EXCLUSIVE: CarParts.com COO On Company's History, Market Opportunity, Earnings

David Meniane, the COO and CFO of CarParts.com Inc PRTS, described the company as an online retailer selling tools and parts that help get customers back on the road Tuesday on Benzinga's YouTube show "Power Hour."

The company has been around for 25 years, Meniane said, adding that it has 2,000 employees. 

Ninety-five percent of the company's business is online, he said. 

The amount of cars on the road is increasing every year, Meniane told Benzinga.

The car parts market is a $300 billion to $400 billion market, yet only 3%-4% of purchases are made online, which presents a huge opportunity for CarParts.com, the COO said. 

The shift from offline to online has been seen in most industries, he said, adding that a dramatic shift is occurring in automotive — and CarParts.com is leading the way. 

PRTS Earnings: CarParts.com reported first-quarter financial results Monday. The company reported an earnings loss of 6 cents per share, missing the Street estimate for a loss of 4 cents per share. It reported revenue of $144.8 million, which beat the estimate of $117.5 million. 

The quarter was the biggest in company history, Meniane said, adding that the company's execution is what drove its success.

The recent chip shortage is going to benefit the business, Meniane said, adding that fewer new cars being made means more used cars on the road.

The company's "sweet spot" is providing parts for cars that are eight to 15 years old, he said.

CarParts.com made a lot of investments last year that are already paying off for the company, Meniane told Benzinga. He concluded the interview by saying: "PRTS to the moon." 

PRTS Price Action: CarParts.com traded as high as $23.26 and as low as $4.28 over a 52-week period. The stock was up 11.27% at $15.89 at last check Tuesday. 

Image by Mimzy from Pixabay.