More drivers are keeping their cars longer due to increasing interest rates and a precipitous drop in the stock of new cars, which is helping auto parts eCommerce retailer CarParts.com.
The company reported a 12% year-over-year increase in its second-quarter sales to $176.2 million for the three months ending July 2, according to a press release. That’s the 10th consecutive quarter of sales growth, and the quarterly sales total is up 44% from the same time two years ago.
CarParts.com CEO David Meniane said in the release that the company’s goal is to become the top platform where “customers solve their auto repair and maintenance needs.”
Meniane also announced in the release the debut of CarParts.com’s Do-It-For-Me program, which is available in some markets and helps customers get quotes from certified auto shops to install the parts they buy from CarParts.com at an additional charge.
“One of our core strategic pillars is innovation…,” he said, per the release.
Last week, auto parts retailer O’Reilly Automotive reported record revenue in the second quarter. O’Reilly’s professional sector highlighted its quarterly growth, while its do-it-yourself offering struggled in the face of high fuel prices and inflation.
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Read more: O’Reilly Automotive Sees Jump in Sales to Pros as Stretched Consumers Repair Old Cars
Q2 sales were up 6% to $3.67 billion year over year. Sales for the first six months of 2022 increased $410 million to $6.97 billion from $6.56 billion for the same period in 2021.
Automotive service providers are employing technology to provide support for what they’re saying and to reassure their customers. General Motors (GM), for example, is looking at expanding the use of UVeye vehicle inspection systems to the service lanes of more GM dealerships.
See more: Tech Boosts Driver Confidence in Repair Shop Recommendations
In March, Volvo Car USA announced that it was rolling out a program to equip its retailers with UVeye systems to improve both business efficiencies and customer satisfaction.
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