O’Reilly Automotive announced that its board of directors approved a resolution to increase the authorization amount under its share-repurchase program by an additional $1 billion, raising the aggregate authorization under the program to $12.75 billion.

The additional $1 billion authorization is effective for a three-year period, beginning on May 31, according to the company. 

“Stock repurchases under the program may be made from time to time, as the company deems appropriate, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate requirements and overall market conditions,” O’Reilly explained in a news release. “There can be no assurance as to the number of shares the company will purchase, if any. The share-repurchase program may be increased or otherwise modified, renewed, suspended or terminated by the company at any time, without prior notice.”