Motorcar Parts at 25th Annual Consumer Growth and E-Commerce Conference: Strategic Shifts

On Wednesday, 11 June 2025, Motorcar Parts of America (NASDAQ:MPAA) presented its strategic initiatives and financial performance at the 25th Annual Consumer Growth and E-Commerce Conference. The discussion, led by CEO Selwyn Joffe, highlighted the company’s robust cash generation, debt reduction, and strategies to mitigate tariff impacts. While the company faces short-term challenges, it remains optimistic about its competitive position and growth prospects.

Key Takeaways

• Motorcar Parts of America generated $45 million in cash and reduced debt by over $30 million.
• The company is mitigating tariff impacts through operational adjustments and price increases.
• Manufacturing focus is shifting from China to Mexico and Malaysia.
• Anticipated mid-to-high single-digit revenue growth and margin expansion.
• Strong demand for nondiscretionary replacement parts due to the aging vehicle market.

Financial Results

• Cash Generation: $45 million in the last fiscal year.
• Debt Reduction: Over $30 million paid down, with net debt around $80 million excluding the revolver.
• Debt to EBITDA: Very low, indicating strong financial health.
• Share Buybacks: Actively repurchasing shares to enhance shareholder value.
• Tariff Impact: Confident in mitigating 100% of tariff effects through strategic measures.

Operational Updates

• Manufacturing Footprint: 75% based in Mexico and Malaysia, reducing reliance on China.
• Production Flexibility: Capable of relocating production within 3-6 months.
• Mexico Operations: Sales in Mexico could potentially fund all operations there within 9-12 months.
• Tariff Mitigation: Achieved through operational adjustments and supply chain efficiencies.

Future Outlook

• Revenue Growth: Mid-to-high single-digit growth anticipated.
• Margin Expansion: Expected in the mid-to-high twenties.
• Capital Deployment: Focused on organic growth and potential M&A opportunities.
• Product Expansion: Growth within existing categories, with openness to new product lines.

Q&A Highlights

• Tariff Management: Discussed delayed tariff impacts and competitive advantages from operational efficiency.
• Demand Drivers: Stability in demand for replacement parts due to aging vehicles.
• Product Diversification: Expanding into brake parts with significant growth in market share.
• Competitive Landscape: Advantage through numerous small improvements in service, quality, and efficiency.
• Currency Fluctuations: Addressed non-cash impacts of Mexican leases and peso hedging.

Motorcar Parts of America remains committed to enhancing shareholder value and navigating current challenges with strategic foresight. For further details, refer to the full transcript.

Full transcript - 25th Annual Consumer Growth and E-Commerce Conference:

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: Well, good morning. Thank you all for joining us. So my name is Brian Nagel. I’m the senior equity research analyst here at Oppenheimer, coming consumer growth and ecommerce. This is day three of our twenty fifth annual Oppenheimer consumer growth and ecommerce conference.

So, again, thank you all for joining us today. I’m very pleased to have with us our next presenting company, Motorcar Parts of America, and the company’s chairman, president, CEO, Selwyn Joffe. So, Selwyn, thank you for joining us.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Hey, Brian. How are you?

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: Doing well. Thank you. It’s a it’s an annual event for me to see you at conference. Again, thank you.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Thanks for including us. We appreciate it.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So we’re gonna structure this as a fireside chat with me asking Selwyn questions and him answering these questions. To the extent there are any questions from the audience, just work them or put them in the chat, and I’ll be happy to work them into our conversation. So, Selwyn, I thought, you know, just for the sake of those who may be a little less familiar with Motorcar Parts of America, maybe just a, you know, quick overview of the business. You and and you recently reported quarterly results, and it’s, like, just yesterday. So maybe some you know, what would you view as kind of the key highlights from that report?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Right. Well, just a quick overview. I mean, I’m excited about about our results and our our momentum. Just a quick overview of the company. I mean, we’re in the hot parts aftermarket.

We fundamentally, specialize in nondiscretionary replacement parts, you know, driven with rotating electrical and then a whole brake part, full brake line supplier. And, we also have diagnostics in the rotating electrical space. So, you know, we service North America markets right now, The US, Mexico, Canada. And, we’re excited about the mentum momentum we have. You know, we had, very good results, in my opinion, for the last, fiscal year.

We generated 45,000,000 in cash, paid down over $30,000,000 of debt, significant amount of EBITDA, and net debt is down to around $80,000,000 before the the revolver, not not including the convert. And so debt to EBITDA is is very low, very good liquidity right now. We bought back a number of shares. We’re continuing to buy back shares, and we’re we’re optimistic about where we are. So I think, you know, we’re off we had a great year.

