HLPY, an Italian startup offering roadside assistance services in digital mode, has announced the completion of a successful capital raise of €18 million, according to a press release dated Sept. 24. This fundraising effort, led by Nextalia SGR through the Nextalia Venture fund and Alkemia Capital SGR's Sinergia Venture Fund, aims to bolster HLPY's growth in key European markets and facilitate the acquisition of HESA Solutions GmbH, known as MySchleppApp, a prominent digital roadside a...

The Australian Automotive Aftermarket Association (AAAA) has announced that it is actively encouraging the government to fulfill its manufacturing funding commitments to bolster the automotive manufacturing industry's growth and competitiveness, according to a press release dated Sept. 3. Despite the initial optimism spurred by the announcement of the A$15 billion National Reconstruction Fund and the subsequent A$22.7 billion Future Made in Australia Fund, the industry has been left in l...

US-based automotive aftermarket supplier Transtar Aftermarket Solutions, a subsidiary of NexaMotion Group (NMG), has revealed a significant $10 million investment aimed at enhancing its transmission repair inventory, focusing particularly on expanding its range of 6-, 8- and 10-speed transmissions, according to a press release dated Sept. 3. This investment is designed to bolster support for the company's transmission repair shops, ensuring they are well-equipped to meet the growing demand fo...

Ecarx, a global automotive technology provider, announced that it has sold its minority stake of 40% in HaleyTek AB to Volvo Cars, according to a press release dated Aug. 1. HaleyTek is a joint venture between Volvo Car Corp. and Ecarx, which was created to develop software for Android-powered infotainment systems. Ecarx will continue to collaborate with Volvo Cars and HaleyTek as a fully-owned subsidiary of Volvo Cars, developing technology solutions to enhance the driving experience of...

Wheels, a fleet management company in North America, announced that it has received a significant minority investment from Marubeni Corp., a Japanese trading and investment conglomerate, and Lithia & Driveway (LAD), an automotive retailer in North America that also provides a suite of financing, leasing, repair and maintenance options, according to a press release dated June 27. The investment positions Wheels alongside prominent entities in the mobility sector, supporting its ongoin...

Japanese trading house Itochu Corp. announced on June 11 that it has made an investment in Gatik AI Inc., a California, US-based company that specializes in developing autonomous driving technology for commercial trucks and offers logistics services in the US and Canada utilizing its self-driving vehicles. The company said the investment comes at a time when the US is experiencing significant logistics challenges due to a surge in e-commerce, rising driver costs and a driver shortag...

Dorman Products (Dorman), a US-based aftermarket supplier of original equipment (OE) dealer-exclusive parts, has announced the grand opening of its new drive shaft manufacturing facility in Virginia Beach, Va., according to a press release dated June 12. The new 100,000-square-foot plant is five times larger than Dorman's former site in Virginia Beach and is equipped with advanced computer-controlled machine tools, robotic welding, drive shaft balancing equipment and testing gear. The ma...

Berlin-based Autodoc SE, an auto parts e-commerce platform, has announced that global alternative asset manager Apollo has led a minority equity investment alongside leading institutional investors at a valuation of €2.3 billion, according to a press release dated May 3. As part of the transaction, two Apollo representatives will join the company’s supervisory board. The funding will support Autodoc’s expansion into the business-to-business sector while strengthening its position in the...

Auto Parts 4 Less Group Inc., a US-based, e-commerce automotive parts firm, announced that it has completed the first tranche of funding from RB Capital Partners, following the successful restructuring of its balance sheet, according to a press release dated April 11. The company aims to focus toward fostering revenue growth and operational expansion, the release added. Commenting on the move, Christopher Davenport, CEO of Auto Parts 4 Less Group, said, "We are thrilled to partner with RB Cap...

CARiD.com, a digital commerce platform for the automotive aftermarket specializing in car parts and accessories, has announced the successful closure of a $35 million funding round, according to a press release dated March 7. The funding will fuel further expansion and technological advancements, and enhance customer service capabilities. Founded in 2008, CARiD said it has grown from a startup into one of the most comprehensive and user-friendly platforms for automotive parts and accessories....

Marubeni Corp. (Marubeni), a Japanese trading and investment conglomerate, announced that it has invested in RCB Nanotechnologies GmbH (RCBNano), a Germany-based company that is currently constructing a plant to produce next-generation recovered carbon black (rCB2.0) used in tires, according to a press release dated Feb. 15. The company observed that there has been increasing interest within the tire and rubber product industry in recent years, in the process to produce recovered carbon ...

Japan’s Mitsubishi Corp. (MC) announced that it has agreed to subscribe approximately 32% shares in TVS Vehicle Mobility Solution Pvt. Ltd. (TVS VMS), a multibrand dealer in India, through private placement, according to a press release dated Feb. 19. To gain a downstream foothold in the rapidly growing Indian automotive sector, MC had invested in one of India's largest independent aftersales services providers, i.e., TVS Automobile Solutions (TASL), in 2019. TASL has a network of about 700...

Audax Private Equity (Audax), a US-based investment firm, has announced an investment in Dobbs Tire and Auto Centers, a US-based tire retailer and auto-aftermarket service provider, according to a press release dated Dec. 18. In addition to its comprehensive tire offerings, Dobbs provides a full range of automotive services specializing in routine, preventative and complex diagnostic repairs for all types of vehicles including cars, light trucks, sport utility vehicles (SUVs), hybrids an...