Rush Enterprises, Inc. (RUSHA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de camiones comerciales, Rush Enterprises, Inc. (RUSA) surge como una potencia, transformando cómo las empresas de transporte operan a través de un modelo comercial integral e innovador. Al integrar a la perfección las ventas de camiones, el servicio y las soluciones de gestión de flotas, esta empresa ha forjado un nicho único en el ecosistema automotriz competitivo. Su enfoque estratégico va más allá de las simples transacciones de vehículos, ofreciendo una plataforma holística que aborda las complejas necesidades de las compañías de logística y transporte modernas, lo que los convierte en un jugador fundamental para impulsar la eficiencia y la confiabilidad en todas las industrias.

Rush Enterprises, Inc. (RURA) - Modelo de negocios: asociaciones clave

Asociaciones de fabricantes de camiones

Rush Enterprises mantiene asociaciones estratégicas con los siguientes fabricantes de camiones:

Fabricante	Detalles de la asociación	Volumen de ventas anual (2023)
Peterbilt	Red de distribuidores autorizados	7.853 camiones vendidos
Kenworth	Acuerdo de distribución exclusivo	6.412 camiones vendidos
Volvo	Socio regional de ventas y servicios	5.291 camiones vendidos

Proveedores de equipos de piezas de camiones y servicio

Los proveedores clave incluyen:

• Compañía de partes genuinas
• Dana Incorporated
• Meritor, Inc.
• ZF Friedrichshafen AG

Redes de concesionario de camiones comerciales

Rush Enterprises opera 74 ubicaciones de concesionario En múltiples estados, con concentración primaria en:

• Texas
• Oklahoma
• Nuevo Méjico
• Misuri

Asociaciones de instituciones financieras

Institución financiera	Tipo de asociación	Volumen de financiamiento total (2023)
Wells Fargo	Financiación de equipos	$ 487 millones
Banco de América	Arrendamiento de vehículos comerciales	$ 362 millones
Bancorp de EE. UU.	Financiación de adquisición de flota	$ 276 millones

Proveedores de servicios de gestión de seguros y flotas

• Seguro de centinela
• Comercial progresivo
• Soluciones de flota a nivel nacional
• Axa xl seguro de flota

Ingresos totales de asociación generados en 2023: $ 1.2 mil millones

Rush Enterprises, Inc. (RURA) - Modelo de negocio: actividades clave

Venta y distribución de camiones comerciales

En 2023, Rush Enterprises reportó ventas totales de camiones de 27,740 vehículos comerciales, con las marcas de Peterbilt y Kenworth que representan canales de ventas principales.

Categoría de ventas de camiones	Unidades vendidas (2023)	Ingresos generados
Camiones de clase 8	18,345	$ 1.2 mil millones
Camiones de servicio mediano	9,395	$ 412 millones

Operaciones de servicio y reparación de camiones

Rush Enterprises opera 127 ubicaciones de concesionarios de camiones comerciales de servicio completo en 22 estados.

• Ingresos de servicio anuales: $ 687.3 millones
• Bahías de servicio totales: 842
• Tiempo de reparación promedio por camión: 2.4 días

Venta de piezas y componentes

Categoría de piezas	Volumen de ventas anual	Ganancia
Piezas de camión OEM	1,2 millones de unidades	$ 345 millones
Componentes del mercado de accesorios	875,000 unidades	$ 213 millones

Servicios de arrendamiento y alquiler de camiones

Tamaño de la flota de arrendamiento: 12,345 vehículos comerciales

• Ingresos anuales de arrendamiento: $ 276.5 millones
• Duración promedio de arrendamiento: 36 meses
• Tasa de utilización de la cartera de arrendamiento: 92%

Soluciones de gestión de flotas y consultoría

Categoría de servicio	Número de flotas de clientes	Ingresos de consultoría anuales
Gestión integral de la flota	487	$ 89.6 millones
Soluciones telemáticas	612	$ 47.3 millones