We’re off to a solid start for this year. Our outlook is is favorable. We do have some tariff headwind short term, some trans transition tariffs, I would call them, and and, you know, somewhat one time if you, you know, if you allow me to go there. But and this is really just the differential in the timing between when our price increases kick in compared to, paying tariffs in the interim. And so we will have one time expenses, but then we expect that we’ve mitigated a 100% of the tariff impact.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So we could let’s see. Maybe dive a little bit more into that tariff. I don’t you know, tariffs are a key focus of investors at this point, you know, as we’re talking to companies within within your space and really across consumer broadly. So maybe you could just discuss a little further that dynamic, what you’re seeing, you know, your like you just mentioned, your ability to to mitigate these tariffs over time.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. I well, I’m I can’t comment on on on anybody else, but we are able to, through a combination of operational adjustments and supply chain efficiencies along with price increases, we’re we’re we’re very confident we’ve mitigated a 100% of our tariff tariffs. I mean, again, I I I don’t wanna mislead anyone and that there is an interim cost. The interim cost, I believe, is very, very, very manageable for us. I mean, we have very high liquidity.

We have no liquidity issues relating to tariffs, And we expect to come out of it in a much better position, to be honest with you. I think we’re gonna be more competitive. And I think the opportunities that will open up for us will foxy the cost of the interim tariffs over time. And so we’re, you know, we’re we’re optimistic about that. It’s a changing world.

So, you know, even as as we know this morning, I’m seeing tweets and posts about changing tariffs. So I don’t know the details of that yet, but, certainly, the Chinese agreement, I don’t think it’s been publicly announced yet. At least I’m not familiar. I’ve seen, just some snippets of it, but I’m not sure where that goes. But our footprint, we less than 25% of our product is subject to tariffs, and we believe we can we can reduce that over time significantly.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So we couldn’t that’s I think because I think it’s an interesting topic at the moment. Just maybe talk a little more just about that, know, the delay, if you will. I mean, why, you know, why you’re you’re you as a company are absorbing those costs now, but then over time

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Well, it’s it’s good news and bad news on that. I mean, the good news is that we have such an efficient footprint is that we only pay tariffs when we bring product into The United States when we sell it. We only bring product into The US when we sell it. So our inventories at our factory, we ship direct from our factory. So we you know, from so from a cash perspective, the the cash flow hit is mitigated, you know, right away for the tariffs that we pay once the price increases go through.

So the good the bad news is that we’re the we’re the ones paying tariff, and I think that was reflected in our fourth quarter. The good news is that we, once we get through the interim between the transition of of the price increases, we will have no cash flow impact from the tariffs, in fact, because we get paid we we get paid on average thirty five days or thirty four days, and our tariffs are paid in a similar amount of time. And we only pay when we sell. We don’t have to pay for our inventory replenishment. And many of our competitors have US inventory.

You’re gonna have to pay full blown cash for their replenishment inventory. And so that’s a big, big, big difference. Now they may have some safety stock in The US, so they’re not paying immediate tariffs, but a long term impact for them is far more significant from a liquidity standpoint than it is for us. And so I think that gives us a big competitive advantage. I also think that it just shows the efficiency in our model.

And and as we make the changes, I think we become even more competitive.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So it’s a key component that we haven’t talked yet about your I I always think it’s worth mentioning, you who your key retail partners are. You know? I mean, they’re another major know, you’re very they’re the major auto parts retailers in The United States, and I know you’re, you know, one of their preferred suppliers. So as we think about this tariff dynamic, is it is really key to this that those retailers pass along to their consumers these higher costs?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. I’m not gonna speak for the retailer. I think it’s it’s it’s an awkward position for me, but I think that they’ve been rational with us. And, you know, we respect the decisions that they’ve made and and are continuing to make. And I think with with the economic and operating deliverables that we we offer, I mean, they we were able to come to, you know, to to an agreement on on what we’re doing.

So yeah. I think at the end of the day, you know, the consumer prices are going up in the consumer market. I mean, all all all the players that I can see seem to have taken up prices. It’s nondiscretionary product. The demand for our product, in my opinion, will continue.

I don’t think these tariffs will price these products out of being replaced. I think a couple of things is the fundamentals of the market. There’s more vehicles on the road. There’s more vehicles getting old. Average age is now 12.8 something for a vehicle.

There’s 280 plus million vehicles on the road, and the value of the vehicle has actually gone up. And I say that because the the the the relative value of replacing a part relative to the value of the vehicle is the key thing. If it’s cheaper to replace the part and keep the vehicle, you’re gonna make that replacement decision. Certainly, an alternator starter, brake pad, a brake caliper, you’re gonna replace that before you replace your vehicle. And as the tariffs pop in for new import vehicles, which you’re already seeing price increases there, used car values are going up as well because there’s more demand for used cars.

