PHILADELPHIA -- The Pep Boys Board of Directors has approved payment of the company's next quarterly dividend of $.0675 per share payable on Oct. 23 to shareholders of record on Oct. 9. The annual dividend of $.27 per share currently yields approximately 2.1 percent.

The board also approved the renewal of its share repurchase program, which had approximately $45,000,000 of its original $100,000,000 authorization remaining and was set to expire on Sept. 30. The company has not made any share repurchases during fiscal 2006. Under the renewed program, the board reset the authority back to $100,000,000 for repurchases to be made from time to time in the open market or in privately negotiated transactions through September 30, 2007.