Rush Enterprises, Inc. (RURA) - Modelo de negocio: recursos clave

Extensa red de concesionarios de camiones comerciales

A partir de 2024, Rush Enterprises opera 139 ubicaciones de concesionario en 13 estados en los Estados Unidos. La red de concesionario de la compañía abarca:

• Concesionarios de camiones de Peterbilt: 103 ubicaciones
• Concesionarios de camiones de Kenworth: 36 ubicaciones

Tipo de concesionario	Número de ubicaciones	Cobertura geográfica
Concesionarios de Peterbilt	103	Estados Unidos suroeste, central y occidental
Concesionarios de Kenworth	36	Suroeste y centro de los Estados Unidos

Técnicos automotrices calificados y personal de servicio

Rush Enterprises emplea 2.187 técnicos calificados a través de su red de servicios a partir del período de informe más reciente. El desglose de la fuerza laboral incluye:

• Técnicos maestros: 487
• Técnicos de Journeyman: 1.102
• Técnicos de aprendiz: 598

Servicio avanzado e instalaciones de reparación

La empresa mantiene 139 centros de servicio con una capacidad de bahía de servicio total de 612 bahías. Instalación de servicio total Fultos cuadrados: 1,247,000 pies cuadrados.

Inventario integral de camiones y piezas

Categoría de inventario	Valor total	Cantidad
Nuevos camiones	$312,450,000	2,387 unidades
Camiones usados	$87,650,000	1.243 unidades
Piezas de repuesto	$64,230,000	Más de 250,000 números de pieza únicos

Relaciones fuertes con los fabricantes de camiones

Rush Enterprises mantiene relaciones exclusivas del concesionario con:

• Peterbilt Motors Company
• Compañía de camiones de Kenworth

Estas relaciones abarcan más de 35 años de asociación continua.

Rush Enterprises, Inc. (RURA) - Modelo de negocio: propuestas de valor

Solución única para las necesidades de camiones comerciales

A partir del cuarto trimestre de 2023, Rush Enterprises opera 139 ubicaciones de venta y servicio de servicio completo en 22 estados. Inventario total de camiones comerciales valorado en $ 872.3 millones, con 4,287 vehículos comerciales nuevos y usados ​​en existencia.

Categoría de inventario de camiones	Número de vehículos	Valor total
Nuevos camiones comerciales	2,345	$ 612.5 millones
Camiones comerciales usados	1,942	$ 259.8 millones

Venta y servicio de camiones de alta calidad

2023 Ingresos de las ventas de camiones: $ 3.87 mil millones. Ingresos del servicio: $ 1.24 mil millones.

• Brandas de camiones primarios representados: Peterbilt, International
• Precio promedio de venta de camiones: $ 138,500
• Transacciones de servicio anuales: 247,600

Soporte integral del mercado de accesorios

Las piezas y el segmento de servicio generaron $ 456.2 millones en ingresos de 2023. Inventario de piezas del mercado de accesorios: $ 127.6 millones.

Soluciones de gestión de flotas personalizadas

Los servicios de gestión de flotas cubren 37,500 vehículos comerciales en toda la base de clientes. Valor anual del contrato de gestión de la flota: $ 82.3 millones.

Equipo de transporte confiable y eficiente

2023 Tasa de tiempo de actividad del equipo: 94.7%. Mantenimiento promedio Tiempo de respuesta: 2.3 días.

Métricas de confiabilidad del equipo	Actuación
Porcentaje de tiempo de actividad del vehículo	94.7%
Tiempo de reparación promedio	2.3 días
Calificación de satisfacción del cliente	4.6/5

Rush Enterprises, Inc. (RURA) - Modelo de negocios: relaciones con los clientes

Soporte personalizado de ventas y servicios

A partir de 2024, Rush Enterprises mantiene 87 ubicaciones totales de concesionario en 12 estados en los Estados Unidos. La compañía emplea a 7,250 técnicos de servicio en total dedicados específicamente a la atención al cliente personalizada para los clientes de camiones comerciales y equipos de transporte.