And so the relative value proposition remains intact, and it’s nondiscretionary. You’re not, you know, you’re not you may be able to defer a pad for a little bit, but nothing you know, pretty much everything else you gotta replace, otherwise, you can’t drive that vehicle of our parts. So, yeah, so I you know? So I’m optimistic that we’ll get through it. And and at the end of the day for us, again, while there is some transition pain, which I I think people should look at in a in a longer term perspective because I think it’s actually an opportunity for us.

I think we come out of it in a in a good space.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So on the topic of just demand, you know, and and you touched on this a bit, but I would love to drill down a little bit further. You know, look, I you know, like you said, your your your space and your your your company largely serves nondiscretionary type demand. You know, there were some disruptions as we, you know, in the pandemic, came out of the pandemic. But, you know, the overall from a demand perspective, we back to a normalized, you know, demand dynamic where it’s being driven by, like you just said, that, you know, the number of cars on the road, the age of those cars, etcetera?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Look. I think there’s demand at the consumer level, and there’s demand at our level as a supplier. At the consumer level, I think that, you know, certainly, we’re not in a in a cat in categories where one’s so excited to go and buy a new alternative for that vehicle. Right? It’s it’s all about replacement and need, and I think that the need the need quotient is is stable and growing.

So I think that there’s none of those you know, there has been a reduction in this in disposable income, but I think we’re through that. I see a stabilization and potentially an an uptick, quite frankly. And I think some inflation in the market is probably not bad because there’s been deflation for, you know, twenty years, thirty years in in in these in these parts. And and and, you know, to have a viable supply chain, you need some inflation. And so I don’t think that’s the end of the world.

I do think the consumer is still getting a great value even with the price increases, and I don’t see that being abnormal right now. Now for discretionary, I can’t even comment on that. I have no idea where that’s gonna go. But but on nondiscretionary, you know, I I I think I I think the value quotient was is still very fundamentally viable and exciting.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So now more, you know, more specific on on on motorcar motor car parts business. You know, for something we’ve been talking about for a while is really the diversification beyond that core or that, let’s say, legacy, which rotate and electrical. So maybe talk about that. Mean, were you where how you view rotate that that correlates product and then some of the new the new products that you moved into and how that’s resonating with your your core partners on the distribution side.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Well, I think that’s important. I mean, it took us forty years before we decided to do more than alternators and starters. We have 50 plus percent share of the rotating electrical market and continue to grow and is fundamentally a very viable the fundamentally a very, very viable category. And we’re and we expect you know, I mean, we’re just in North America. I mean, the whole world is there’s a significant number of of combustion engine vehicles all over the world.

So the we think the growth is a long, long time in rotating electrical. When we made a strategic decision to become a multiproduct company, we looked at technology agnostic parts, and we certainly felt that the brake category is big as it is. And the fact that even for whether it be hydrogen hybrid or electric, you know, that that the brakes were all needed, and and and and so we went into the the brake line. I mean, we’re fast becoming close to the largest and maybe the largest suppliers of brake calipers in The United States right now, and that category continues to grow for us. Our brake pad business is is and rotor business, but really the pads is really what we’re focused on is new, but but it fast evolving into into something that we think can be very significant.

So overall, between brake master cylinders, brake boosters, brake pads, and even our wheel hub program, which houses the anti lock braking system. And, you know, we have a full line brake shoes as well that go with the pads. I you know, we see fast evolving market share. And as we get market share, we see margin accretion, and then that’s and that’s really important. I think you can see that in our numbers.

The margin accretion is there, and I think we’ll we’ll experience further margin accretion as we continue to grow our business, assuming oil continues to be as strong as it looks right now. And so, you know, we there’s always risk, but, we’re very confident that we’d sell a great product and that we do a great job servicing our customers.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: And should we think about, you know, as investors look at the business and the longer term growth trajectory of the business, will there be expansion to other product categories from here?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: You know, our focus right now is is is really growing. We have so much opportunity in our existing categories, Brian, that, I mean, if there was something that was so up opportunistic, maybe we would look at that, but we really heavily focused inward right now. Growing the categories we have, we have a lot of growth opportunity in every category that we’ve got. And so, you know, we we’re heavily inwardly focused. We think our growth rates can sustain for multiple years without looking at other categories, and which doesn’t mean that one day we won’t, you know, get into other categories.

