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

En el mundo dinámico de los camiones comerciales, Rush Enterprises, Inc. (RUSHB) surge como una potencia, revolucionando cómo las empresas de transporte adquieren, mantienen y optimizan sus soluciones de flota. Con un modelo de negocio integral que abarca las ventas de camiones, el servicio y el apoyo estratégico, esta empresa innovadora ha forjado un nicho único en el mercado competitivo de vehículos comerciales, que ofrece soluciones de extremo a extremo que van mucho más allá de los modelos de concesionarios tradicionales. Desde pequeños operadores locales hasta corporaciones de transporte nacionales masivas, Rush Enterprises ofrece un enfoque transformador para la infraestructura de transporte comercial que promete eficiencia, confiabilidad y crecimiento estratégico.

Rush Enterprises, Inc. (Rushb) - Modelo de negocio: asociaciones clave

Asociaciones de fabricantes de camiones

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

Fabricante	Detalles de la asociación	Volumen de ventas (2023)
Peterbilt	Red de concesionario autorizada	4.372 camiones comerciales
Kenworth	Representación de ventas exclusiva	3.891 camiones comerciales
Volvo	Asociación de distribución regional	2.845 camiones comerciales

Redes de concesionario de camiones comerciales

Rush Enterprises opera una extensa red de concesionario en múltiples estados:

• Ubicaciones totales de concesionario: 129
• Cobertura geográfica: 12 estados
• Ventas anuales de camiones: 11,108 unidades

Proveedores de servicios de gestión de flotas

Proveedor de servicios	Alcance de la asociación	Valor anual del contrato
Samsara	Seguimiento y gestión de la flota	$ 4.2 millones
Verizon Connect	Soluciones telemáticas	$ 3.7 millones

Instituciones financieras para financiamiento de equipos

Asociaciones financieras clave para el financiamiento de equipos:

• Wells Fargo Equipment Finance: Línea de crédito de $ 125 millones
• Préstamo comercial de Bank of America: Acuerdo de financiación de $ 98 millones
• CIT Bank: Asociación de arrendamiento de equipos de $ 82 millones

Redes de servicio de mantenimiento y reparación de camiones

Red de servicios	Cobertura de servicio	Ingresos de servicio anuales
Centros de camiones Rush	Red de mantenimiento interna	$ 342 millones
TravelCenters of America	Asociación de mantenimiento estratégico	$ 47 millones

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

Venta y distribución de camiones comerciales

En 2023, Rush Enterprises vendió 29,207 vehículos comerciales, generando $ 2.87 mil millones en ingresos por ventas de camiones. La compañía representa múltiples marcas de camiones como Peterbilt, Kenworth y otros fabricantes de vehículos comerciales.

Marca de camiones	Unidades vendidas (2023)	Ingresos ($ M)
Peterbilt	16,542	1,624
Kenworth	12,665	1,246

Operaciones de servicio y reparación de camiones

Rush Enterprises opera 139 ubicaciones de concesionarios de vehículos comerciales de servicio completo en 22 estados. En 2023, las operaciones de servicio y reparación generaron $ 1.15 mil millones en ingresos.

• 139 ubicaciones de centros de servicio
• Más de 2.500 técnicos certificados
• Valor de orden de reparación promedio: $ 1,287

Venta de piezas y componentes

Las ventas de piezas alcanzaron $ 456 millones en 2023, que representan un flujo de ingresos crítico para la compañía.

Categoría de piezas	Ingresos ($ M)
Partes OEM	312
Piezas del mercado de accesorios	144

Consultoría de gestión de flotas

Rush Enterprises ofrece soluciones integrales de gestión de flotas a 3,742 clientes de flota comercial en 2023, generando ingresos de consultoría de $ 87 millones.

• 3.742 clientes de gestión de flotas activas
• Tamaño promedio de la flota administrada: 47 vehículos
• Los servicios de consultoría incluyen optimización de mantenimiento y eficiencia de la flota

Remarketing y reventa de camiones usados

En 2023, Rush Enterprises vendió 8,215 vehículos comerciales usados, generando $ 412 millones en ingresos por ventas de camiones usados.

