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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Slower posture

Automotive Suppliers, Aftermarket & Mobility

Higher Spend Concentration + Slower · $61.6B disclosed spend · led by Geographic Expansion plays · activity cooling across 72 public buyers.

Priority buyers use acquisitions to add product categories, aftermarket reach, supplier technology, or service networks with clear channel leverage.

Geographic Expansion dominantSpend HHI 651Cooling -23

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is flat or cooling.

Public buyers

72

33 core (10+)

Recorded buys

663

117 last 3 yrs

Disclosed spend

$61.6B

$12.1B recent

Matched issuers

149

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 26%
Bolt 26%
Horiz 14%
Tech 12%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

8% mix

Small additive deals folded directly into the existing business.

Bolt On

26% mix

Mid-sized acquisitions extending the existing product or service core.

“During the fourth quarter of 2023, we acquired additional Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States for net cash consideration of $16.0 million.”

Brunswick Corporation (BC) · FY2023

Platform

6% mix

Foundational deals establishing a new platform or business line.

“We acquired the plant for approximately $45 million and have invested approximately $173 million as of December 31, 2021 to facilitate the conversion of the plant”

NU Ride Inc. (NRDE) · FY2021

Geographic Expansion

26% mix

Buying density or new geographies to extend the footprint.

“Business acquisitions pose integration and other risks.”

THOR Industries, Inc. (THO) · FY2024

Horizontal Consolidation

14% mix

Acquiring direct competitors to consolidate the market.

“The Company is primarily focused on allocating capital to high-returning organic initiatives that increase internal capabilities, attractive inorganic growth opportunities, and returning capital to shareholders.”

Visteon Corporation (VC) · FY2025

Vertical Integration

8% mix

Adding upstream or downstream capability inside the value chain.

“The global automotive component supply industry is highly competitive. Competition is based primarily on price, technology, quality, delivery and overall customer service.”

Adient plc (ADNT) · FY2024

Technology Acquisition

12% mix

Buying products, IP, or engineering depth for capability gain.

“We are dependent on the continued growth, viability and financial stability of our customers. Our customers generally are OEMs in the automotive industry.”