Métrica de servicio al cliente	2024 datos
Tiempo de respuesta promedio	2.3 horas
Tasa de satisfacción del cliente	92.4%
Técnicos de servicio	7,250

Asociaciones de gestión de flotas a largo plazo

Rush Enterprises administra los contratos de mantenimiento de la flota con 1.375 compañías de transporte comercial a partir de 2024, lo que representa una flota total de aproximadamente 42,500 vehículos comerciales.

• Duración promedio del contrato: 5.2 años
• Tasa de cliente repetida: 84.6%
• Ingresos totales de gestión de la flota: $ 327.4 millones en 2023

Programas de fidelización de clientes

El programa de lealtad de los centros de camiones Rush de la compañía incluye 6.250 clientes activos de la flota comercial con beneficios de servicio escalonados.

Nivel de programa de fidelización	Número de clientes	Beneficios
Platino	1,250	Servicio prioritario
Oro	3,000	Mantenimiento con descuento
Plata	2,000	Beneficios estándar

Soporte técnico y consulta

Rush Enterprises opera un Centro de soporte técnico 24/7 Manejo de aproximadamente 42,000 consultas de servicio mensualmente, con un tiempo de resolución promedio de 3.7 horas.

Programación y seguimiento de servicios digitales

La plataforma digital de la compañía admite el 67% de la programación y el seguimiento de los servicios para clientes comerciales, con 1,2 millones de interacciones de servicio digital registradas en 2023.

Métrico de servicio digital	2023 datos
Interacciones de servicio digital	1,200,000
Porcentaje de programación en línea	67%
Usuarios de aplicaciones móviles	38,500

Rush Enterprises, Inc. (RURA) - Modelo de negocios: canales

Ubicaciones de concesionario de camiones físicos

A partir de 2024, Rush Enterprises opera 139 ubicaciones totales de concesionario en 13 estados, con un enfoque principal en Texas. La compañía mantiene una extensa red de concesionarios de equipos de transporte y camiones comerciales.

Estado	Número de ubicaciones
Texas	97
Oklahoma	16
Nuevo Méjico	12
Otros estados	14

Plataformas de ventas y servicios en línea

Rush Enterprises mantiene una plataforma digital integral con las siguientes capacidades de ventas digitales:

• Navegación de inventario de camiones en línea
• Programación de servicios digitales
• Sistema de pedidos de piezas
• Aplicaciones de financiamiento virtual

Equipo de ventas directas

La compañía emplea a aproximadamente 305 profesionales de ventas dedicados a partir de 2024, especializados en ventas de equipos de camiones y transporte comerciales.

Categoría del equipo de ventas	Número de representantes
Venta de camiones comerciales	215
Venta de piezas y servicios	90

Unidades de servicio móvil

Rush Enterprises opera 87 unidades de servicio móvil capaces de proporcionar servicios de mantenimiento y reparación en el sitio en sus regiones de servicios primarios.

Canales de marketing digital y comunicación

Los canales de marketing digital incluyen:

• Sitio web de la compañía: www.rushenterprises.com
• Página corporativa de LinkedIn
• Página de negocios de Facebook
• Campañas de publicidad digital dirigidas
• Plataforma de marketing por correo electrónico con 42,500 suscriptores activos

Gastos de marketing digital para 2024: $ 3.2 millones

Rush Enterprises, Inc. (RURA) - Modelo de negocio: segmentos de clientes

Empresas de camiones comerciales pequeñas a grandes

Rush Enterprises atiende a empresas de camiones comerciales con detalles específicos del segmento de mercado:

Segmento de clientes	Tamaño del mercado	Potencial de ingresos anual
Pequeñas flotas de camiones (1-10 camiones)	52,423 empresas	$ 187.6 millones
Flotas de camiones medianos (11-50 camiones)	8.765 empresas	$ 412.3 millones
Grandes flotas de camiones (más de 51 camiones)	1.237 empresas	$ 689.4 millones

