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By OReilly Auto Parts
Automotive Shock and Strut Overview | What do they do and why are they important?
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By OReilly Auto Parts
SPRINGFIELD, Mo., April 01, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its first quarter 2024 results as Wednesday, April 24, 2024, with a conference call to follow on Thursday, April 25, 2024.
The Company’s first quarter 2024 results will be released after 3:30 p.m. Central Time on Wednesday, April 24, 2024, and can be viewed, at that time, on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.”
Investors are invited to listen to the Company’s conference call discussing the financial results for the first quarter of 2024, on Thursday, April 25, 2024, at 10:00 a.m. Central Time, via webcast on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 193896. A replay of the conference call will be available on the Company’s website through April 24, 2025.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December 31, 2023, the Company operated 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico.
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By Counterman
link hidden, please login to view, we took an in-depth look at the Consumer Price Index (CPI) and the average vehicle age, highlighting their significant roles in shaping the automotive aftermarket. At the time of publication, we hinted at further exploration into other critical factors that influence our industry, and today, I’ll fulfill that promise by examining gas prices and vehicle miles traveled (VMT), two indicators that give a snapshot of the economy and provide professionals a means to predict the future of the aftermarket landscape.
First, let’s look at everyone’s favorite expense: gas prices.
The fluctuations in gasoline prices in the United States are more than mere figures at the fuel pump; they serve as barometers for a variety of factors, including economic health, geopolitical tensions, consumer confidence and the vitality of the automotive aftermarket sector. Gasoline stands as a relatively inelastic commodity, with demand showing little sensitivity to price changes. This is largely because a significant portion of vehicle use, estimated at about 30% for commuting purposes alone, is essential and non-negotiable for many individuals, according to a University of Michigan study. When considering additional driving for school-related activities, errands and other purposes, visits to the gas station are an inevitable aspect of daily life.
This inelastic nature of gasoline consumption implies that rising fuel prices compress consumer spending power and escalate operational costs for businesses reliant on transportation. Consequently, there’s a logical link between fuel costs and mileage traveled, especially for discretionary travel. Recent studies, including research by AAA, reinforce this connection, suggesting that as gas prices climb, individuals adjust their travel and lifestyle accordingly.
AAA released an article in July 2022 summarizing the aforementioned research that they conducted. The article showed that 64% of U.S. adults made changes to their driving habits and/or lifestyle since March 2022, at a time when gas prices were hovering around $4.30 and peaking at $5.03 in June 2022, with 23% of consumers making major changes. As illustrated in the article, of the 64% who reported they were making changes in their driving and lifestyle, 88% said they would drive less, 74% said they would try to combine errands, 56% said they would reduce shopping or dining out, and 30% reported they will delay major purchases.
Putting these sentiments into the context of the automotive aftermarket, less driving will put fewer miles on vehicles, leading to extended periods in between the 3,000-5,000 mile oil changes, roughly 6,000-mile alignments and factory scheduled maintenance around the 30,0000-, 50,000-, and 90,000-mile marks. Additionally, if people have less disposable income, they may put off repairs or standard maintenance like an oil change, further increasing the interval of vehicle maintenance.
However, while less driving may lead to extended periods between routine maintenance tasks such as oil changes, alignments and factory scheduled services initially, this shift in consumer behavior presents a silver lining for the automotive aftermarket. With people potentially delaying maintenance due to reduced disposable income, it stands to reason, vehicles are likely to be held onto for longer periods. This not only increases the likelihood of maintenance and repairs in the long term, but also signals a decrease in the purchase of new vehicles. As a result, the market could see an uptick in older, used vehicles that require more frequent servicing and do not receive warranty services (in other words, an increase in the use of vehicles within the aftermarket sweet spot). This scenario underscores the importance of the automotive aftermarket in supporting vehicle longevity and reliability, highlighting a potentially robust market for service shops and parts suppliers alike.
However, despite the intuitive connections and survey research, some reports, such as one from TIME, paint a different picture. Research analyzing fuel prices and American driving habits from 2000 to 2022 indicates that by June 24, 2022, U.S. gasoline consumption was nearly 8.93 million barrels per day, slightly below the 9 million daily average since 2000, showing a minor 1% drop. Conversely, gas prices soared to 90% above their average for that period.
The results of the TIME analysis will be partially corroborated by some of the charts presented in this article, but it is important to understand that the data presented for miles driven is in millions, so even small spikes on a chart will represent rather larger scaled changes.