Aptiv PLC (APTV) · FY2025

Talent Acquisition

0% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$100K$1M$10M$100M$1B$10Bmedian annual $61Mmedian total $194MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)APTVAptiv PLC (APTV) Technology Acquisition $9.2B total · $768M / active year 12 active years · 21 buys reportedLKQLKQ Corporation (LKQ) Geographic Expansion $8.8B total · $441M / active year 20 active years · 220 buys reportedDCHDauch Corporation (DCH) Geographic Expansion $3.5B total · $394M / active year 9 active years · 8 buys reportedECXECARX Holdings Inc. (ECX) Bolt On $3.3B total · $1.6B / active year 2 active yearsALSNAllison Transmission Holdings, Inc. (ALSN) Mixed strategy $3.2B total · $801M / active year 4 active years · 2 buys reportedTHOTHOR Industries, Inc. (THO) Geographic Expansion $2.9B total · $210M / active year 14 active years · 12 buys reportedBCBrunswick Corporation (BC) Bolt On $2.8B total · $215M / active year 13 active years · 9 buys reportedXPELXpel, Inc. (XPEL) Geographic Expansion $2.8B total · $397M / active year 7 active years · 25 buys reportedGTTHE Goodyear Tire & Rubber Company (GT) Mixed strategy $1.9B total · $928M / active year 2 active years · 3 buys reportedSBLXStablex Technologies, Inc. (SBLX) Geographic Expansion $1.7B total · $282M / active year 6 active years · 24 buys reportedBWABorgwarner Inc. (BWA) Geographic Expansion $1.5B total · $507M / active year 3 active years · 6 buys reportedLCIILCI Industries (LCII) Bolt On $1.4B total · $90M / active year 16 active years · 36 buys reportedDANDANA Inc (DAN) Bolt On $1.4B total · $109M / active year 13 active years · 16 buys reportedGNTXGentex Corporation (GNTX) Technology Acquisition $1.4B total · $699M / active year 2 active years · 2 buys reportedLEALear Corp. (LEA) Mixed strategy $1.3B total · $190M / active year 7 active years · 11 buys reportedFOXFFox Factory Holding Corp. (FOXF) Geographic Expansion $1.3B total · $141M / active year 9 active years · 11 buys reportedWGOWinnebago Industries, Inc. (WGO) Geographic Expansion $1.1B total · $151M / active year 7 active years · 6 buys reportedXPEVXPeng Inc. (XPEV) Mixed strategy $1.1B total · $526M / active year 2 active years · 2 buys reportedDORMDorman Products, Inc. (DORM) Geographic Expansion $1B total · $104M / active year 10 active years · 9 buys reportedSMPStandard Motor Products, Inc. (SMP) Geographic Expansion $943M total · $63M / active year 15 active years · 16 buys reportedADNTAdient plc (ADNT) Vertical Integration $875M total · $146M / active year 6 active years · 5 buys reportedPIIPolaris Inc. (PII) Bolt On $793M total · $88M / active year 9 active years · 11 buys reportedQSQuantumscape Corporation (QS) Mixed strategy $677M total · $677M / active year 1 active years · 1 buys reportedONEWOneWater Marine Inc. (ONEW) Geographic Expansion $602M total · $120M / active year 5 active years · 12 buys reportedMBUUMalibu Boats, Inc. (MBUU) Geographic Expansion $516M total · $74M / active year 7 active years · 7 buys reportedCARSCars.com Inc. (CARS) Technology Acquisition $501M total · $72M / active year 7 active years · 5 buys reportedEZGOEZGO Technologies Ltd. (EZGO) Mixed strategy $468M total · $156M / active year 3 active years · 2 buys reportedCVGICommercial Vehicle Group, Inc. (CVGI) Horizontal Consolidation $419M total · $60M / active year 7 active years · 11 buys reportedMODModine Manufacturing Company (MOD) Geographic Expansion $394M total · $66M / active year 6 active years · 6 buys reportedPLOWDouglas Dynamics, Inc. (PLOW) Geographic Expansion $340M total · $57M / active year 6 active years · 6 buys reportedBLBDBlue Bird Corporation (BLBD) Platform $320M total · $160M / active year 2 active years · 2 buys reportedFFord Motor Co (F) Bolt On $273M total · $273M / active year 1 active years · 1 buys reportedACVAACV Auctions Inc. (ACVA) Bolt On $270M total · $67M / active year 4 active years · 9 buys reportedRDNWRideNow Group, Inc. (RDNW) Geographic Expansion $239M total · $34M / active year 7 active years · 8 buys reportedLIDRAEye, Inc. (LIDR) Mixed strategy $230M total · $230M / active year 1 active yearsTHRMGentherm Incorporated (THRM) Bolt On $205M total · $23M / active year 9 active years · 8 buys reportedKFSKingsway Financial Services Inc. (KFS) Geographic Expansion $182M total · $14M / active year 13 active years · 12 buys reportedSRFMSurf AIR Mobility Inc. (SRFM) Geographic Expansion $164M total · $82M / active year 2 active years · 2 buys reportedMCFTMastercraft Boat Holdings, Inc. (MCFT) Mixed strategy $162M total · $81M / active year 2 active years · 2 buys reportedTSLATesla, Inc. (TSLA) Technology Acquisition $162M total · $20M / active year 8 active years · 2 buys reportedHLLYHolley Inc. (HLLY) Mixed strategy $134M total · $67M / active year 2 active years · 37 buys reportedVCVisteon Corporation (VC) Horizontal Consolidation $116M total · $19M / active year 6 active years · 8 buys reportedCARGCarGurus, Inc. (CARG) Geographic Expansion $105M total · $35M / active year 3 active years · 3 buys reportedHOGHarley-Davidson, Inc. (HOG) Geographic Expansion $96M total · $32M / active year 3 active years · 3 buys reportedLAAOFLi Auto Inc. (LAAOF) Mixed strategy $92M total · $23M / active year 4 active yearsALVAutoliv, Inc. (ALV) Mixed strategy $89M total · $44M / active year 2 active years · 1 buys reportedAZOAutozone Inc. (AZO) Mixed strategy $76M total · $76M / active year 1 active yearsCANGCango Inc. (CANG) Mixed strategy $68M total · $23M / active year 3 active yearsNRDENU Ride Inc. (NRDE) Platform $55M total · $28M / active year 2 active years · 1 buys reportedBINIBollinger Innovations, Inc. (BINI) Geographic Expansion $52M total · $9M / active year 6 active years · 4 buys reportedORLYO Reilly Automotive Inc (ORLY) Geographic Expansion $48M total · $24M / active year 2 active years · 4 buys reportedSRIStoneridge, Inc. (SRI) Bolt On $38M total · $5M / active year 7 active years · 3 buys reportedMLRMiller Industries, Inc. (MLR) Vertical Integration $36M total · $18M / active year 2 active years · 3 buys reportedMPAAMotorcar Parts of America, Inc. (MPAA) Geographic Expansion $34M total · $5M / active year 7 active years · 7 buys reportedHYLNHyliion Holdings Corp. (HYLN) Mixed strategy $30M total · $15M / active year 2 active yearsCPSCooper-standard Holdings Inc. (CPS) Geographic Expansion $15M total · $8M / active year 2 active years · 15 buys reportedPHINPhinia Inc. (PHIN) Platform $15M total · $15M / active year 1 active years · 1 buys reportedVMARVision Marine Technologies Inc. (VMAR) Horizontal Consolidation $15M total · $7M / active year 2 active years · 3 buys reportedWKHSWorkhorse Group Inc. (WKHS) Platform $13M total · $7M / active year 2 active years · 4 buys reportedUXINUxin Ltd (UXIN) Mixed strategy $11M total · $5M / active year 2 active yearsSCTHSecureTech Innovations, Inc. (SCTH) Mixed strategy $9M total · $9M / active year 1 active years · 1 buys reportedWKSPWorksport Ltd (WKSP) Platform $8M total · $8M / active year 1 active years · 2 buys reportedMPXMarine Products Corporation (MPX) Mixed strategy $7M total · $7M / active year 1 active yearsNIONIO Inc. (NIO) Mixed strategy $5M total · $5M / active year 1 active yearsAEVAAeva Technologies, Inc. (AEVA) Mixed strategy $5M total · $5M / active year 1 active yearsEVTVEnvirotech Vehicles, Inc. (EVTV) Bolt On $4M total · $4M / active year 1 active years · 2 buys reportedMCOMmicromobility.com, Inc (MCOM) Horizontal Consolidation $2M total · $2M / active year 1 active yearsFFLOFree Flow USA Inc. (FFLO) Technology Acquisition $2M total · $2M / active year 1 active yearsFFAIFaraday Future Intelligent Electric Inc. (FFAI) Mixed strategy $1M total · $1M / active year 1 active years · 1 buys reportedCENNCenntro Inc. (CENN) Geographic Expansion $500K total · $500K / active year 1 active years · 6 buys reportedGMGeneral Motors Company (GM) Geographic Expansion $200K total · $100K / active year 2 active years · 3 buys reportedGPGreenPower Motor Company Inc. (GP) Vertical Integration $200K total · $200K / active year 1 active years
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Aptiv PLCAPTVTechnology Acquisition
$9.2B
$768M21

Winding down

$4.7B → $42M

LKQ CorporationLKQGeographic Expansion
$8.8B
$441M220

New cycle

$2.3B recent

Dauch CorporationDCHGeographic Expansion
$3.5B
$394M8

Cooling

-88%

ECARX Holdings Inc.ECXBolt On
$3.3B
$1.6BN/A

New cycle

$3.3B recent

Allison Transmission Holdings, Inc.ALSNN/A
$3.2B
$801M2

New cycle

$2.7B recent

THOR Industries, Inc.THOGeographic Expansion
$2.9B
$210M12

Winding down

$327M → $14M

Brunswick CorporationBCBolt On
$2.8B
$215M9

Cooling

-89%

Xpel, Inc.XPELGeographic Expansion
$2.8B
$397M25

Winding down

$2.6B → $32M

THE Goodyear Tire & Rubber CompanyGTN/A
$1.9B
$928M3

Paused

$1.9B prior

Stablex Technologies, Inc.SBLXGeographic Expansion
$1.7B
$282M24

Steady

+0% (count)

Borgwarner Inc.BWAGeographic Expansion
$1.5B
$507M6

Paused

$1.5B prior

LCI IndustriesLCIIBolt On
$1.4B
$90M36

Cooling

-67%

DANA IncDANBolt On
$1.4B
$109M16

Cooling

-96%

Gentex CorporationGNTXTechnology Acquisition
$1.4B
$699M2

Steady

+100% (count)

