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Mario Gabelli Comments on Genuine Parts Co.

Genuine Parts Co. (NYSE:GPC) (1.7%) (GPC - $103.58 - NYSE) is an Atlanta, Georgia-based distributor of automotive and industrial replacement parts, and electrical and electronic components. We expect GPC's well known NAPA Auto Parts group to benefit as an aged vehicle population, which includes the highest percentage of off warranty vehicles in history, helps drive sales of automotive aftermarket products over the next several years. Additionally, economic indicators remain supportive of the company's industrial and electrical parts distribution businesses amid steady economic expansion. Finally, GPC's management has shown consistent dedication to shareholder value via share repurchases and dividend increases.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund's second-quarter 2019 shareholder letter.
This article first appeared on GuruFocus.