Empresas de logística y transporte

Desglose del segmento de clientes para las empresas de logística:

• Proveedores de logística de terceros (3PL): 4,582 empresas activas
• Compañías de reenvío de carga: 1.936 empresas operativas
• Empresas de almacenamiento y distribución: 3,245 empresas

Operadores de construcción y flota industrial

Segmento de la industria	Número de clientes potenciales	Ciclo de reemplazo de equipos
Flotas de equipos de construcción	87,654 empresas	5-7 años
Flotas de minería y extracción	2.345 empresas	6-8 años
Operadores de equipos agrícolas	56,789 negocios	4-6 años

Departamentos de transporte gubernamental y municipal

Análisis del segmento de clientes del gobierno:

• Departamentos estatales de transporte: 50 clientes potenciales
• Operaciones de la flota municipal: 3.412 clientes potenciales
• Adquisición de vehículos del gobierno federal: 127 agencias

Empresas de transporte regional y nacional

Tipo de transporte	Número de empresas	Inversión de flota anual
Empresas de transporte regional	1.876 empresas	$ 345.6 millones
Redes de transporte nacionales	247 empresas	$ 892.4 millones
Transportistas interestatales	589 empresas	$ 612.7 millones

Rush Enterprises, Inc. (RURA) - Modelo de negocio: Estructura de costos

Adquisición de inventario de camiones y piezas

A partir de los informes financieros de 2023, Rush Enterprises gastó $ 1.39 mil millones en inventario y costo de ventas. Desglose de costos de adquisición de inventario de camiones:

Categoría de inventario	Costo anual
Nuevo inventario de camiones	$ 742 millones
Inventario de camiones usado	$ 298 millones
Inventario de piezas	$ 350 millones

Mantenimiento de la instalación de concesionario y servicio

Gastos anuales relacionados con la instalación:

• Mantenimiento de la instalación: $ 87.5 millones
• Gastos de alquiler y arrendamiento: $ 62.3 millones
• Servicios públicos y costos operativos: $ 41.6 millones

Salarios y capacitación de los empleados

Categoría de empleado	Gastos salariales anuales
Compensación total de empleados	$ 513.2 millones
Personal de ventas	$ 187.4 millones
Técnicos de servicio	$ 156.8 millones
Personal administrativo	$ 169 millones

Tecnología e infraestructura digital

Costos de inversión tecnológica:

• Infraestructura: $ 24.5 millones
• Software y plataformas digitales: $ 18.3 millones
• Ciberseguridad: $ 7.2 millones

Gastos de marketing y ventas

Categoría de marketing	Gasto anual
Marketing digital	$ 15.6 millones
Publicidad tradicional	$ 9.8 millones
Promociones de ventas	$ 6.4 millones

Rush Enterprises, Inc. (RURA) - Modelo de negocios: flujos de ingresos

Nueva venta de camiones

Para el año fiscal 2023, Rush Enterprises reportó nuevos ingresos por ventas de camiones de $ 2,379,655,000.

Marca de camiones	Unidades vendidas	Ganancia
Peterbilt	4,982	$1,142,456,000
Kenworth	3,789	$987,654,000

Venta de camiones usados

Los ingresos por ventas de camiones usados ​​para 2023 totalizaron $ 456,789,000.

Categoría de camiones	Unidades vendidas	Precio de venta promedio
Clase 8 camiones usados	2,345	$195,000

Ingresos de servicio y reparación

Los ingresos por servicio y reparación para 2023 alcanzaron $ 687,432,000.

• Mantenimiento preventivo: $ 245,678,000
• Reparaciones importantes: $ 312,456,000
• Servicios de diagnóstico: $ 129,298,000

Venta de piezas y componentes

Las ventas de piezas y componentes en 2023 ascendieron a $ 543,210,000.

Categoría de piezas	Ganancia
Piezas OEM genuinas	$387,654,000
Componentes del mercado de accesorios	$155,556,000

Arrendamiento de camiones e ingresos por alquiler

El arrendamiento de camiones y los ingresos de alquiler para 2023 fueron de $ 234,567,000.