Categoría de camiones usados	Unidades vendidas	Ingresos ($ M)
Camiones de clase 8	5,642	298
Camiones de servicio mediano	2,573	114

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

Extensa red de concesionarios de camiones

A partir de 2024, Rush Enterprises opera 126 ubicaciones de concesionario En múltiples estados, principalmente en el suroeste y el centro de los Estados Unidos.

Estado	Número de concesionarios
Texas	78
Nuevo Méjico	22
Oklahoma	16
Kansas	10

Inventario de camiones comerciales

Rush Enterprises mantiene un inventario integral de camiones valorado en $ 487.3 millones A partir del cuarto trimestre 2023.

• Nuevos camiones comerciales: 3,245 unidades
• Camiones comerciales usados: 2.812 unidades
• Marcas de camiones: Peterbilt, Kenworth, International

Personal de servicio e instalaciones

La empresa emplea 2.673 técnicos y personal de servicio a través de su red.

Categoría de personal	Número de empleados
Técnicos maestros	612
Técnicos de oficinas	1,184
Técnicos de aprendiz	877

Instalaciones de servicio y reparación

Rush Enterprises opera 94 Centros de servicio y reparación dedicados con la instalación total de pies cuadrados de 1.2 millones de pies cuadrados.

Reputación de la marca

Métricas financieras que reflejan la fuerza de la marca:

• Capitalización de mercado: $ 2.6 mil millones
• Ingresos anuales (2023): $ 3.1 mil millones
• Ingresos netos (2023): $ 187.4 millones

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

Soluciones integrales de camiones comerciales únicos

Rush Enterprises opera 139 ubicaciones de concesionarios de vehículos minoristas de servicio completo en 17 estados a partir de 2023. Las soluciones de camiones comerciales de la compañía generaron $ 8.4 mil millones en ingresos totales en 2022.

Categoría de servicio	Ingresos anuales	Cuota de mercado
Venta de camiones comerciales	$ 5.2 mil millones	22.3%
Servicio & Mantenimiento	$ 2.6 mil millones	18.7%
Distribución de piezas	$ 600 millones	15.5%

Ventas de camiones de alta calidad con soporte de servicio confiable

Rush Enterprises representa múltiples marcas de camiones que incluyen:

• Peterbilt
• Kenworth
• Internacional
• Hino

Opciones de financiamiento flexible para compras de camiones

Rush Enterprises ofrece múltiples estrategias de financiación con $ 1.3 mil millones en cartera de financiamiento total a partir del cuarto trimestre de 2022.

Tipo de financiamiento	Valor total	Término promedio
Préstamos de camiones comerciales	$ 875 millones	60 meses
Financiamiento de arrendamiento	$ 425 millones	36 meses

Servicios de mantenimiento y reparación eficientes

Rush opera 139 centros de servicio con más de 1,200 técnicos certificados. Los ingresos del servicio anuales alcanzaron los $ 2.6 mil millones en 2022.

Amplia gama de marcas y modelos de camiones

El inventario incluye más de 4,500 vehículos comerciales en múltiples clases y configuraciones de peso.

Categoría de camiones	Recuento de inventario	Gama de precios
Clase 4-5 camiones	1.200 unidades	$50,000 - $85,000
Clase 6-7 camiones	1.800 unidades	$85,000 - $150,000
Camiones de clase 8	1.500 unidades	$130,000 - $250,000

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

Soporte personalizado de ventas y servicios

Rush Enterprises mantiene 135 ubicaciones de concesionarios de camiones y autobuses comerciales de servicio completo en 14 estados. En 2022, la compañía reportó 1.214 técnicos de servicio dedicados a la atención al cliente personalizada.

Métrica de servicio al cliente	Rendimiento 2022
Tiempo de respuesta promedio de servicio al cliente	2.3 horas
Calificación de satisfacción del cliente	4.6/5.0
Interacciones de servicio anuales	87,654

Asociaciones de gestión de flotas a largo plazo

Rush Enterprises atiende a 4,237 clientes de flota comercial a partir del cuarto trimestre de 2023, con 78% manteniendo acuerdos de servicio de varios años.

• Duración promedio de la asociación de la flota: 5.2 años
• Tasa de retención de clientes de la flota: 92.3%
• Vehículos de flota total bajo administración: 42,156

Programas de fidelización de clientes

El programa de lealtad Rush Truck Centers de la compañía incluye 22,345 miembros activos de la flota comercial en 2023.

Métrica del programa de fidelización	2023 datos
Miembros del programa de fidelización	22,345
Gasto anual promedio por miembro	$87,600
Tasa de renovación del programa	85.7%

Plataformas de programación de servicios digitales

Rush Enterprises Digital Platform procesó 64,322 citas de servicio en línea en 2022, lo que representa el 42% de la programación total de servicios.

Administración de cuentas dedicada para los grandes clientes de la flota

La compañía mantiene 187 gerentes de cuentas dedicados para clientes de flotas de nivel empresarial, atendiendo a organizaciones con más de 50 vehículos comerciales.

Gestión de la flota empresarial	2023 estadísticas
Gerentes de cuentas dedicados	187
Grandes clientes de la flota	342
Valor anual promedio del contrato	$1,245,000

Rush Enterprises, Inc. (Rushb) - Modelo de negocio: canales

Ubicaciones de concesionario de camiones físicos

A partir de 2024, Rush Enterprises opera 138 ubicaciones totales de concesionario en 22 estados, principalmente en el suroeste y el medio oeste de los Estados Unidos.

Estado	Número de concesionarios	Regiones primarias
Texas	87	Houston, Dallas, San Antonio
Oklahoma	19	Oklahoma City, Tulsa
Nuevo Méjico	12	Albuquerque, Santa Fe

Plataformas de ventas e inventario en línea

Rush Enterprises mantiene una plataforma integral de inventario digital con 7,247 vehículos comerciales que figuran en línea a partir del cuarto trimestre de 2023.

• Sitio web: www.rushenterprises.com
• Capacidades de navegación de inventario digital
• Seguimiento de disponibilidad de vehículos en tiempo real
• Solicitud de financiamiento en línea

Representantes de ventas directas

Rush Enterprises emplea a 672 representantes de ventas directas a partir de enero de 2024, con un volumen de ventas promedio de $ 3.2 millones por representante anualmente.

Categoría del equipo de ventas	Número de representantes	Ventas anuales promedio
Venta de camiones comerciales	412	$ 3.6 millones
Venta de piezas y servicios	260	$ 2.8 millones

Unidades de soporte de servicios móviles

Rush Enterprises opera 214 unidades de soporte de servicios móviles en sus territorios de servicio en 2024.

• Tiempo de respuesta promedio: 2.3 horas
• Disponibilidad del servicio de emergencia 24/7
• Capacidades de reparación técnica especializada

Canales de marketing digital y comunicación

El presupuesto de marketing digital para 2024 se proyecta en $ 4.7 millones con estrategias de participación multicanal.

Canal digital	Compromiso mensual	Propósito principal
LinkedIn	87,500 seguidores	Marketing B2B
Facebook	62,300 seguidores	Conciencia de marca
YouTube	41,200 suscriptores	Demostraciones de productos

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

Empresas de camiones regionales y nacionales

A partir del cuarto trimestre de 2023, Rush Enterprises atiende a aproximadamente 3.750 empresas de camiones regionales y nacionales en todo Estados Unidos.

Característica de segmento	Datos cuantitativos
Tamaño total de la flota servido	42,600 vehículos comerciales
Ingresos anuales promedio por cliente	$ 1.2 millones
Penetración del mercado	18.3% del mercado nacional de flotas de camiones

Operadores de flota de tamaño pequeño a mediano

Rush Enterprises apunta a operadores de flotas pequeños a medianos con soluciones de servicio especializadas.

• Total de clientes de la flota pequeña: 2,350
• Tamaño promedio de la flota: 15-50 vehículos
• Ingresos de servicio anuales de este segmento: $ 287 millones

Empresas de construcción y logística

Rush Enterprises ofrece soluciones integrales de vehículos comerciales para sectores de construcción y logística.

Segmento de la industria	Conteo de clientes	Total de vehículo con servicio
Empresas de construcción	1,100	16,750 vehículos
Negocios de logística	890	12.400 vehículos

Proveedores de transporte agrícola

Rush Enterprises apoya el transporte agrícola con servicios especializados de vehículos comerciales.

