O’Reilly Auto Parts (NASDAQ: ORLY), is one of the dominant retailers in the auto parts industry. Founded in 1957 as a single store in Springfield, O’Reilly’s has grown to 5,019 stores across 47 states. O’Reilly sales are comprised of an extensive line of new, aftermarket and remanufactured automotive parts, maintenance items, tooling supplies, accessories, automotive tools, and professional service equipment. Their dual-market strategy caters to both the “Do It For Me” (DIFM) professional service providers (PSPs) as well as the “Do It Yourself” (DIY) individual consumers. This dual strategy in tandem with it’s strong distribution network contributes to O’Reilly’s success and is one of the brand’s key competitive advantages over its competitors. O’Reilly’s attractiveness to investors hinges on their long term leases (15 – 20 years), periodic rent increases, two (2) – four (4), five-year renewal options, and investment grade rating. The automotive sector remains an investor favorite, as tenants like O’Reilly, show they can be successful in good and bad economic times. The sector is also largely unaffected by the online retail/”Amazon Effect’ currently impacting many brick and mortar retailers. This resilience demonstrates the continuous demand in the automotive sector regardless of other factors. Overall, auto parts store properties remain in high demand among net lease investors as there are very few investment grade options priced below $2 million – with the exception of dollar stores. Further, the retail auto parts industry continues to thrive as the average age of vehicles on the road continues to increase.