I agree with your points @Lewis - Probably the largest consumers of ARB's 4WD after-market gear are Toyota Landcruiser and Prado owners, and similar high-end large 4WDs from other brands, and the fact that ARB announced in the past 6 months that they are now a Tier One supplier to Toyota North America should not be underestimated in terms of OEM (original equipment manufacturer) sales, which is a steady recurring revenue segment of their business.

And, as you say, if you're shelling out the sort of money that those large full-on 4WDs cost (not the lesser amounts that SUVs cost) then you're unlikely to be struggling financially.

In terms of tariffs, the current issues around steel and aluminium and whether Australia would be exempt or not is around raw steel and aluminium rather than around products that contain steel or aluminium in their construction, so unless Donald slaps a blanket tarriff on everything from Australia and Thailand (ARB's second manufacturing base), ARB won't be affected directly by those tariffs making their products more expensive for their end-customers to purchase in the USA. In other words, I don't think tariffs are going to be a factor.

But it's a fast changing tariff landscape - remembering that Trump uses the threats of tariffs as a bargaining tool to get what he wants from other countries and he can remove tariffs or reduce them as fast as he orders them. Today's latest news is that he's now threatening tariffs on ALL vehicles and semiconductor chips imported into America - see here: https://www.theguardian.com/us-news/2025/feb/18/trump-tariffs-foreign-cars-semicondutor-chips

The eventual reality is often much different to the initial rhetoric.

The main thing to note about ARB is that they've ALWAYS been run by the founder and/or founder's brothers and they own a decent chunk of the company and they run it like it's their business, because they're part-owners of it.

The company's name, ARB, are the initials of the company's founder (back in 1975), Anthony Ronald Brown, and the company is now run by his two brothers, Andrew and Roger Brown (ARB once again), and they are one of the best management teams in Australia in my opinion. I love the way they are expanding through the US on a state-by-state basis using existing known brands there rather than trying to establish ARB as a competitor to existing brands there, and when you look at their state coverage, it's measured; they're expanding throughout a state before tackling another state. It's a big country and they're not trying to expand through it all at once. Typical ARB - well planned and well executed, no rushing, doing a proper job of it.

Source: 1H FY2025 Results Presentation

ARB have Australia well covered:

However, they are global now with the US representing their BIG growth opportunity:

Source: https://www.arb.com.au/wp-content/uploads/2025/02/FY2025-HALF-YEAR-INVESTOR-PRESENTATION.pdf

So, yeah, great company, happy to be back onboard again just ahead of this latest result.

Good point on the tariffs, I read one journalist earlier in the week suggest the world should react to what he does, not what he says. Seems a good idea. Thanks for the history. I like businesses with high quality management who are share owner aligned, as you've alluded to founders tend to do this very well. It's one of the things that drew me to ARB in the first place.

A good case in point (or some conformation bias) I drive a 1996 Toyota Landcruiser and I have an ARB receipt from the same year in the glovebox. The original owner picked up the car from the Toyota dealership, drove it straight to ARB and more or less bought the entire catalogue. Happy to report that everything they installed is still fitted and going strong (minus the shocks that only lasted 20 years), a testament to quality but also a reminder that they've been good at this for a long time.