NewForce Takes Control Of Used Auto Parts Leader PartsMarket, Renaming Company "Jupiter Pro Parts"
SAN FRANCISCO, March 26, 2020 /PRNewswire/ -- NewForce Equity Partners announced that it took a controlling interest in PartsMarket through a cash investment in the company. With new ownership in place, the nation's largest source of used and remanufactured auto engines and transmissions for repair pros changed its name to Jupiter Pro Parts, hired two new key executives, and introduced a first-of-its-kind Certified Pre-Owned Parts(TM) warranty program.
"PartsMarket disrupted the industry by solving a key pain point for automotive repair professionals. They brought the convenience of one-stop shopping to the industry by aggregating the inventory of hundreds of vendors." said Doug Renert, a partner at NewForce and now the Jupiter Pro Parts Chairman. "We saw an opportunity to take this disruption one-step further by having Jupiter Pro Parts be the first-ever source of Certified Pre-Owned Parts(TM) engines and transmissions."
Jupiter Pro Parts now offers CPO parts with a first-of-its-kind "No-Fault" warranty that guarantees the service life of engines and transmissions for five years or 75k miles. In the event a claim is required, repair shops call customer care for a replacement - no questions asked.
The company has a competitive advantage developed over six years of experience selling tens of thousands of parts across a network of select suppliers. Jupiter Pro Parts couples this data with a rigorous quality assurance evaluation, allowing the company to provide a level of protection to repair pros that no one else in the industry can offer.
NewForce also helped recruit two new executives from their network to Jupiter Pro Parts. Bill Atkinson brings over 30 years of sales and marketing experience to his new role as Chief Revenue Officer of the company. Jupiter Pro Parts also hired Kevin Higgins as the company's Head of Finance.
"I couldn't be more thrilled to be joining Jupiter Pro Parts," said Bill Atkinson, the company's newly appointed Chief Revenue Officer. "The Certified Pre-Owned Parts(TM) warranty will be a difference maker in the industry, as we guarantee every single part we sell and give repair professionals the peace-of-mind they deserve."
"We're fortunate to have NewForce backing our company," said Michael Krug, Jupiter Pro Parts Co-Founder and Chief Technology Officer. "They helped drive the introduction of the new Certified Pre-Owned Parts(TM) program, which makes it possible for auto professionals to keep their services affordable without having to take a gamble on used parts."
About Jupiter Pro Parts
Jupiter Pro Parts (formerly PartsMarket) launched in 2013 to help automotive repair shops find quality used and remanufactured engines and transmissions. Renamed under new ownership, Jupiter Pro Parts has grown into the nation's largest source of used and remanufactured auto parts. They continue to disrupt the market by now offering a first-of-its-kind Certified Pre-Owned Parts(TM) program with an unprecedented "No-Fault" warranty. Devoted to creating peace-of-mind for automotive professionals, Jupiter Pro Parts continues to raise the bar on product reliability, exceptional customer service, and overall simplification of the parts purchasing experience. Find us at https://www.jupiterproparts.com/.
About NewForce Equity Partners
NewForce is a Silicon Valley-based private equity fund that invests in technology businesses generating up to $40M in annual revenue. With an emphasis on Enterprise SaaS and B2B Marketplace companies, NewForce brings deep operational expertise and resources to partner with its portfolio companies to help them realize their full potential with new funding and precise strategic focus.
If you would like more information about this topic, please call Kevin Higgins at (415) 941-5675 or kevin@jupiterproparts.com.
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SOURCE Jupiter Pro Parts
