U.S. Auto Parts Network (NASDAQ:PRTS), an aftermarket auto-parts website, had a rocky start to its IPO last week. The initial price range was $10-$12, but the company was only able to fetch $10 from investors. However, looking forward, I think the company has a unique Web strategy, as well as a big market opportunity.

Founded in 1995, U.S. Auto Parts started as a mainstream distributor of aftermarket auto parts; five years later, the company launched its first website. I'd say that was definitely a smart move. At present, the company has a group of websites that has roughly 550,000 SKUs (Stock Keeping Units). Not only does each product have a detailed description, but the database has sophisticated algorithms -- for example, the system knows that a Chevy Tahoe and a Suburban have the same type of bumper. This is the result of an exacting, ongoing manual process. The company has been able to enhance the database through outsourcing some of the work to low-cost areas, such as the Philippines and India.

U.S. Auto Parts is not without its competitors, which include national retailers like AutoZone (NYSE:AZO) and Pep Boys (NYSE:PBY), as well as major e-commerce sites such as Amazon.com (NASDAQ:AMZN) and eBay (NASDAQ:EBAY). However, these firms do not have the focus and extensive proprietary database of U.S. Auto Parts.

Overall, the auto parts market is still fragmented and inefficient, with a variety of importers, distributors, and wholesalers. U.S. Auto Parts is essentially leveraging the Internet to disintermediate the supply chain.

Without a doubt, there is an enormous market opportunity for the company. According to the Automotive Aftermarket Industry Association's 2006-2007 Aftermarket Factbook, the addressable market is about $91.3 billion.

The company's growth has been particularly strong, showing its advantages in this market. From 2003 to 2005 (including the acquisition of Partsbin), revenues have increased from $31.6 million to $98.1 million. As for the first nine months of 2006, revenues were $107.3 million and profits were $1.6 million.

At the current valuation, U.S. Auto Parts is selling at roughly 2.5 times its revenues, which may seem pricey to some. But the company is growing at a quick rate and has a differentiated offering, which would take time to replicate. All in all, it's a stock that's definitely worth a closer look.

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Fool contributor Tom Taulli does not own shares of any company mentioned in this article. The Fool's disclosure policy knows a good widget when it sees one.