Rush Enterprises, Inc. Acquires Assets of Dealership Groups

Rush Enterprises, Inc., announced that its subsidiaries have acquired certain assets of CIT, Inc., Mcgrenho L.L.C., and Indiana Mack Leasing, LLC; and the membership interests of Idealease of Chicago, LLC.

by Staff

January 27, 2014

2 min to read

Rush Enterprises, Inc., which operates a network of commercial vehicle dealerships in North America, announced that its subsidiaries have acquired certain assets of CIT, Inc., which does business as Chicago International Trucks, Mcgrenho L.L.C., which does business as Indy Truck Sales, and Indiana Mack Leasing, LLC; and the membership interests of Idealease of Chicago, LLC. The purchase price for the assets, membership interests, goodwill and dealership properties was approximately $145 million. The company expects the acquisition to be accretive to future earnings.

The acquisition includes International commercial truck dealerships and Idealease commercial vehicle rental and leasing businesses in Carol Stream, Chicago, Grayslake, Huntley, Joliet, Kankakee and Ottawa, Illinois, and Brazil, Gary and Indianapolis, Indiana. The newly acquired locations in Illinois and Indiana will operate as part of the Company's Navistar Division and result in the Company operating 107 Rush Truck Centers in 20 states. The acquisition also expands the Company's Rush Truck Leasing capabilities.

Certain statements contained in this press release, including those concerning the proposed acquisition's impact on the Company's future earnings are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission.

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Topics:Rush Enterprises Operations