Rush Acquires Summit Truck Group
New Braunfels, Texas-based Rush Enterprises, which operates the largest network of commercial vehicle dealerships in North America, has become even larger.
Rush announced it has acquired 16 locations from Summit Truck Group, one of the largest International brand commercial vehicle dealership groups in the United States.
The acquisition, the largest in the company’s history, expands the network of Rush Truck Centers to 125 franchised dealership locations in 22 states. The 16 newly acquired International dealerships include five locations in Arkansas, three locations in Kansas, seven locations in Missouri and one location in Tennessee.
The deal also includes Idealease commercial vehicle leasing operations at eight locations, five within the acquired International dealership locations and three in stand-alone Idealease facilities. Also acquired were a used truck sales facility in Kansas City, Mo., and a collision center in Memphis, Tenn. IC Bus, Isuzu and Dennis Eagle franchises are included at certain dealership locations.
The company also acquired Summit Truck Group’s dealership facility in Wichita Falls, Texas, which it will operate as a full-service Peterbilt dealership.
“This acquisition will strengthen our dealership network in several of the most important trucking markets in the United States,” said W.M. “Rusty” Rush, chairman and chief executive of Rush Enterprises. “I have tremendous respect for the excellent customer service reputation that the employees of Summit Truck Group have built over the years, and we are excited to welcome many of them into the Rush Enterprises family.”
The purchase price was about $205 million, excluding real property associated with the transaction. Rush Enterprises had revenues of $ 4.7 billion in 2020, while the operations associated with the assets acquired from Summit Truck Group had unaudited revenues of about $450 million in 2020.