We’re very well positioned to be in multiple even more categories, but we don’t need them right now. And so our focus is positive cash flow. We think there’s good equity value in buying back our stock. And, you know, and, you know, we have very little debt. I mean, so, you know, we we we’re gonna look at how to deploy capital to enhance shareholder value in the most effective way.

But there’s no there’s no compelling reason to look for something new to go into. I mean, we’re we’re very strong in in in the categories we have.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So on those cat just and I think an interesting point is just discuss the competitive dynamic. You know? So what you know, how do you you talk about the the substantial market share you have in, you know, in the the the legacy rotating electrical already growing market share within in the in the broader brake category. But, really, what’s what’s how how do you compete? I mean, what what makes your products better than others and and helps you drive that market share?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. You know, I I I I always answer that with one one answer. There’s no one thing that makes you better than another. It’s a thousand little things that makes us better. And, you know, we I come from the discipline of of of worrying about everything, and we really put ourselves in our customer’s shoes to see what do they need that makes them more competitive than our competitors’ customers.

And so we have a full street smart suite of services, and we would do everything from developing business plans to helping the salespeople sell on the street, I mean, state of the art cataloging. And then, of course, the efficiency on getting them the right product at the right time at the right place. I mean and that’s that’s critical. The fill rates the fill rates, making sure that you have new product introductions. And so these are all basics, and they’re all blocking and tacking tackling, but not everybody does all of them.

Some people do some of them, but not many people. And I shouldn’t say we have very good competitors, but but I shouldn’t say yeah. But but we generally and and I’m probably quite biased. I mean, generally at the top of the pile in terms of our service levels and the quality of our products. I mean, we’re we’re serious, but we do we’re tier certified in every facility.

We have state of the art facilities, the most efficient remanufacturing facilities in the world, and I I would I would challenge anyone on that. And we make sure that our parts work, and we are known and that the consumer is getting the right value for their money.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So let’s talk a bit about and I think this may go back to the the tariff conversation, but, you know, just the unique nature of your manufacturing capacity. I mean, the the big emphasis you put on Mexico and how you’ve you’ve shifted manufacturing capacity in other parts of the world and kind of where we stand now and where we’re going forward.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. I think that, again, you know, 75 plus percentage of our business is out of Mexico and and Malaysia. And the the vast majority of that 75% is coming out of Mexico. We do have some of our break products that come out of China, and we have, you know, strategic relationships there that that I mean, when when it’s the right time, we’ll make the appropriate moves on on those. But I would say that, you know, again, the the vast majority of our product is is USMCA certified and is tariff free, and we think we can enhance that pretty significantly pretty quickly.

And so when I say quickly that nothing’s overnight, I mean, we you know, when you move product and factories, it takes, you know you know, probably we’re looking at, you know, anywhere from three to six months where you can relocate. But with the footprint and the efficiencies and opportunity and infrastructure that we have within our own facilities, we’re very flexible as to where we can produce what. And so we’re excited about the opportunity.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: So, know, the the the the move from China, maybe give us some idea of how how much how to what extent have you moved out of China historically, where could that go from here?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. We had moved, I mean, essentially completely out of China until until until we got into the brake pad and rotor business, I mean, which is is predominantly coming out of China. We have a unique formulation from a specific factory in China that we have a joint venture with that, you know, that that that caused us to go into China. We always have, you know, intermittent sourcing of specialized items from China. I mean, so that that that continues and that, you know, in in some ways is sort of an a necessary evil as part of our business.

But and it’s not an evil. I mean, it plays a great role in making us a very efficient supplier. So we, you know, we supply all makes and all models so that whatever vehicle you have on the road, you have an we have an application for you. And and so you need some of that fill in, but we’ll become less dependent on China. I mean, most of those Chinese suppliers are moving out of China themselves.

So so, you know, we we made the decision number of years ago to be less dependent on China, and and we are, and we’ll get and we’ll and that will continue.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: You know, studying back over some of the recent quarterly reports, so when and, you know, at least a couple quarters ago, you you and your team were talking, you know, pretty openly about, you know, your efforts to manage better currency fluctuations and, you know, those fluctuations upon your business. So I I I don’t recall that.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. That’s that’s a big question with us, Brian, and I appreciate you bringing that. But we we have two major noncash items that that keep affecting superficially affecting our numbers. And the biggest one, and I just wanna address that, and it’s completely noneconomic, is the mark to market on the Mexican leases. And we’re a in Mexico.

We’re required to have a lease on the books of our Mexico subsidiary. The lease is a 100% dollar lease, but the Mexico subsidiary has to mark to market, and the dollar’s been accretive against the against the peso. And so the Mexican subsidiary is required to mark to market the peso full value of the liability of that lease on their books. They never pay it. It’s all paid by dollars by The US entity.

