September 26, 2013
Rush Enterprises, Inc. announced Thursday that it has reached an agreement to purchase CIT, Inc. asset Chicago International Trucks, along with Indy Truck Sales, and Indiana Mack Leasing, LLC, and the membership interests of Idealease of Chicago, LLC.
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.
Collectively, the group amassed unaudited revenues of approximately $405 million in 2012.
“This acquisition is a significant opportunity to expand our service network in the Midwestern United States, providing strategic market coverage for truck owners operating in this region,” says W. M. “Rusty” Rush, Chairman, CEO and President of Rush Enterprises, Inc. “We are also pleased to expand our relationship with Navistar by representing reputable brands such as International and Idealease in this region of the country.”
The proposed acquisition is expected to close in early 2014 and is subject to customary closing conditions.
CIT, Inc. is in no way affiliated with CIT Group, Inc., which operates 15 dealerships in the area and issued a statement amind concern the company had been bought out.
“Since 1975, CIT Group, Inc. has been dedicated to growth in an effort to better serve the transportation industry. We proudly represent Kenworth, Volvo, Mack, Isuzu, and Mitsubishi,” CIT Group President, Erick Miner, says. “Our company is committed to integrity, supporting our customers, building new relationships, operating quality dealerships, investing in staff training, providing opportunities for employment, and being a responsible partner in our communities. We look forward to many more successful years.”