Onyx Acceptance Directors OK $7.5-Million Stock Buyback

Onyx Acceptance Corp. said Wednesday that its directors authorized the company to begin a stock repurchase program to buy up to $7.5 million worth of common shares.

The Foothill Ranch automobile finance company said in a press release that it will repurchase the shares from time to time through open market or unsolicited negotiated transactions.

Onyx had about 6.2 million shares outstanding at May 1.

The company’s stock gained 3 cents a share Wednesday to close at $4.06 a share in Nasdaq trading.