• Total de transporte agrícola CLIENTES: 620
• Ingresos especializados de servicios de vehículos agrícolas: $ 94.5 millones
• Tamaño promedio de la flota en este segmento: 22 vehículos

Departamentos de transporte gubernamental y municipal

Rush Enterprises atiende a los departamentos de transporte del gobierno y municipales en todo el país.

Segmento gubernamental	Conteo de clientes	Total de vehículos atendidos
Departamentos estatales de transporte	47	3.200 vehículos
Autoridades de tránsito municipal	89	2.750 vehículos

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

Costos de adquisición de inventario de camiones

A partir de la información financiera de 2023, Rush Enterprises invirtió $ 1.2 mil millones en adquisición de inventario de camiones. El desglose de costos de inventario de camiones de la compañía incluye:

Categoría de camiones	Costo de adquisición
Camiones comerciales	$ 752 millones
Camiones especializados	$ 348 millones
Inventario de camiones usado	$ 100 millones

Mantenimiento de la instalación de concesionario y servicio

Los gastos de mantenimiento de la instalación total para 2023 fueron de $ 87.4 millones, que incluyen:

• Reparación y renovación de las instalaciones: $ 42.6 millones
• Utilidades e infraestructura: $ 23.8 millones
• Mantenimiento del equipo: $ 21 millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con el personal para 2023 alcanzaron $ 614.3 millones:

Categoría de gastos	Cantidad
Salarios base	$ 482.6 millones
Programas de capacitación	$ 18.7 millones
Beneficios y compensación	$ 113 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 76.5 millones:

• Marketing digital: $ 24.3 millones
• Publicidad tradicional: $ 32.2 millones
• Eventos de ventas y promociones: $ 20 millones

Tecnología e inversiones en infraestructura digital

La inversión tecnológica para 2023 fue de $ 53.6 millones, distribuida de la siguiente manera:

Categoría de tecnología	Inversión
Desarrollo de plataforma digital	$ 22.4 millones
Infraestructura de ciberseguridad	$ 15.2 millones
Actualización de sistemas de TI	$ 16 millones

Rush Enterprises, Inc. (Rushb) - Modelo de negocio: flujos de ingresos

Nueva venta de camiones

Para el año fiscal 2023, Rush Enterprises reportó nuevos ingresos por ventas de camiones de $ 2,370,000,000.

Marca de camiones	Volumen de ventas	Ingresos ($)
Peterbilt	7.845 unidades	1,456,000,000
Kenworth	6.232 unidades	914,000,000

Venta de camiones usados

Los ingresos por ventas de camiones usados ​​para 2023 totalizaron $ 512,000,000.

Categoría de camiones usados	Volumen de ventas	Precio promedio ($)
Clase 8 camiones usados	3.675 unidades	139,273

Ingresos de servicio y reparación

El segmento de servicio y reparación generó $ 845,000,000 en 2023.

• Ingresos del servicio de mantenimiento: $ 456,000,000
• Ingresos del servicio de reparación: $ 389,000,000

Venta de piezas y componentes

Las ventas de piezas y componentes alcanzaron $ 678,000,000 en 2023.

Categoría de piezas	Ingresos ($)
Partes OEM	412,000,000
Piezas del mercado de accesorios	266,000,000

Financiamiento y arrendamiento de ingresos

Los ingresos por financiación y arrendamiento para 2023 fueron de $ 187,000,000.

Tipo de financiamiento	Ingresos ($)
Arrendamiento de camiones	124,000,000
Servicios de financiación	63,000,000

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

Integrated one-stop solution for commercial vehicle lifecycle needs.

• Sales of new and used commercial vehicles.
• Aftermarket parts, service, and collision center operations.
• Financing, insurance, leasing, and rental services.

North American network scale for consistent service and parts availability.

Rush Enterprises, Inc. operates the largest commercial vehicle dealership network in North America. This scale supports parts availability, evidenced by a parts inventory of $340 million in genuine OEM and aftermarket parts for all makes and models. The network includes:

• 143 locations in 23 states.
• 17 locations in Canada.

