SAN ANTONIO, May 7, 2008 (PRIME NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest full service network of heavy- and medium-duty truck dealerships in North America and a John Deere construction equipment dealership in Houston, Texas, today announced that it has acquired the assets of Peterbilt Carolina, Inc., which includes a Peterbilt, Hino and Isuzu heavy- and medium-duty truck dealership. Rush Enterprises, Inc. has also acquired Adams International Trucks, Inc., an International heavy- and medium-duty truck and Workhorse custom chassis dealership. The total purchase price for the acquisitions was approximately $40 million.
Rush will integrate these operations into its dealership network immediately -- operating as Rush Truck Center - Charlotte and Rush International Truck Center - Charlotte. Both full service dealership locations will offer new and used truck sales, parts and service support as well as financing and insurance.
Also included in the acquisition was the purchase of Adams Collision Center, which Rush will operate as Rush Truck Center - Charlotte Collision Center, and an Idealease franchise, which Rush will operate as Rush Truck Leasing - Charlotte.
In making this announcement, W.M. "Rusty" Rush, President and Chief Executive Officer of Rush Enterprises, Inc. said, "This acquisition complements our strategy to diversify earnings by expanding our geographic footprint. It strengthens our contiguous network of distribution across the Southern United States by adding a significant presence in the North Carolina market."
"Even further, we are pleased to expand our long-standing relationships with Peterbilt, Hino and Isuzu into Charlotte, and we are very excited to add International, Workhorse and Idealease to the industry-leading brands we represent," continued Rusty Rush.
"We are proud to add these locations to the Rush Truck Centers network of dealerships and welcome the employees of Peterbilt Carolina and Adams International into the Rush Enterprises organization. We look forward to providing quality, one-stop sales and service to the customers in the Charlotte area," Rusty Rush added.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. 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 50 Rush Truck and Equipment Centers located in Alabama, Arizona, California, Colorado, Florida, Georgia, Oklahoma, North Carolina, 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
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