Motorcar Parts of America Inc was incorporated in Februaury 2, 1968. It is a manufacturer, remanufacturer, and distributor of aftermarket automobile parts. It has two reportable segments, rotating electrical and undercar product line. Within the rotating electrical segment, it manufactures and remanufactures alternators and starters for import and domestic cars, light trucks, heavy duty, agricultural and industrial applications. Within the undercar product line segment, Fenco (as defined herein) remanufactures and distributes new and remanufactured steering components including rack and pinion, pumps and gears, brake calipers, master cylinders, and hub assembly and bearings for virtually all passenger and truck vehicles. The aftermarket for automobile parts is divided into two markets. The first market is the do-it-yourself (DIY) market, which is generally serviced by the retail chain outlets. Consumers who purchase parts from the DIY channel generally install parts into their vehicles themselves. The second market is the professional installer market, commonly known as the DIFM market. This market is serviced by the traditional warehouse distributors, the dealer networks, and the commercial divisions of retail chains. Generally, the consumer in this channel is a professional parts installer. Its products are distributed to both the DIY and DIFM markets and are distributed predominantly throughout North America. The Company sells its products to the auto parts retail and traditional warehouse chains and to automobile manufacturers for both their aftermarket programs and their warranty replacement programs (OES). The Companys products are sold under its Quality-Built, Xtreme, Reliance and other brand names. It competes with several and medium sized remanufacturers and a number of smaller regional and specialty remanufacturers. The Companys operations are subject to federal, state and local laws and regulations governing, among other things, emissions to air, discharge to waters, and the generation, handling, storage, transportation, treatment and disposal of waste and other materials.