AutoZone operates one of the largest auto parts retail chains in the United States, selling replacement parts, tools and accessories to both do-it-yourself customers repairing their own vehicles and commercial customers supplying professional repair shops. Demand for auto parts tends to hold up well during economic downturns, since consumers often choose to repair aging vehicles rather than buy new ones when household budgets are tight, giving the business a somewhat defensive characteristic. The company has historically prioritized share buybacks as a way to return capital to shareholders, a capital allocation approach that has meaningfully reduced its share count over many years. AutoZone competes with O'Reilly Automotive and other national auto parts chains, along with regional and independent parts retailers, in a market where store density and parts availability matter significantly to customer convenience.