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Here are 1-3 brief analogies for Dorman Products (DORM):

• The Grainger of automotive replacement parts.

• The McMaster-Carr for car repair components.

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• Chassis Parts: Components for vehicle suspension, steering, and structural integrity, including control arms, ball joints, and tie rod ends.
• Engine Management: Parts vital for engine performance and efficiency, such as intake manifolds, throttle bodies, variable valve timing components, and sensors.
• Brake Hardware & Hydraulics: Essential components for a vehicle's braking system, including calipers, master cylinders, hydraulic lines, and related hardware.
• Fluid Transfer Products: Lines and hoses designed to transfer various fluids throughout the vehicle, such as fuel lines, transmission lines, and power steering lines.
• Electrical & Electronics: A broad category of electrical components including window regulators, multi-function switches, sensors, modules, and wiring harnesses.
• Hardware & Fasteners: A vast array of clips, bolts, nuts, retainers, and specialized fasteners used for various vehicle repair and assembly needs.
• Drivetrain Products: Components that transmit power from the engine to the wheels, such as axle shafts, driveshafts, and wheel hubs.

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Dorman Products (DORM) primarily sells its automotive aftermarket parts to other businesses (B2B) rather than directly to individuals. Its major customers are large automotive aftermarket retailers and wholesale distributors. While Dorman's SEC filings typically state that no single customer accounts for more than 10% of their net sales, they do describe their distribution channels and common types of customers.

Based on their business model and industry, Dorman's products are primarily sold to:

• Large Automotive Parts Retail Chains: These companies operate extensive networks of retail stores that sell automotive parts and accessories directly to mechanics and DIY consumers.
  • **Advance Auto Parts** (Symbol: AAP)
  • **AutoZone** (Symbol: AZO)
  • **O'Reilly Automotive** (Symbol: ORLY)
• Wholesale Distributors: These distributors purchase parts in bulk and then supply them to independent repair shops, smaller parts stores, and other businesses.
  • Companies like Genuine Parts Company (which operates **NAPA Auto Parts**) (Symbol: GPC)

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Kevin M. Olsen
President, Chief Executive Officer & Director

Mr. Olsen joined Dorman Products in July 2016 as Senior Vice President and Chief Financial Officer. He advanced to Executive Vice President, Chief Financial Officer in June 2017, President and Chief Operating Officer in August 2018, and ultimately became President and Chief Executive Officer in January 2019. Before his tenure at Dorman, Mr. Olsen served as Chief Financial Officer of Colfax Fluid Handling, a division of Colfax Corporation, from January 2013 to June 2016. His career also includes public accounting experience at PricewaterhouseCoopers LLP and roles at Precision Castparts Corp. and Crane Energy Flow Solutions. Mr. Olsen also serves as an Independent Director at Twin Disc, Inc.

David M. Hession
Senior Vice President & Chief Financial Officer

Mr. Hession joined Dorman Products in February 2019 and was appointed Senior Vice President and Chief Financial Officer in March 2019, also taking on the role of Treasurer in May 2019. During his time at Dorman, he was instrumental in expanding the business through strategic acquisitions and strengthening the company's financial position. Prior to Dorman, he served as Vice President, Chief Financial Officer of Johnsonville, LLC, a privately held manufacturer, from May 2013 to January 2019. His earlier experience includes positions at McCormick & Company, Inc. and Tradeout, Inc. (Note: Mr. Hession announced his retirement for later in 2025, and the company is seeking a successor.)

Steven L. Berman
Chairman of the Board

Mr. Berman has been a director of Dorman Products since 1978 and currently serves as Chairman of the Board. He held the position of Executive Chairman from September 2015 until March 2023. From January 2011 to September 2015, Mr. Berman served as Chairman of the Board and Chief Executive Officer, and prior to that, he was President from October 2007 to January 2011. He also served as Executive Vice President before 2007. Mr. Berman is also a co-founder of Dorman Products, Inc., which was established in 1978.

Brian J. Borradaile
Senior Vice President, Strategy and Corporate Development

Mr. Borradaile serves as the Senior Vice President, Strategy and Corporate Development for Dorman Products. He joined the company in 2022. Prior to Dorman, he held positions at Tenneco Inc. and served as an executive at Actuant Corporation, a diversified global manufacturing company, from 2006 to 2019, including as President of its Actuant Tool Group and Chief Strategy Officer. He also held roles at Robert W. Baird & Co. and Ernst & Young LLP.

