"Despite another year of weak truck sales, 2010 was a very significant year for the Company. We matched our record high annual absorption rate of 106% – previously achieved in 2008, fulfilled our commitment to grow our service network, established a new Navistar Division, extended the breadth of our product offerings in existing areas of responsibility and ended the year in a strong financial position," said W. M. "Rusty" Rush, president and chief executive officer of Rush Enterprises, Inc.
"During the spring of 2010, our parts, service and body shop business began accelerating from the depressed levels we experienced throughout 2009, and continued to accelerate to record high levels at the end of the year. Our parts, service and body shop revenues were up 24% in 2010 compared to 2009, primarily due to increased maintenance and repair on aging vehicles that were put back into service during the year as well as significant increases in the oil and gas service industry in the south central U.S. This increase resulted in a fourth quarter absorption rate of 110%, the highest quarterly absorption rate we have ever achieved, and an annual absorption rate of 106%. We expect parts, service and body shop operations to remain strong in 2011," continued Rusty Rush.
"We formed a new Navistar Division within the Company, naming Richard J. Ryan as Senior Vice President - Navistar Dealerships, and completed the acquisition of the assets of Lake City International – adding 11 International dealership locations in Utah, Idaho and Oregon. We are very pleased with the performance of our new International dealerships, and more importantly, are excited about the growth potential for this new division, not only in incremental truck sales for Rush Truck Centers but also in parts and service revenues. We look forward to continued growth in our relationship with Navistar as we continue to expand our geographic network of truck centers," added Rusty Rush.
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