Lear Corp.LEAN/A
$1.3B
$190M11

Cooling

-73%

Fox Factory Holding Corp.FOXFGeographic Expansion
$1.3B
$141M11

Accelerating

+126%

Winnebago Industries, Inc.WGOGeographic Expansion
$1.1B
$151M6

Cooling

-82%

XPeng Inc.XPEVN/A
$1.1B
$526M2

New cycle

$1.1B recent

Dorman Products, Inc.DORMGeographic Expansion
$1B
$104M9

Winding down

$849M → $67M

Standard Motor Products, Inc.SMPGeographic Expansion
$943M
$63M16

Accelerating

+249%

Adient plcADNTVertical Integration
$875M
$146M5

Cooling

-84%

Polaris Inc.PIIBolt On
$793M
$88M11

New cycle

$23M recent

Quantumscape CorporationQSN/A
$677M
$677M1

Paused

$677M prior

OneWater Marine Inc.ONEWGeographic Expansion
$602M
$120M12

Winding down

$567M → $35M

Malibu Boats, Inc.MBUUGeographic Expansion
$516M
$74M7

Paused

$257M prior

Cars.com Inc.CARSTechnology Acquisition
$501M
$72M5

Steady

+19%

EZGO Technologies Ltd.EZGON/A
$468M
$156M2

Winding down

$448M → $21M

Commercial Vehicle Group, Inc.CVGIHorizontal Consolidation
$419M
$60M11

Paused

$38M prior

Modine Manufacturing CompanyMODGeographic Expansion
$394M
$66M6

New cycle

$3M recent

Douglas Dynamics, Inc.PLOWGeographic Expansion
$340M
$57M6

New cycle

$26M recent

Blue Bird CorporationBLBDPlatform
$320M
$160M2

Steady

+0% (count)

Ford Motor CoFBolt On
$273M
$273M1

Paused

$273M prior

ACV Auctions Inc.ACVABolt On
$270M
$67M9

Accelerating

+123%

RideNow Group, Inc.RDNWGeographic Expansion
$239M
$34M8

Cooling

-94%

AEye, Inc.LIDRN/A
$230M
$230MN/A

Paused

$230M prior

Gentherm IncorporatedTHRMBolt On
$205M
$23M8

Winding down

$147M → $2M

Kingsway Financial Services Inc.KFSGeographic Expansion
$182M
$14M12

Accelerating

+238%

Surf AIR Mobility Inc.SRFMGeographic Expansion
$164M
$82M2

New cycle

$164M recent

Mastercraft Boat Holdings, Inc.MCFTN/A
$162M
$81M2

Steady

+0% (count)

Tesla, Inc.TSLATechnology Acquisition
$162M
$20M2

Cooling

-99%

Holley Inc.HLLYN/A
$134M
$67M37

Paused

$134M prior

Visteon CorporationVCHorizontal Consolidation
$116M
$19M8

New cycle

$105M recent

CarGurus, Inc.CARGGeographic Expansion
$105M
$35M3

Paused

$85M prior

Harley-Davidson, Inc.HOGGeographic Expansion
$96M
$32M3

Steady

+0% (count)

Li Auto Inc.LAAOFN/A
$92M
$23MN/A

Cooling

-94%

Autoliv, Inc.ALVN/A
$89M
$44M1

Steady

+0% (count)

Autozone Inc.AZON/A
$76M
$76MN/A

Steady

no signal

Cango Inc.CANGN/A
$68M
$23MN/A

Paused

$37M prior

NU Ride Inc.NRDEPlatform
$55M
$28M1

Cooling

-77%

Bollinger Innovations, Inc.BINIGeographic Expansion
$52M
$9M4

Cooling

-95%

O Reilly Automotive IncORLYGeographic Expansion
$48M
$24M4

New cycle

$14M recent

Stoneridge, Inc.SRIBolt On
$38M
$5M3

Steady

+0% (count)

Miller Industries, Inc.MLRVertical Integration
$36M
$18M3

New cycle

$36M recent

Motorcar Parts of America, Inc.MPAAGeographic Expansion
$34M
$5M7

Steady

+0% (count)

Hyliion Holdings Corp.HYLNN/A
$30M
$15MN/A

Steady

+0%

Cooper-standard Holdings Inc.CPSGeographic Expansion
$15M
$8M15

Steady

+0% (count)

Phinia Inc.PHINPlatform
$15M
$15M1

New cycle

$15M recent

Vision Marine Technologies Inc.VMARHorizontal Consolidation
$15M
$7M3

Paused

$15M prior

Workhorse Group Inc.WKHSPlatform
$13M
$7M4

New cycle

$10M recent

Uxin LtdUXINN/A
$11M
$5MN/A

Paused

$11M prior

SecureTech Innovations, Inc.SCTHN/A
$9M
$9M1

New cycle

$9M recent

Worksport LtdWKSPPlatform
$8M
$8M2

Paused

$8M prior

Marine Products CorporationMPXN/A
$7M
$7MN/A

Steady

no signal

NIO Inc.NION/A
$5M
$5MN/A

Paused

$5M prior

Aeva Technologies, Inc.AEVAN/A
$5M
$5MN/A

Paused

$5M prior

Envirotech Vehicles, Inc.EVTVBolt On
$4M
$4M2

New cycle

$4M recent

micromobility.com, IncMCOMHorizontal Consolidation
$2M
$2MN/A

Paused

$2M prior

Free Flow USA Inc.FFLOTechnology Acquisition
$2M
$2MN/A

Steady

no signal

Faraday Future Intelligent Electric Inc.FFAIN/A
$1M
$1M1

New cycle

$1M recent

Cenntro Inc.CENNGeographic Expansion
$500K
$500K6

New cycle

$500K recent

General Motors CompanyGMGeographic Expansion
$200K
$100K3

Steady

+0% (count)

GreenPower Motor Company Inc.GPVertical Integration
$200K
$200KN/A

New cycle

$200K recent

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“Business acquisitions pose integration and other risks.”

