In this segment of "Industry Focus" on Motley Fool Live, recorded on Dec. 2, Fool analysts Auri Hughes and Nick Sciple discuss a formula of success for XPEL (XPEL -1.26%).

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Auri Hughes: Key things. It's funny there's certain lessons I've learned that have reinforced themselves as I've looked at more businesses, and as I've worked with more experienced people and this is a key lesson, the power of high inside ownership which XPEL had, starting from a small market cap and growing continuously for a long time.

Those are like the formula for XPEL. That's what happened with Monster (MNST -0.23%). You see that consistent theme or a lot of those elements and a lot of the big winners. Even if you don't want to buy it, I think it's a good case study. It's what I learned from them. I'm happy to own.

Nick Sciple: Riches in the niches. I think it's a perfect example of one of those.