Motorcar Parts of America nominates new board member

LOS ANGELES - Motorcar Parts of America, Inc. (NASDAQ:MPAA), a leading remanufacturer, manufacturer, and distributor of automotive aftermarket parts, today announced the nomination of Anil Shrivastava for election to its board of directors at the upcoming annual meeting scheduled for September 5, 2024. Shrivastava, a principal at 325 Capital, one of the company's largest shareholders, is set to bring over three decades of investment experience to the board.

The company, which recently filed its proxy statement with the Securities and Exchange Commission, is introducing Shrivastava and F. Jack Liebau, Jr. as new board candidates this year. Current directors Rudolph J. Borneo and Jamy P. Rankin will not seek re-election and are retiring at the 2024 annual meeting.

Shrivastava's investment career spans roles at Bain & Co., Sagard Capital, and Vestar Capital Partners, bringing a wealth of experience in engaging with management teams and developing strategies for long-term value creation. His nomination is part of the board's commitment to regular refreshment and shareholder input.

Selwyn H. Joffe, chairman, president, and CEO of Motorcar Parts of America, expressed confidence that the new nominations would contribute positively to the company's momentum and growth. Joffe also extended gratitude to Borneo and Rankin for their service and valuable contributions to the board.

Shrivastava, who has been interacting with the company's board for several years, expressed enthusiasm for the opportunity to work from within the boardroom to create value for all shareholders.

This announcement comes as Motorcar Parts of America continues to serve the automotive retail and professional repair markets in North America, with a diverse product line that includes electrical vehicle testing solutions and charging systems.

The information in this article is based on a press release statement from Motorcar Parts of America, Inc.

InvestingPro Insights

As Motorcar Parts of America, Inc. (NASDAQ:MPAA) gears up for its annual meeting and board member changes, investors may be looking closely at the company's financial health and market performance. Current InvestingPro data reveals some key insights.

With a market capitalization of $118.37 million, the company is trading at a low Price / Book multiple of 0.42, suggesting that the stock might be undervalued relative to its book value. Despite a challenging environment, MPAA has maintained a revenue growth of 5.07% over the last twelve months as of Q4 2024.

InvestingPro Tips highlight that MPAA is trading at a valuation that implies a strong free cash flow yield, which could be attractive to investors looking for cash-generating investments. Moreover, analysts predict the company will turn profitable this year, which could signal a reversal of fortunes and a potential uplift in the stock's performance.

While the company has not been profitable over the last twelve months and suffers from weak gross profit margins of 18.47%, the anticipated profitability and strategic board nominations could pave the way for a brighter future. The stock has taken a significant hit over the last six months, with a price total return of -39.19%, reflecting investor concerns but also potentially setting the stage for a value play if the company's turnaround plans gain traction.

For investors seeking a deeper dive into Motorcar Parts of America's financials and future prospects, there are additional InvestingPro Tips available. By using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, gaining access to comprehensive analysis and data that can inform investment decisions.

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