Rush Enterprises Acquires Medium-Duty Truck Franchises from TEC of California, Inc.
SAN ANTONIO--Oct. 6, 2005--Rush Enterprises, Inc. (Listed on NASDAQ(R): RUSHA & RUSHB), which operates the largest network of heavy-duty and medium-duty truck dealerships in North America and a John Deere construction equipment dealership in Houston, Texas, announced that it has acquired the GMC, Isuzu and Hino medium-duty truck franchises in Fontana, California from TEC of California, Inc. The purchase price for this acquisition was approximately $3.4 million and was paid in cash.In addition to its full-service Peterbilt dealership in Fontana, Rush also operates a separate medium-duty dealership in Fontana that offers Peterbilt and UD medium-duty trucks, used trucks, and parts and service. Rush will leverage off its existing asset base by adding the newly acquired GMC, Isuzu and Hino lines to the Fontana medium-duty truck store.
In making this announcement, W. Marvin Rush, Chairman and Chief Executive Officer of Rush Enterprises, Inc. stated, "In the past few months we have made four acquisitions that will allow us to increase our medium-duty presence in our existing areas of responsibility. The acquisition of these medium-duty lines in Fontana, California enables us to offer a full breadth of the finest medium-duty products in a truck market that is critically important to our business. We are excited about the future of our medium-duty business from California to Florida, and we look forward to working with the manufacturers we represent to offer the highest quality medium-duty truck products and services to our customers."
About Rush Enterprises
Rush Enterprises operates the largest network of heavy-duty truck and medium-duty dealerships in North America and a John Deere construction equipment dealership in Houston, Texas. Its operations include a network of over 40 Rush Truck Centers located in Alabama, Arizona, California, Colorado, Florida, Oklahoma, New Mexico, Tennessee and Texas. The Company has developed its Rush Truck Centers and its Rush Equipment Center as "one-stop centers" where, at one convenient location, its customers can purchase new or used trucks or construction equipment, purchase insurance products, purchase aftermarket parts and accessories and have service performed by certified technicians. For additional information on Rush Enterprises, Inc., please visit www.rushenterprises.com.