Benzinga | Dec 3, 2020 04:21PM EST

PARTS iD Says Generated Double-Digit Revenue Growth For The Four-Day Period Beginning Black Friday Through Cyber Monday

Company Experiences Strong Demand Over Black Friday Weekend

PARTS iD, Inc. (NYSE:ID) ("PARTS iD" or "Company), the owner and operator of, among other verticals, "CARiD.com," a leading digital commerce platform for the automotive aftermarket, announced today that it generated strong double-digit revenue growth for the four-day period beginning Black Friday through Cyber Monday.

"We are extremely pleased with our performance during the all-important Black Friday weekend shopping period. It has been a great start to the 2020 holiday season for our businesses led by CARiD.com," said Antonino Ciappina, Chief Executive Officer of PARTS iD. "Our recent results were fueled by strong demand. In addition, we are seeing a great response to our expanded merchandise assortment, particularly in newer categories such as OE & Repair, Powersports, Motorcycles, Boating & Marine.

"At the same time, our efforts to broaden awareness of CARiD.com through enhanced marketing efforts continue to gain traction and generate nice returns. Looking ahead, we believe we are well positioned to deliver a strong finish to the year and kick off 2021 with great momentum."

The company filed an 8-K on November 27, 2020 that included results for the nine-months ended September 30, 2020. On a year-over-year basis;

* Net revenue increased 41.3% to $307.8 million

* Gross margins improved 30 basis points to 21.7%

* Operating expenses as a percent of net revenue decreased 190 basis points

* Operating income increased 800.5% to $7.9 million

* Net income increased 848.3% to $6.2 million

For more information, please visit www.partsidinc.com.