Dorman Products makes and sells replacement and upgrade parts for the automotive aftermarket. Dorman's core customers are professional repair shops and DIY consumers, and most of its products are nondiscretionary — vehicles typically won't run or aren't safe without them, which makes demand resilient across economic cycles. Dorman's key differentiator is product development: rather than simply copying OEM parts, Dorman focuses on redesigned parts that fix original OEM design flaws, and parts that were previously only available from OEM dealerships. The latter category faces no aftermarket competition at launch and carries the highest margins. Dorman's growing focus is on complex electronics — modules, sensors, and electromechanical components — which require significant engineering expertise and represent Dorman's primary competitive moat. Dorman operates three segments: Light Duty (~80% of sales), covering passenger cars and light trucks; Heavy Duty (~10%), covering commercial trucks under the Dayton Parts brand; and Specialty Vehicle (~10%), covering UTVs and ATVs under the SuperATV brand. Dorman sources most products from third-party overseas manufacturers and distributes them through aftermarket retailers like AutoZone and O'Reilly, warehouse distributors, and dealers — an asset-light model that keeps capital requirements low. About 38% of purchases come from China, down from ~70% in 2018, with Dorman actively diversifying its supply chain. Two customers account for roughly 40% of sales. Dorman's growth strategy centers on continuously launching new SKUs — over 5,500 in FY25 — and pursuing M&A to expand into new technology, channels, and geographies.