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Motorcar Parts of America Launches Initial Phase of Vendor Supply Chain Financing Program
LOS ANGELES--(BUSINESS WIRE)-- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has launched a vendor supply chain financing program designed
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has launched a vendor supply chain financing program designed to enhance payment terms and improve cash flow for both valued vendors and the company.\n\n\nThe platform will be administered by a leading FinTech company, which services suppliers in more than eighty countries in multiple currencies. Motorcar Parts of America is engaging a syndicate of supply chain financing institutions to support the extension of terms for its accounts payable.\n\n\nThe online platform will provide suppliers with future visibility for payment of approved invoices and the ability to receive early payment options, with the company maintaining its non-recourse accounts payable treatment.\n\n\n“The launch of this supply chain financing program complements our strategic focus on neutralizing working capital requirements and opportunities to increase cash flow. We look forward to reporting further milestones as the strategic rollout of this program evolves,” said Selwyn Joffe, chairman, president and chief executive officer.\n\n\nAbout Motorcar Parts of America\n\n\nMotorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.\n\n\nThe Private Securities Litigation R...