Yet, the customer base of this segment is becoming more consolidated. A growing share of the ~240k auto repair centers in the US are being controlled by larger players. This should accelerate as cars become more complex…As this happens, it makes it harder to profitably serve these players. However, UBS believes that AutoZone is an outlier as it stands in "a good spot to do so by virtue of its: healthy DIY business" that has strong margins. The analysts also noted the high penetration of AutoZone's private label (PL) products that have increasingly been well-received by commercial customers and its growing base of distribution assets. Further, UBS think the competitive dynamics will shift more share to AZO as others struggle to serve the large chains effectively. Founded in 1979, Memphis, Tennessee-based AutoZone has 7,014 stores across the US, Mexico, Puerto Rico, Brazil, and the US Virgin Islands.