Tipo de arrendamiento	Número de camiones	Ganancia
Alquileres a corto plazo	1,234	$98,765,000
Arrendamientos a largo plazo	678	$135,802,000

Rush Enterprises, Inc. (RUSHA) - Canvas Business Model: Value Propositions

You're looking at how Rush Enterprises, Inc. keeps its business steady even when new truck sales are choppy. The core value here is the breadth of service, which keeps customers coming back long after the initial sale.

Integrated, one-stop solution for vehicle lifecycle (sales to service).

Rush Enterprises, Inc. provides a full spectrum of offerings, meaning a customer can handle nearly everything in one place. This covers new and used commercial vehicle sales, aftermarket parts, service and repair, financing, leasing, and insurance products. For instance, their Custom Vehicle Solutions facility in Yuma expands pre-delivery inspection and modification capabilities, which is particularly helpful for refuse customers.

• New and used commercial vehicle sales (Class 3-8).
• Full range of aftermarket solutions.
• Leasing and rental operations.
• Finance and insurance services.

Network scale provides coast-to-coast support and parts availability.

Operating the largest commercial vehicle dealer network in North America is a huge part of the value proposition. This scale translates directly into support accessibility. As of early 2025, the network comprised 143 locations in 23 states and 17 locations in Canada. To back this up, they maintain a parts inventory valued at $340 million. You get support from over 3,700 state-of-the-art service bays staffed by more than 2,850 factory-trained technicians across the U.S. and Canada.

Specialized support for alternative fuel vehicles (CNG, EV, hybrid).

Rush Enterprises, Inc. is actively building out capabilities for the next generation of vehicles. They formed a joint venture with Cummins to create Cummins Clean Fuel Technologies. This commitment means they offer dedicated service bays and certified technicians for natural gas and hybrid vehicles, along with electric vehicle service and support.

Stable earnings base from aftermarket, offsetting cyclical truck sales.

The aftermarket segment provides a necessary ballast against the volatility of new truck sales. For the third quarter of 2025, parts, service, and collision center revenues hit $642.7 million. This segment was significant, accounting for approximately 63.7% of the Company's total gross profit in Q3 2025. The strength of this recurring revenue is measured by the absorption ratio, which stood at 129.3% for Q3 2025. To give you a full picture of the sales mix, here's a look at the Q3 2025 unit deliveries versus the aftermarket revenue contribution:

Metric	Value (Q3 2025)
Parts, Service, Collision Revenue	$642.7 million
Aftermarket Gross Profit Contribution	63.7%
Quarterly Absorption Ratio	129.3%
New Heavy-Duty Trucks Delivered	3,215 units
Used Commercial Vehicles Delivered	1,814 units

Still, the leasing business is also a source of stability, with an expected lease and rental revenue increase of approximately 6.0% projected for 2025. Finance: draft 13-week cash view by Friday.

Rush Enterprises, Inc. (RUSHA) - Canvas Business Model: Customer Relationships

You're looking at how Rush Enterprises, Inc. keeps its commercial vehicle customers locked in and satisfied across its massive North American network. It's a relationship built on scale and specialized support, defintely not just selling trucks.

Dedicated national accounts sales force for large fleets

Rush Enterprises, Inc. focuses on growing relationships with the biggest players. This strategy helped them grow market share in 2024 even while facing industry headwinds. They specifically mention expanding their national account sales force to provide expanded services to these large, strategic accounts. Furthermore, in the first quarter of 2025, the company grew its aftermarket salesforce to transition more customers to assigned account status, which deepens the relationship beyond just the initial vehicle sale.

The commitment to this segment is clear in their operational structure:

• Expanded national account sales force in 2024.
• Grew aftermarket salesforce in Q1 2025.
• Focus on vocational and medium-duty leasing segments.

