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LOS ANGELES -- Motorcar Parts of America Inc. announced its board of directors has authorized a share repurchase program of up to $5.0 million of the company's outstanding common stock from time to time in the open market and in private transactions at prices deemed appropriate by management. Motorcar Parts of America has approximately 12.1 million shares outstanding on a diluted basis. "This share repurchase program is consistent with management's commitment to enhancing shareholder value. In addition, we will continue to pursue initiatives such as complementary acquisitions and other related activities," said Selwyn Joffe, chairman, president and chief executive officer.
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