Truck dealerships

Rush Enterprises keeps momentum in softening Class 8 aftermarket

High interest rates and low freight rates slowed the growth of Class 8 aftermarket sales at Rush Enterprises in the third quarter. But the nation’s largest network of truck dealerships found plenty of offsets to support strong overall results.

Class 8 truck sales rose 3% compared with a year ago, a period of severe constraint as OEMs began to meet pent-up demand that mushroomed during the pandemic.

“Our over-the-road customers … are being negatively impacted by high interest rates, and low...

https://www.freightwaves.com/news/rush-enterprises-keeps-momentum-in-softening-class-8-aftermarket

Rush Enterprises plans 3:2 stock split following strong Q2

Rush Enterprises, the nation’s largest network of new truck dealerships, will execute a 3:2 split on Class A and B shares after a strong second quarter led by its parts and service business.

The split means shareholders will receive an additional one-half share for each common share held as of Aug. 7.  

Rush reported $2 billion in revenue and net income of $98.3 million, or $1.75 per diluted share. That compares with revenues of $1.8 billion and net income of $110.2 million, or $1.92, in the...

https://www.freightwaves.com/news/rush-enterprises-plans-32-stock-split-following-strong-q2

Rush Enterprises pays $205M to add 16 more truck dealerships

Rush Enterprises Inc., already far and away the nation’s largest network of new and used commercial truck dealerships, is spending $205 million to acquire 16 more dealerships from Summit Truck Group. 

It is the biggest acquisition in Rush’s 26-year history, bringing to 125 the number of franchised locations in 22 states. The newly acquired International brand dealerships consist of five locations in Arkansas, three in Kansas, seven in Missouri and one in Tennessee. 

Also in the deal: eight...

https://www.freightwaves.com/news/rush-enterprises-pays-205m-to-add-16-more-truck-dealerships

Canada Peterbilt dealer Cervus to go private in $240M sale to Brandt Tractor

A truck between the logos of Peterbilt and Cervus Equipment.

Heavy equipment seller Cervus Equipment, which owns a large Peterbilt dealer network in Canada, has agreed to be acquired by Brandt Tractor for CA$302 million ($240 million) in a deal that will take the company private. 

The deal, announced Monday, has Alberta-based Brandt Tractor paying CA$19.50 per share for Cervus (TSX:CRV), a 22% premium over Friday’s closing price. The transaction would close in the fourth quarter if shareholders approve the sale at a special meeting in September.

“As a...

https://www.freightwaves.com/news/canada-peterbilt-dealer-cervus-to-go-private-in-240m-sale-to-brandt-tractor

Q4 sales helped dealership giant Rush Enterprises limit 2020 declines

Rush Enterprises (NASDAQ: RUSHA) reported lower new and used truck sales in 2020 because of COVID-19. But Class 8 business improved in the fourth quarter as freight demand brought a surge in equipment orders.

The nation’s largest chain of dealerships sold 10,670 new Class 8 trucks at retail, a decrease of 28.8% compared to 2019. It accounted for 5.5% of the new U.S. Class 8 market. Industrywide, Class 8 retail sales were down 30.5%, according to ACT Research. 

“Our Class 8 new truck sales results...

https://www.freightwaves.com/news/q4-sales-helped-dealership-giant-rush-enterprises-limit-2020-declines

Rush Enterprises crushes Q3 sales and earnings projections

Heavy-duty truck dealership network Rush Enterprises (NASDAQ: RUSHA) reported lower sales and earnings in the third quarter but far exceeded analyst estimates.

Earnings per share decreased 14.29% over the past year to $0.60. Analysts expected $0.32 per share.

Revenue of $1,18 billion declined by 26.3% from the same period last year. Analysts estimated revenue of $1.08 billion

With 120 locations, Rush Enterprises is the only publicly traded, standalone commercial truck dealer in North America. It...

https://www.freightwaves.com/news/rush-enterprises-crushes-q3-sales-and-earnings-projections

‘Right to repair’ proposal touted as major cost saver for truck owners

Voters in Massachusetts will decide in November whether independent after-market dealers should eventually be given access to crucial vehicle telematics data — a change that could drive down the cost of maintaining and repairing heavy-duty trucks.

The “Right to Repair Law” Vehicle Data Access Requirement Initiative, which is on the ballot in Massachusetts for the Nov. 3 elections, requires manufacturers that sell vehicles with telematics systems in the state “to equip them with a standardized...

https://s29755.pcdn.co/news/right-to-repair-proposal-touted-as-major-cost-saver-for-truck-owners

Hitachi will benchmark Workhorse operations and build dealer network

Workhorse C-1000 electric vans

Workhorse Group is looking to Hitachi to assess its manufacturing and supply chain operations to help speed up electric delivery truck production.

The strategic agreements between Workhorse (NASDAQ: WKHS) and Hitachi America, Ltd. and Hitachi Capital America Corp. includes benchmarking. Hitachi will recommend changes based on its Lumada platform that covers smart manufacturing, data-driven digital solutions and electric vehicle (EV) technologies.

Hitachi Capital America will help Workhorse...

https://www.freightwaves.com/news/hitachi-will-benchmark-workhorse-operations-and-build-dealer-network