Subsidiaries of Rush Enterprises Inc. have acquired certain assets of CIT Inc., which does business as Chicago International Trucks, Mcgrenho LLC, which does business as Indy Truck Sales, and Indiana Mack Leasing LLC; and the membership interests of Idealease of Chicago LLC. The purchase price for the assets, membership interests, goodwill and dealership properties was approximately $145 million.
The acquisition includes International commercial truck dealerships and Idealease commercial vehicle rental and leasing businesses in Carol Stream, Chicago, Grayslake, Huntley, Joliet, Kankakee and Ottawa, Illinois, and Brazil, Gary and Indianapolis, Indiana. The newly acquired locations in Illinois and Indiana will operate as part of the Company’s Navistar Division and result in the company operating 107 Rush Truck Centers in 20 states. The acquisition also expands the Company’s Rush Truck Leasing capabilities.
“This acquisition significantly expands our presence in the midwestern United States, a key market for Navistar and major fleets,” said W. M. “Rusty” Rush, chairman, chief executive officer 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.”
With the new acquisition, Shelby Howard, dealer principal of Chicago International Trucks and Indy Truck Sales, will assume the role of Regional General Manager of the Midwest Region at Rush with responsibility for operations in Illinois, Indiana, Kansas and Missouri. The newly-established region will be the largest in the company’s Navistar Division.