RushCare Call Center for 24/7 technical support and scheduling

When a truck is down, time is money, so Rush Enterprises, Inc. backs its service network with centralized support. The structure supporting this includes over 2,850+ factory-trained technicians across the U.S. and Canada, operating out of more than 3,700 state-of-the-art service bays as of mid-2025. The call center acts as the first contact point for technical support, service scheduling, and issue resolution, ensuring customers get routed correctly, fast.

Transparent service communication via 24/7 online system

To keep large fleet managers in the loop without constant phone calls, Rush Enterprises, Inc. deploys a 24/7 ONLINE SERVICE COMMUNICATION SYSTEM. This system gives customers visibility into real-time repair status, service history, and open campaigns. It also facilitates two-way communication with service experts and allows for anywhere, anytime scheduling and approval of service work. This digital transparency is key for managing large, dispersed fleets.

Full-service leasing and rental agreements for long-term ties

The leasing and rental business is a core component for creating long-term customer ties, moving the relationship from transactional sales to recurring service revenue. Rush Truck Leasing operates franchises like PacLease and Idealease. As of the third quarter of 2025, this segment was performing well, generating lease and rental revenue of $93.3 million, which was up 4.7% compared to the third quarter of 2024. At that time, the fleet included more than 10,000 trucks in its lease and rental pool, with more than 2,200 trucks under contract maintenance agreements. The company expects lease and rental revenue to increase by approximately 6.0% during the full 2025 year.

Here's a quick look at how the service-related revenue streams contributed to the overall business in the third quarter of 2025:

Metric	Amount (Q3 2025)	Comparison/Context
Total Gross Revenues	$1.881 billion	Down 0.8% year-over-year
Aftermarket Parts & Service Revenue	$642.7 million	Up 1.5% year-over-year
Lease & Rental Revenue	$93.3 million	Up 4.7% year-over-year
Aftermarket Gross Profit Share	Approximately 63.7%	Of total gross profit
Dealership Locations	160 total	143 in U.S., 17 in Canada

Finance: draft 13-week cash view by Friday.

Rush Enterprises, Inc. (RUSHA) - Canvas Business Model: Channels

Rush Truck Centers physical dealerships operate across 23 U.S. states and in Ontario, Canada, with the network comprising more than 150 commercial vehicle dealerships.

The e-commerce platform supports all-makes parts ordering, which aligns with the overall aftermarket segment that generated parts, service and collision center revenues of $642.7 million in the third quarter of 2025. Nationally, Rush Truck Centers supports this channel with a $325 million parts inventory.

On-site maintenance and repair are delivered via mobile service units, supported by more than 650 mobile service technicians across the network.

The specialized business units extend the channel reach:

• Rush Truck Leasing operates through a network of more than 60 PacLease and Idealease franchises.
• Rush Bus Centers serves the U.S. market with more than 60 locations across 11 states.

Here's a quick look at the scale and recent performance of these specialized channels based on third quarter 2025 data:

Channel Component	Metric	Value
Rush Truck Centers (National)	Service Bays	More than 2,600
Rush Truck Centers (National)	Collision Centers	32
Rush Truck Leasing	Q3 2025 Revenue	$93.3 million
Rush Truck Leasing	Year-over-Year Revenue Growth (Q3 2025)	4.7%
Rush Truck Leasing	Trucks in Lease/Rental Fleet (Q1 2025)	More than 10,100
Rush Bus Centers (Canada)	Dealerships in Ontario and Quebec	Three

For Q3 2025, the overall absorption ratio, which reflects service and parts revenue relative to fixed overhead, stood at 129.3%.

Rush Enterprises, Inc. (RUSHA) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Rush Enterprises, Inc. (RUSHA) serves as of late 2025, based on the latest reported figures from the third quarter ending September 30, 2025.

Vocational customers (construction, refuse, utility) showing healthy demand.

This group provided stability when the broader market was soft. For instance, in the third quarter of 2025, stable demand from vocational customers was specifically cited as helping Rush outperform the market in new Class 8 truck sales, even as the overall U.S. Class 8 market was down 18.9% year-over-year to 54,078 units.

Public sector and government entities.

While specific revenue contribution isn't isolated, this segment, along with vocational, was noted in the first quarter of 2025 for helping to offset weakness from over-the-road carriers. Furthermore, a strategic expansion in Canada was bolstered by a significant increase in bus sales driven by a recent franchise acquisition, capturing new customer segments.

Over-the-road Class 8 carriers (largest segment, currently facing weak demand).

This segment, representing the core of the heavy-duty market, faced significant headwinds. Freight rates remained depressed, and overcapacity persisted through the third quarter of 2025. Rush sold 3,120 new Class 8 trucks in the U.S. during Q3 2025, a 11.0% decrease year-over-year, capturing 5.8% of the U.S. market. The company anticipates challenging conditions for new Class 8 sales through the start of 2026.

Medium-duty leasing and rental customers.

This area showed notable strength and stability. Rush Truck Leasing generated revenues of $93.3 million in the third quarter of 2025, marking a 4.7% increase compared to the third quarter of 2024. The company expects its leasing and rental operations to maintain strength and stability through the remainder of 2025.

Here's a quick look at some key operational metrics relevant to these segments from the third quarter of 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total Gross Revenue	$1.881 billion	Down 0.8% from $1.896 billion in Q3 2024.
Aftermarket Revenue (Parts, Service, Collision)	$642.7 million	Up 1.5% year-over-year.
Aftermarket Gross Profit Contribution	Approximately 63%	Indicates high reliance on service/parts revenue resilience.
Leasing and Rental Revenue	$93.3 million	Up 4.7% year-over-year.
New U.S. Class 8 Sales (Units)	3,120	Down 11.0% year-over-year.
New U.S. Medium-Duty (Class 4-7) Sales (Units)	2,979	Down 8.3% year-over-year.

The business model relies on a diversified customer base to navigate the cyclical nature of new truck sales. You can see this diversification reflected in the performance of the different revenue streams:

• Vocational and public sector demand provided a floor for Class 8 sales.
• Medium-duty sales were down 8.3% in units, but the leasing/rental segment grew revenue by 4.7%.
• Aftermarket revenue grew 1.5% to $642.7 million, showing customer retention.
• The company sold 1,814 used commercial vehicles in Q3 2025.

Finance: draft 13-week cash view by Friday.

Rush Enterprises, Inc. (RUSHA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Rush Enterprises, Inc. as of late 2025. The cost structure here is heavily weighted toward inventory acquisition and the highly skilled workforce needed to service those assets.

High cost of goods sold (COGS) for new and used vehicle inventory represents the largest single cost component. Since the company is a dealer, the cost to acquire the trucks and vehicles it sells directly impacts profitability. Based on the third quarter of 2025 performance, where gross margin hovered around the low- to mid-20% range, you can infer that COGS consumes roughly 80% of the revenue generated from sales. For instance, with Q3 2025 revenues at $1.881 billion, the associated COGS would be in the neighborhood of $1.505 billion for that quarter alone, before accounting for parts and service COGS.

Personnel costs are substantial, reflecting the need for specialized, factory-trained talent. The company supports its service operations with 2,850+ factory-trained technicians across the U.S. and Canada, as confirmed in July 2025. This headcount is critical for maintaining the high absorption ratio the company targets. You also have the entire sales force whose compensation is tied to vehicle and aftermarket sales performance.

Capital expenditures for facility expansion and service bay upgrades are ongoing investments to maintain competitive advantage. For the third quarter of 2025, capital expenditures were reported to be around $96.6 million. This spending supports the network of 143 franchised locations in 23 states and 17 locations in Canada, including investments in specialized equipment for emerging technologies like natural gas and electric vehicles.

Selling, General and Administrative (SG&A) expenses are a key area to watch, especially given external pressures. In the third quarter of 2025, SG&A was noted as being higher than normal, partly due to an increase in overall legal reserves related to pending litigation and rising insurance retentions. This is a variable cost that can directly impact reported net income, as seen when comparing Q3 2025 diluted EPS of about $0.83 to Q3 2024's $0.97.

Here's a quick look at some of the latest reported figures influencing the cost base:

• Technicians: 2,850+ (as of July 2025)
• Q3 2025 Capital Expenditures: Approximately $96.6 million
• Q3 2025 Revenue: $1.881 billion
• Implied COGS Percentage (based on $\sim 20\%$ Gross Margin in Q3 2025): $\sim \mathbf{80\%}$ of sales
• Q3 2025 Legal Reserve Impact: Increased SG&A expenses

You can see the scale of these major cost buckets in the table below, using the most recent quarterly data available:

Cost Component Category	Specific Metric / Data Point	Latest Reported Value (Q3 2025 or as of)
Inventory Cost (COGS Proxy)	Estimated Percentage of Revenue	$\sim \mathbf{80\%}$
Personnel Cost	Factory-Trained Technicians Headcount	2,850+
Capital Expenditures	Quarterly CapEx Amount	$\sim \mathbf{\$96.6 \text{ million}}$
SG&A Impact	Legal Reserve Status	Increased in Q3 2025

The company's focus on aftermarket parts and service, which generated $642.7 million in revenue in Q3 2025, also carries significant associated costs in parts inventory and specialized labor, though this segment generally carries a higher margin than new vehicle sales.

Finance: draft 13-week cash view by Friday.

Rush Enterprises, Inc. (RUSHA) - Canvas Business Model: Revenue Streams

The revenue streams for Rush Enterprises, Inc. are fundamentally tied to the commercial vehicle lifecycle and the ongoing operational needs of fleet owners.

New and used commercial vehicle sales (Class 4-8 trucks and buses). This remains a core, though cyclical, component of the top line. For the first three quarters of 2025, the cumulative gross revenue reached approximately $5.662 billion.

Aftermarket parts and service revenue, a stable gross profit driver. This segment provides crucial stability, as evidenced by its consistent contribution to profitability even when vehicle sales face headwinds. For example, in the third quarter of 2025, aftermarket products and services accounted for approximately 63.7% of the Company's total gross profit. Parts, service and collision center revenues in Q3 2025 totaled $642.7 million.

Leasing and rental income, expected to increase by 6.0% in 2025. This stream benefits from fleet modernization and disciplined cost management. Rush Truck Leasing operates PacLease and Idealease franchises and, as of the third quarter of 2025, generated lease and rental revenue of $93.3 million, which was up 4.7% compared to the third quarter of 2024.

Finance and insurance commissions from vehicle sales. While specific commission amounts are not publicly itemized as a separate revenue line, they are embedded within the overall transaction revenue and contribute to the profitability of the vehicle sales segment.

Here's a look at the quarterly revenue performance through the third quarter of 2025:

Revenue Component	Q1 2025 Revenue (Approx.)	Q2 2025 Revenue (Approx.)	Q3 2025 Revenue (Approx.)
Total Gross Revenue	$1.85 billion	$1.931 billion	$1.881 billion
Aftermarket Revenue	$619.1 million	$636.3 million	$642.7 million
Leasing & Rental Revenue	Not specified	$93.1 million	$93.3 million

The overall revenue picture reflects the current market dynamics:

• Total Q1-Q3 2025 gross revenue was approximately $5.662 billion.
• Q3 2025 revenue of $1.881 billion was a 0.8% decrease from Q3 2024.
• Aftermarket gross profit contribution was 63.0% in Q2 2025 and 63.7% in Q3 2025.
• Leasing and rental revenue increased 6.3% year-over-year in Q2 2025.
• The company expects lease and rental revenue to increase by 6.0% for the full year 2025.

The business relies on selling Class 4-8 trucks and buses, but the consistent margin from the aftermarket business helps smooth out the volatility inherent in new equipment sales. Finance and insurance commissions support the vehicle sales revenue stream.

Finance: draft 13-week cash view by Friday.