Some ASX 200 shares rise because conditions are favourable. Others keep growing because the business itself becomes more valuable over time.
That second group is harder to find, but usually includes companies with strong market positions, sticky customer relationships, useful data, and the ability to reinvest through different cycles.
Two ASX 200 shares that appear to have those qualities are listed below.
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CAR Group Ltd (ASX: CAR)
CAR Group is one ASX 200 share that has steadily become a much bigger business than many investors may realise.
It remains best known locally for carsales.com.au, but the company now operates across several major international vehicle markets. Its platforms span Australia, Brazil, South Korea, the United States, and Chile, giving it exposure to a large and underpenetrated global opportunity.
The attraction of this model is that vehicle marketplaces can become stronger with scale. Buyers want choice, sellers want access to buyers, and dealers want tools that help them win business more efficiently. Once that ecosystem is in place, it can be difficult for rivals to replicate.
CAR Group is also moving beyond simple listings. It is adding payments, finance, inspections, dealer products, media, and artificial intelligence (AI)-driven tools that can make the buying and selling process easier.
This is an important development. The company is using its data and marketplace position to create a more useful experience for consumers and dealers. Voice-controlled search, AI companions, and smarter dealer tools all point to a platform that is becoming more intelligent, not just larger.
Vehicle markets will always have cyclical elements, and valuation matters after a strong run. But this ASX share has the type of global marketplace economics and product depth that could support growth for many years.
TechnologyOne Ltd (ASX: TNE)
TechnologyOne is another ASX 200 share that looks well placed for the long term.
It provides enterprise software for organisations such as councils, universities, government agencies, and large enterprises. These customers need reliable systems to manage critical functions, which makes the software deeply embedded once adopted.
That customer stickiness is a major strength. Replacing core enterprise software can be expensive, disruptive, and risky. This gives TechnologyOne a strong foundation of recurring revenue.
The interesting part is how the company is positioning itself for the next stage of enterprise software.
Some software businesses are facing questions about whether AI will reduce the need for traditional seat-based products. TechnologyOne appears to be taking a different path.
Its SaaS+ model and AI products are designed to make its platform more valuable by helping customers simplify processes, improve productivity, and get better outcomes from their data. As a result, AI looks more like an accelerant than a threat.
TechnologyOne shares are rarely cheap. But high-quality software businesses with recurring revenue, defensive customers, and a clear AI strategy arguably deserve attention from long-term investors.
