Australia's ARB dips, peer Amotiv rises; Citi flags shift in key auto part segment

** Shares of automotive part retailers ARB ARB slip 0.7%, while peer Amotiv AOV climbs 1%

** Citi says October new car sales data in Australia and New Zealand appears positive, with the key "PU/CC 4x4" segment also growing

** Citi flags that excluding pickup trucks BYD Shark and GWM Cannon, the segment fell

** Citi sees this evolving original equipment manufacturer mix as a challenge for ARB and AOV

** Brokerage says ARB is late with BYD Shark's accessories, while AOV is constrained, as BYD doesn't use third-party towbar makers

** Citi prefers ARB over AOV and is increasingly positive on ARB's long-term U.S. potential, though notes near-term disruption from Ford's October North American production dropping

** YTD, ARB and AOV are down nearly 13% and 17% respectively