SAN ANTONIO, May 16, 2013 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that its subsidiaries have acquired certain assets of Piedmont International Trucks, which operates commercial truck dealerships in North Carolina. The acquisition includes International and Idealease franchises and locations in Asheville, Hickory and Statesville, North Carolina.
The purchase price for the assets, goodwill and the dealership properties that were purchased was approximately $3.5 million. The Company expects the acquisition to be accretive to future earnings.
The newly acquired locations in North Carolina will operate as part of the Company's Navistar Division and result in the Company operating 81 Rush Truck Centers in 15 states. The acquisition also expands the Company's Rush Truck Leasing capabilities."Acquiring additional service points in North Carolina demonstrates our commitment to expand service solutions for our customers wherever they operate," said W. M. "Rusty" Rush, the Company's Chief Executive Officer and President. "We are pleased to support customers in North Carolina with International and Idealease brands and to grow our Navistar Division to 28 full-service dealerships." "We are happy to welcome the employees of Piedmont International Trucks to the Rush organization," concluded Rusty Rush. About Rush Enterprises, Inc. Rush Enterprises, Inc. is the premier service provider to the commercial vehicle industry and owns and operates the largest network of commercial vehicle dealerships in the United States, representing truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. The Company's vehicle centers are strategically located in high traffic areas on or near major highways in 15 states throughout the United States. These one-stop centers offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus a wide array of financial services, including financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle up-fitting, chrome accessories and tires. For more information, please visit www.rushenterprises.com . Certain statements contained herein 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, onetime events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission.
CONTACT: Rush Enterprises, Inc., San Antonio Steven L. Keller, 830-626-5226 firstname.lastname@example.org Karen S. Konecny, 830-626-5102 email@example.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts