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Rush acquires Ohio dealership group

Jason Cannon January 2, 2013

Rush Enterprises, Inc. announced Wednesday the acquisition of certain assets from MVI Group, operators of Ohio-based commercial truck and bus dealerships, in a $107 million deal.

The dealerships acquired were Miami Valley International, Center City International, CCI North Coast and Buckeye Truck Centers and includes International, IC Bus, Isuzu and Idealease franchises with locations in Akron, Cincinnati, Cleveland, Columbus, Dayton, Findlay and Lima.

“Ohio is a key market for many of our large fleet customers,” said W. M. “Rusty” Rush, the Company’s Chief Executive Officer and President. “Acquiring service points in most of the key markets in Ohio demonstrates our commitment to expand service solutions for our customers wherever they operate. We are excited to enter the Ohio market with Navistar’s International and IC Bus brands, Isuzu trucks and Idealease. We appreciate the support provided by representatives of Navistar, Isuzu and Idealease to help get this transaction closed in a very quick timeframe.”

The newly acquired locations in Ohio will operate as part of the Company’s Navistar Division and bring the company’s footprint to Rush Truck Centers across 15 states. The acquisition also expands the Company’s Rush Truck Leasing and Rush Bus Centers capabilities.

Wednesday’s announcement marks the closure of the sale, which was announced late last year.

The company, which operates the largest network of commercial vehicle dealerships in North America, said it would finance approximately $71 million of the purchase price under its floor plan, accounts receivable and lease and rental truck financing arrangements.

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