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Rush buys assets of Ill., Ind. dealership groups

Rush Enterprises buys certain assets of some dealership groups in Illinois, Indiana

Associated Press

SAN ANTONIO (AP) -- Rush Enterprises has acquired a number of assets from automotive dealership groups in Illinois and Indiana as it expands its presence in the Midwest.

Rush, which runs North American commercial vehicle dealerships, said Tuesday that it bought certain assets of CIT Inc. — which does business as Chicago International Trucks. It also bought some assets of Mcgrenho LLC — which does business as Indy Truck Sales and Indiana Mack Leasing LLC — and the membership interests of Idealease of Chicago LLC.

Rush Enterprises Inc. said that the approximately $145 million paid is for the assets, membership interests, goodwill and dealership properties.

The transaction includes international commercial truck dealerships and Idealease commercial vehicle rental and leasing businesses in Carol Stream, Chicago, Grayslake, Huntley, Joliet, Kankakee and Ottawa, Ill., and Brazil, Gary and Indianapolis, Ind. The locations in Illinois and Indiana will operate as part of Rush's Navistar unit. This will give the company 107 Rush truck centers in 20 states.

Rush expects the acquisition to add to earnings going forward.