Federal-Mogul Motorparts buys stake in AutoMD
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 Corp., 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 a free online automotive repair resource designed to empower vehicle owners with the best way to repair their vehicles. The company says it 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.
"AutoMD.com provides transparency for consumers in need of vehicle repair and visibility to the over 1,000 and growing participating repair providers," says 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 global supplier of premium branded components for light and commercial vehicles. The company's aftermarket portfolio includes such 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," says Dale Pollak, founder of vAuto and Executive Vice President of Cox Automotive.
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.