(RTTNews) - Motorcar Parts of America (MPAA) announced that its board has increased the company's share repurchase authorization to $57 million, up from $37 million.
The expanded program allows the company to buy back its common stock through open-market or private transactions at management-approved prices. MPAA currently has about 19.6 million shares outstanding.
CEO Selwyn Joffe said the decision reflects the company's focus on boosting shareholder value by leveraging its strong financial position and its role in the non-discretionary automotive aftermarket.
MPAA currently trades at $13.47, or 5.77% higher on the NasdaqGS.
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