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    US fleet management firm Wheels secures investment from Marubeni and Lithia & Driveway
    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...
    Japan's Itochu Corp. invests in autonomous truck company Gatik AI
    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 inaugurates new drive shaft manufacturing facility in Virginia Beach
    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...
    Germany-based Autodoc announces minority investment by Apollo Funds
    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...
    US-based Auto Parts 4 Less Group announces investment from RB Capital
    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...
    US ecommerce platform CARiD.com secures $35 million in funding
    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....
    Japan's Marubeni to invest in production of next-generation recovered carbon black
    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 to acquire 32% of India’s TVS Vehicle Mobility Solution
    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...
    US-based Dobbs Tire and Auto Centers receives investment from Audax Private Equity
    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...
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