Rush Enterprises announced that it has purchased the assets of two Illinois and Indiana dealership groups.
The company’s subsidiaries have acquired certain assets of CIT Inc., which does business as Chicago International Trucks, Mcgrenho LLC. The company also does business as Indy Truck Sales and Indiana Mack Leasing LLC. Rush Enterprises has also acquired the membership interests of Idealease of Chicago LLC, according to officials.
The purchase price for the assets, membership interests, goodwill and dealership properties was approximately $145 million. The company expects the acquisition to be accretive to future earnings.
The newly acquired locations in Illinois and Indiana will operate as part of the company’s Navistar division. The company will now operate 107 Rush Truck Centers in 20 states.
“This acquisition significantly expands our presence in the Midwestern United States, a key market for Navistar and major fleets,” says W. M. “Rusty” Rush, chairman, CEO and president of Rush Enterprises.
“More importantly, it expands our service network, allowing us to offer service solutions to trucking companies operating in this region as well as those whose operations route through the Midwest to other destinations,” he adds.
Shelby Howard, dealer principal of Chicago International Trucks and Indy Truck Sales, will become the regional general manager of the Midwest region with responsibility for operations in Illinois, Indiana, Kansas and Missouri. This newly established region will be the largest in the company’s Navistar division, says Rush.