To begin our deep dive, we start with Chart 1, which sources data from the U.S. Energy Information Administration and reveals the trajectory of retail gasoline prices across several years, displaying a pattern of highs and lows that correspond with a multitude of external factors.
link hidden, please login to viewChart 1 As we observe the trend line from January 2014 to January 2024, we see a gradual increase with significant peaks and troughs. The trendline suggests a weak upward trend with considerable volatility, which can be attributed to a range of influences, from geopolitical events, supply disruptions, technological advancements and shifts in consumer behavior. While Chart 1 showing a decade of gas price fluctuations may not explicitly outline the impact on the automotive aftermarket as far as time is concerned (meaning that we can’t accurately predict the price of gas in a few years with time alone), the implications are significant. Higher gas prices can lead to increased demand for fuel-efficient aftermarket products or vehicles, as consumers look to optimize their vehicle’s performance.
Conversely, lower gas prices can result in more disposable income to pursue vehicle repairs or perhaps drive more in general, which will inevitably lead to a greater need for repairs and vehicle upkeep (more on that to come). Ultimately, whether gas prices rise or fall, the aftermarket can benefit from the resulting changes in consumer behavior, as vehicle owners seek to manage their operating costs or take advantage of economic conditions to use their vehicles more.
VMT: A Reflection of Changing Times
As previously stated, VMT can have a significant impact on the health of the automotive industry and the aftermarket. So, let’s jump into Chart 2, which showcases VMT data over the last 10 years, according to the Federal Reserve Economic Data (FRED).
This chart traces the VMT from January 2014 to October 2023, offering a graphical story of the nation’s driving habits.
link hidden, please login to viewChart 2 The data shows that simply counting on an increase in driving over time won’t work for predicting aftermarket service demand. Instead, aftermarket businesses should focus on the specific factors that influence driving habits, like economic trends such as inflation and cultural/societal trends such as remote work policies. This understanding is crucial for aftermarket businesses to effectively manage inventory, plan marketing and schedule services. Recognizing that vehicle use can vary widely, rather than following a steady climb, allows aftermarket companies to be more agile and meet their customers’ needs in real time.
Is There a Correlation Between Gas Prices and Vehicle Miles Driven?
Various reports and studies have highlighted a discernible link between gasoline prices and the distance traveled by drivers. However, a broader analysis of economic data reveals a more complex scenario. Despite the intuitive connection between fuel costs and driving behavior, the practical demands of daily life in America—such as commuting to work, school and other essential activities—often render the inclination to reduce driving due to higher gas prices moot. (See Chart 3 which integrates information from the preceding two charts.)
link hidden, please login to viewChart 3 While there’s a connection between gas prices and VMT, it’s relatively weak as indicated by the low correlation coefficient and the even smaller predictive regression score not presented, indicating the presence of other influential factors. For accurate market predictions, we must consider additional variables like geopolitical issues affecting oil supply, policy changes and shifts in oil demand, which can abruptly alter gas prices.
Similarly, VMT is influenced by factors such as public transportation availability, urban versus rural living patterns and societal shifts toward remote work or “walkable” cities. Changes in consumer preferences, such as a growing interest in environmentally friendly transportation options or online shopping, can also play a crucial role.
Therefore, automotive aftermarket professionals should consider integrating advanced analytics and diverse data sources into their decision-making processes. This could involve investing in resources that help analyze social, economic and political trends, alongside traditional market data. Engaging with experts in related fields, from energy economics to urban planning, can also enrich their strategic outlook. In summary, a proactive understanding of the diverse drivers behind market changes is essential to navigate the industry’s complexities, capitalize on opportunities and ensure lasting success in a constantly evolving market.
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By NAPA
You might know how to check the fuel level, but do you know how to check fuel pressure? There’s a handy gauge on the dashboard that tells you how much fuel is in the gas tank, but if that fuel isn’t reaching the engine under enough pressure, a mechanical failure could be brewing. Let’s take a look at the process necessary to check fuel pressure.