THOR Industries, Inc.THOFY2024

“Some of our competitors are affiliated with OEMs and others could have economic advantages as compared to our business, such as scale of operations, patents, existing underutilized capacity and lower wage and benefit costs.”

Dauch CorporationDCHFY2025

“The Company believes the acquisition will be complementary to FOX’s Tuscany business, expanding its North American geographic manufacturing footprint and broadening its product offering in a growing segment of the automotive industry.”

Fox Factory Holding Corp.FOXFFY2020

“continue the Company’s strategy of being direct in the majority of the top car markets in the world”

Xpel, Inc.XPELFY2025

“The Company’s current strategy is to focus on profitable growth across its technology-focused product portfolio that supports electric, hybrid and combustion vehicles.”

Borgwarner Inc.BWAFY2025

“We believe there is a tremendous opportunity for us to expand in both existing and new markets, given that the industry is highly fragmented with most boat retailers owning three or fewer stores.”

OneWater Marine Inc.ONEWFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Parts Suppliers & Components

497

Vehicle components, tires, seating, electronics, powertrain, thermal, and supplier systems.

Buyers

37

Core

20

Spend

$47.1B

2006–2025 · last year 20

Mobility & Transportation Equipment

137

Commercial vehicle, mobility, trailer, powersports, specialty vehicle, and transport-equipment platforms.

Buyers

28

Core

11

Spend

$13.1B

2006–2025 · last year 12

Dealers & Service Platforms

37

Auto dealerships, service networks, collision repair, fleet services, and vehicle-retail platforms.

Buyers

7

Core

2

Spend

$1.4B

2006–2025 · last year 5

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

029572006: 13 buys · $533M spend · 4 buyers2007: 25 buys · $1.3B spend · 9 buyers2008: 25 buys · $382M spend · 8 buyers2009: 19 buys · $145M spend · 5 buyers2010: 8 buys · $1.9B spend · 5 buyers2011: 43 buys · $995M spend · 15 buyers2012: 39 buys · $1.4B spend · 9 buyers2013: 35 buys · $1.2B spend · 13 buyers2014: 43 buys · $1.9B spend · 14 buyers2015: 21 buys · $2.3B spend · 13 buyers2016: 40 buys · $6.2B spend · 19 buyers2017: 49 buys · $2.3B spend · 19 buyers2018: 35 buys · $5.4B spend · 14 buyers2019: 40 buys · $4.2B spend · 22 buyers2020: 10 buys · $5.6B spend · 9 buyers2021: 44 buys · $6.4B spend · 19 buyers2022: 57 buys · $7.3B spend · 22 buyers2023: 49 buys · $3.8B spend · 19 buyers2024: 35 buys · $1.1B spend · 18 buyers2025: 33 buys · $7.3B spend · 21 buyers2006: 13 buys · $533M spend · 4 buyers2007: 25 buys · $1.3B spend · 9 buyers2008: 25 buys · $382M spend · 8 buyers2009: 19 buys · $145M spend · 5 buyers2010: 8 buys · $1.9B spend · 5 buyers2011: 43 buys · $995M spend · 15 buyers2012: 39 buys · $1.4B spend · 9 buyers2013: 35 buys · $1.2B spend · 13 buyers2014: 43 buys · $1.9B spend · 14 buyers2015: 21 buys · $2.3B spend · 13 buyers2016: 40 buys · $6.2B spend · 19 buyers2017: 49 buys · $2.3B spend · 19 buyers2018: 35 buys · $5.4B spend · 14 buyers2019: 40 buys · $4.2B spend · 22 buyers2020: 10 buys · $5.6B spend · 9 buyers2021: 44 buys · $6.4B spend · 19 buyers2022: 57 buys · $7.3B spend · 22 buyers2023: 49 buys · $3.8B spend · 19 buyers2024: 35 buys · $1.1B spend · 18 buyers2025: 33 buys · $7.3B spend · 21 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)