Cox, Federal-Mogul Purchase Stake in AutoMD
CARSON, Calif. — AutoMD Inc., previously a wholly-owned subsidiary of U.S. Auto Parts Network Inc. (PRTS), 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. Details of the deal were not disclosed.
AutoMD.com is a free online automotive repair resource that provides vehicle owners with comparative quotes on repairs, among other services. The site is also designed to help drive business for participating repair shops.
"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, CEO of AutoMD’s 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 global supplier of premium-branded components for light and commercial vehicles. The Cox Automotive business unit includes more than 20 leading wholesale and retail automotive brands, including AutoTrader.com and Kelley Blue Book.
"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. "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."
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