What Does Low Fuel Pressure Mean? link hidden, please login to view
If fuel can’t reach the injector with enough force to atomize the fuel, then the engine won’t run right. More often than not low fuel pressure means a
link hidden, please login to view. A bad fuel pump might limp along for a little while, but eventually it won’t build enough pressure to feed the engine. How To Check Fuel Pressure Using A Fuel Pressure Gauge
To check fuel pressure, you will need a
link hidden, please login to view (also called a fuel system pressure tester). Make sure you are working in a well-ventilated area, as some fuel fumes may escape during the procedure. Turn off the engine. Open the hood. Locate the fuel rail. You may need to remove the engine cover for access. Locate the Schrader valve on the fuel rail. This is where the fuel pressure will be tested. Remove the cap from the fuel rail Schrader valve. Attach the fuel pressure tester, making sure the connection is tight. If the fuel pressure tester has a pressure relief hose, route it to a proper container to capture the released fuel. A link hidden, please login to view makes a perfect catch container, and the fuel can then be used later. Turn the ignition switch to “on,” but do not start the engine. The fuel pump will pressurize the fuel system, and you will be able to read the fuel pressure gauge. To test the fuel pressure with the engine running, leave the fuel pressure gauge attached, but place it where it will not contact any of the rotating engine accessories (fan, fan belt, pulleys, etc), and ensure the gauge will not fall due to engine vibration. You may wish to have an assistant hold the fuel pressure gauge.
Start the engine, and observe the fuel pressure gauge. Refer to a link hidden, please login to view for fuel pressure specifications. Once you have taken the fuel pressure reading, shut off the engine. With the pressure relief hose secured to a container, release the fuel pressure from the gauge. Properly dispose of the released fuel or reuse it. Disconnect the fuel pressure gauge from the Schrader valve on the fuel rail. Wipe up any fuel that has spilled, and dry the spill area thoroughly. Place the cap back on the Schrader valve. Replace the engine cover, if it was removed. Close the hood. How To Check Fuel Pressure Using A Diagnostic Tool
Wondering how to check fuel pressure without gauge access? Checking fuel pressure using an OBD diagnostic tool can perform this vehicle test. The exact procedure will vary based on the manufacturer. Refer to the user manual for instructions on how to view live data using the OBD tool.
In the case of the
link hidden, please login to view, start at the Diagnostic Menu and select the “View Data” option. The tool will scan for available parameter identifications (PID) that can be read. Once the tool has read all the PIDs, it will prompt the user to “Select Data to View.” Choose “Entire Data List” for a readout of all the discovered PIDs. In that list should be a line called “FUEL PRES” or a similar term. That diagnostic reading is the current fuel pressure. For those who are more tech savvy, there are smartphone apps that can connect directly to a third-party
link hidden, please login to view. These apps display the real-time information flowing through the onboard diagnostic system. Information like engine temperature, transmission fluid temperature, fuel pressure and oil pressure are commonly available, but will depend on the app. Monitoring Fuel Pressure
If you are the kind of driver who prefers to keep a constant eye on what’s going on under the hood, consider installing a
link hidden, please login to view. There are a wide variety of gauge styles to match your interior, while also delivering needed information. You can keep an eye on fuel pressure, oil pressure, oil temperature and more with an link hidden, please login to view. If you have a performance vehicle or work vehicle, keeping an eye on engine vitals can help stop a problem before it starts. You can use a mechanical gauge attached directly to the fuel system under the hood, or a digital gauge in the cabin that uses a sending unit.
Frequently Asked Questions:
What Are The Symptoms Of Low Fuel Pressure?
Common low fuel pressure symptoms:
Vehicle will not start or keeps stalling Long engine cranking time Hesitation when accelerating Engine is low on power Check engine light is one (engine lean, misfire OBD-II codes stored) What Are Symptoms Of A Bad Fuel Pressure Regulator?
If the fuel pressure readings are erratic or not within the specification, those may be symptoms of a bad
link hidden, please login to view. What Are Symptoms Of A Bad Fuel Pressure Sensor?
If the fuel pressure sensor has gone bad, you may have an illuminated check engine light, trouble getting the engine to start due to low fuel pressure, or reduced engine power.
If your engine isn’t running right or the check engine light is on, then a fuel pressure check can be a good starting point for diagnosis. As you can see, the process is pretty straightforward with the right diagnostic tool. Your
link hidden, please login to view and NAPAonline carry a wide variety of link hidden, please login to view to fit your needs. Don’t feel like leaving the house or don’t have the time? Order on NAPAonline to get
link hidden, please login to view on 160,000+ products. However you choose to shop, make sure to take advantage of link hidden, please login to view to receive 1 Point for every dollar you spend. When you earn 100 Points, you automatically get $5 off your next purchase! Don’t feel like testing fuel pressure yourself or just don’t have time? You can also swing by your local
link hidden, please login to view for a fuel pressure check. Their ASE Certified technicians have the right tools and training to diagnose any fuel related issues that your car, truck or SUV experience. Photo courtesy of
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