Joseph P. Braun
Senior Vice President & General Counsel

Mr. Braun is the Senior Vice President and General Counsel at Dorman Products. He joined Dorman in September 2018. Prior to Dorman, Mr. Braun was Senior Vice President, General Counsel and Corporate Secretary at Avantor, Inc., a global manufacturer and supplier of materials and services for the life sciences industry, from 2017 to 2018. Before joining Avantor, he worked at Tyco International plc (now Johnson Controls International plc), where he served in positions of increasing responsibility, including Vice President, Mergers & Acquisitions. Mr. Braun began his legal career in private practice, advising public and private companies on mergers and acquisitions, securities, and corporate governance.

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The accelerating transition from Internal Combustion Engine (ICE) vehicles to Electric Vehicles (EVs) presents a clear emerging threat to Dorman Products.

EVs possess significantly fewer moving parts and require different types of maintenance and replacement components compared to traditional ICE vehicles. Specifically, EVs eliminate the need for many of Dorman's core product categories, such as exhaust systems, engine components, spark plugs, oil filters, fuel filters, and complex transmissions. As the market share of EVs continues to grow rapidly and major automotive manufacturers commit to phasing out ICE vehicle production, the total addressable market for a substantial portion of Dorman's existing product portfolio will shrink over time, fundamentally impacting demand for their traditional aftermarket parts.

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Dorman Products (symbol: DORM) identifies its addressable markets across three primary sectors within the motor vehicle aftermarket industry, representing a total addressable market opportunity of $165 billion.

• The light-duty vehicle sector, which includes passenger cars and light-duty trucks, had projected industry sales of approximately $135.1 billion in 2023 in the U.S.
• The heavy-duty vehicle sector, encompassing medium- and heavy-duty vehicles, accounted for projected industry sales of approximately $21.9 billion in 2023 in the U.S.
• The specialty vehicle sector, focused on powersport and off-road vehicles such as UTVs and ATVs, had projected industry sales of approximately $8.0 billion in 2023 in the U.S.

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1. New Product Development and Innovation Strategy: Dorman Products consistently emphasizes its innovation strategy and the launch of new products, particularly in complex electronics. The company's ability to continuously introduce new aftermarket replacement products is a significant growth driver.

2. Aging Vehicle Population and Increased Demand for Replacement Parts: A key macro trend benefiting Dorman is the increasing average age of vehicles on the road, which leads to a greater need for replacement parts. Analysts and company commentary frequently cite an aging vehicle population as a sustainable market demand factor.

3. Expansion into Adjacent and Specialty Vehicle Markets: Dorman is focused on expanding its market opportunities by venturing into adjacent and specialty vehicle segments. This strategic expansion is anticipated to drive further upside and support the company's long-term growth targets.

4. Pricing Initiatives: The company has implemented pricing initiatives, including those related to tariffs, which have contributed to net sales growth.

5. Increased Customer Demand and New Business Wins: Dorman has experienced increased customer demand, particularly within its light-duty business. New business wins also continue to fuel sales growth across its segments.

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Share Repurchases

• Dorman Products' board authorized a new share repurchase program of up to $500 million, effective from January 1, 2025, through the end of 2027, replacing the prior authorization.
• Between March 30, 2025, and June 28, 2025, the company repurchased 29,123 shares for approximately $3.48 million.
• Share repurchases were temporarily paused in the second quarter of 2025 to preserve cash due to market uncertainties caused by tariffs.

Outbound Investments

• Dorman Products acquired Dayton Parts in August 2021, expanding its offerings in the heavy-duty vehicle sector with chassis and other parts.
• In August 2022, the company acquired SuperATV, a manufacturer and supplier of automotive components primarily for specialty vehicles.

Capital Expenditures

• Capital expenditures for the first three quarters of 2025 totaled $29.818 million, a decrease from $31.245 million during the same period in 2024.
• For the first quarter of 2025, capital expenditures were $10.985 million, compared to $10.755 million in the first quarter of 2024.
• A primary focus of capital expenditures has been on investments in operations to increase flexibility and drive efficiencies, including bringing a new 827,000-square-foot distribution center in Whiteland, Indiana, into full operation and investing in automation tools within distribution centers.