And and when we consolidate, we have to take that mark to market hit in the consolidation. It’s completely noncash. It doesn’t affect any payments. There’s no hedging. There’s nothing other than a book entry that has no economic impact on us, what’s zero whatsoever.

It was purely a a GAAP accounting, and I think that’s the biggest headwind that we run into as a company. And people get through that. You can see the underlying fundamentals are really strong. And then the other is we’ve been buying pesos forward. We buy 75%.

This is our formula. The whole world can know it. I’m not too afraid. 75% of our needs forward on a twelve month basis so that we just know that we what our cash requirement is on funding that. We’re gonna need far less than that right now because our business in Mexico is is is growing beautifully.

We think it’s gonna continue to grow, and we think we can fund all of the Mexican operations out of our Mexico sales. So there’ll be no more need, you know, over the over the next probably nine months to to nine months to twelve months, we don’t believe we’ll have a need to actually buy forward peso contracts, and that’ll all disappear. So the headwind of the, you know, of the of these noncash items is is is very frustrating for both the investor base and for the management team and the board and and all sorts of things. And but it is what it is, and and the only reason it’s there is because there’s a Mexico rule that requires if you’re gonna be licensed as a Michilador, which has a lot of advantages for us in terms of being tariff free, across the Mexico border, that you have to have the lease on the books of the Mexico entity. So it seems to sense.

I don’t know if I explained it clear enough. But

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: yeah. Well, I’ll ask I mean, just a follow-up question because I I think, you know, this is a question we get a lot. I think it is interesting to talk. So is there is there something you could do to to sort of say limit this noise within your financials?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. Well, the only thing we could do is we could make it a cash impact, and then we’d really be subject to the fluctuations. And that way, we wouldn’t have a mark to market, but it makes no sense to have any economic impact just as window dressing. So, you know, there is it is gap, and, you know, we’ve looked at all alternative ways of how the gap rules generally accepted accounting rules apply to it. And that mark to market on the lease for now, we don’t see an alternative.

Again, I just I I I assure you, and I don’t think there’s anyone who would disagree with me when they understand it, that it is 100% noneconomic.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: Got it. So I know our times are starting to wind down. There are couple more topics I wanna discuss, though. Just from an m and a standpoint, you know, particularly now with your balance sheet and and bet your your cash flow, your balance sheet in better better shape, are you are you looking more towards, m and a opportunities?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: It’s not that we’re looking more to m and a opportunities. Not I wouldn’t say that, but I do think that there’s you know, the supply chain is in a consolidation mode, and there’s there’s opportunities on both sides of the equation. You know, I think that there’s been a lot of consolidation on the on the on the distribution side and and and the retail side. And so, you know, efficiencies are critical in a market where the that’s cost sensitive. And so we’re always open to deploying we have very low leverage.

And so we’re always open to deploy capital. We would not be taking any high risk or risky ventures. That’s really not and, again, as I said earlier, we don’t need acquisitions of new products to continue our growth rates. We’re pretty solid in the product lines that we’ve got.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: I guess, just a final question for me is, you know, as we think about this the how the business continues to evolve and grow. I mean, are there can you give us some frameworks to how we should think about the kind of longer term financial profile of the business, kind of almost like what we’re playing for here?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Yeah. I think look. I I think you you know, mid mid mid to high single digit growth is is is a continuing opportunity. We’ve given guidance for this next year, but I think we’ll have accelerated growth as we go forward. And I think margin accretion, I think, in the, you know, in the in the mid to high twenties is certainly very doable in the future, you know, and and and potentially well, depending how many new products we launch.

I think if you stay stable, focus on the existing products, get more share, you’ll see more margin accretion in the business.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: Well, Sowen, is there anything we do not discuss that we should have discussed?

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: You tell me. I think no. I think I think we’ve had everything. I don’t know where where there are any questions that are opening up, but I just I think we hit the main points, man. Continued growth, margin expansion, headwind from interim tariff, but that’s gonna be very short be short lived and lots of opportunity post that, you know, and mitigating and mitigating the tariff, you know, as we transition through the wait period before the price increases go forward.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: Well, we once again appreciate your participation in our conference. It’s always great to catch up on the business. Congrats on the ongoing success here.

Selwyn Joffe, Chairman, President, CEO, Motorcar Parts of America: Thank you so much, and we always appreciate being part of your your conference and and all the many discussions that we have together. And I appreciate that very much.

Brian Nagel, Senior Equity Research Analyst, Oppenheimer: Thank you.

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