Mogul Motorparts and Cox Automotive
Resource from: PRNewswire Likes:213
Oct 11,2014
AutoMD, Inc., previously a wholly-owned subsidiary of U.S. Auto Parts Network, Inc. (PRTS), has announced that Federal-Mogul Motorparts, a division of Federal-Mogul Holdings Corporation, Cox Automotive, Inc., and existing U.S. Auto Parts investors have purchased a minority stake in AutoMD. In connection with their investment, Federal-Mogul will also provide strategic support in accelerating the growth of AutoMD.com.
AutoMD.com is an unbiased free online automotive repair resource designed to empower vehicle owners with the best way to repair their vehicles. AutoMD.com helps to drive growth at participating repair shops by allowing car owners to get instant comparative quotes and information on repair jobs from local repair shops through AutoMD Insta-Quotes!.
"AutoMD.com provides transparency for consumers in need of vehicle repair and visibility to the over 1,000 and growing participating repair providers," said Shane Evangelist, Chief Executive Officer of AutoMD majority owner U.S. Auto Parts. "This investment and the significant industry expertise of Federal-Mogul Motorparts and Cox Automotive will help further establish AutoMD as the preferred source of vehicle repair information for millions of consumers."
Headquartered in Southfield, Mich., Federal-Mogul Motorparts is a leading global supplier of premium branded components for light and commercial vehicles. The company's extensive aftermarket portfolio includes such globally respected brands as Champion® spark plugs and filters; ANCO® wipers; MOOG® steering and suspension parts; and Wagner® brake products.
"Cox Automotive's investment in AutoMD recognizes the importance of healthy and profitable service operations to the retail automotive community," said Dale Pollak, founder of vAuto and Executive Vice President of Cox Automotive. Pollak added, "This is another step towards helping dealers succeed in every area of their businesses. We're very impressed with the commitment and leadership of AutoMD."
Cox Enterprises, Inc. based in Atlanta, is a leading communications, media and automotive services company. The Cox Automotive business unit includes more than 20 leading wholesale and retail automotive brands, including AutoTrader.com and Kelley Blue Book.
In addition to AutoMD.com allowing car owners to get instant comparative quotes on repair jobs from local repair shops through AutoMD Insta-Quotes!, the site also allows both car owners and do-it-yourselfers to: 1. Find the right local auto repair shop at the right price for their issue; 2. Know how much auto repairs should cost; 3. Troubleshoot car problems; 4. Have auto repair questions answered by the AutoMD.com community; and 5. Understand the steps needed and the time required for repairs through How-to Auto Repair guides. AutoMD.com was named Best Automotive Website in the 8th annual American Business Awards, also known as the Stevie® Awards.
Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding strategic support from investors and the accelerated growth of AutoMD's business and the growth of repair shop participation and customer awareness, AutoMD's ability to drive growth at participating repair shops, the industry expertise of Federal-Mogul Motorparts and Cox Automotive, establishing AutoMD as a preferred source of vehicle repair information, AutoMD helping dealers succeed in their business, and U.S. Auto Parts' retention of a majority interest in AutoMD. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with U.S. Auto Parts' business and finances in general, risks and uncertainties associated with AutoMD's business and finances in general, and the other risks detailed in U.S. Auto Parts' periodic filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and U.S. Auto Parts undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.
(PRNewswire)
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