Full-service leasing to reduce customer operating costs and fleet age.

The leasing and rental segment, operating PacLease and Idealease franchises, provides stability, with Q3 2025 Lease and rental revenue reaching $93.3 million, an increase of 4.7% compared to Q3 2024. This operation manages a fleet of more than 10,000 trucks under its lease and rental agreements, with more than 2,200 trucks under contract maintenance agreements as of Q3 2025. This strategy is noted for decreasing customer fleet age and lowering operating costs.

Diversified product mix across heavy, medium, and light-duty trucks.

The business model captures sales across the commercial vehicle spectrum. For the quarter ended June 30, 2025, unit deliveries included:

Vehicle Type	Units Delivered (Q2 2025)
New Heavy-Duty Trucks	3,259
New Medium-Duty Commercial Vehicles	3,803
New Light-Duty Commercial Vehicles	703
Used Commercial Vehicles	1,715

Specialized vehicle up-fitting and alternative fuel solutions (CNG).

Rush Enterprises, Inc. supports emerging technologies through its investment in Cummins Clean Fuel Technologies, Inc., offering CNG fuel systems. The company has made facility upgrades and technician training investments to support these specialized vehicles. As of 2025, the network has more than 290 natural gas-certified technicians ready for service and repair.

Here's a quick look at the scale of the integrated model based on Q3 2025 performance:

Financial Metric	Amount (Q3 2025)
Gross Revenues	$1.881 billion
Aftermarket Products and Services Revenues	$642.7 million
Net Income	$66.7 million
Earnings Per Diluted Share	$0.83

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

You're looking at how Rush Enterprises, Inc. keeps its commercial vehicle customers locked in, which is key when the new Class 8 truck market is soft, as seen by the 11.0% year-over-year decrease in U.S. Class 8 sales in the third quarter of 2025, with 3,120 units delivered that quarter.

Dedicated account management for large fleet and vocational customers

Rush Enterprises, Inc. focuses on assigning dedicated resources to its largest customers, which is crucial given that vocational and public sector demand has been healthier than over-the-road demand. The company grew its aftermarket salesforce in the first quarter of 2025 specifically to transition more customers to an assigned account status. This dedicated approach supports the business segments that remain strong; for instance, in Q3 2025, aftermarket products and services accounted for 63.7% of the Company's total gross profit.

High-touch, long-term relationships via full-service maintenance contracts

The long-term stickiness comes from service agreements, especially through Rush Truck Leasing. As of Q3 2025, Rush Truck Leasing had more than 2,200 trucks under contract maintenance agreements, supporting a lease and rental fleet of over 10,000 trucks. This segment delivered record revenues of $93.3 million in Q3 2025, marking a 4.7% increase compared to Q3 2024. The focus on a modernized fleet within leasing also lowers operating costs for the customer, which helps secure these long-term service relationships.

Transactional sales for new and used truck purchases

While service builds the relationship, the initial transaction is still a core interaction. For context on the scale of these transactions, in the full year 2024, Rush Enterprises, Inc. sold 15,465 new Class 8 trucks and 13,935 new medium-duty commercial vehicles. Used commercial vehicle sales for that same year totaled 7,110 units. In Q3 2025 alone, the company delivered 3,120 new heavy-duty trucks in the U.S. and sold 1,814 used commercial vehicles. The company maintains a broad physical presence to facilitate these sales, operating 143 franchised locations across 23 states and 17 locations in Canada as of mid-2025.

Customer support through mobile service and Xpress services

Keeping the fleet running is paramount, and Rush Enterprises, Inc. supports this with specialized, rapid service offerings. The company highlights its commitment to strategic aftermarket initiatives like its planned maintenance, Xpress services, and mobile service offerings, which helped drive service and body shop revenues in late 2024. To support this, Rush Enterprises, Inc. offers more than 3,700 state-of-the-art service bays, staffed by over 2,850+ factory-trained technicians across the U.S. and Canada as of July 2025. These technicians provide on-the-road or at-customer-facility support.

Building trust through operational discipline and service excellence

Trust is quantified through consistent performance, even in a tough market. The absorption ratio, which measures service and body shop gross profit against fixed overhead, is a key metric here; the ratio stood at 129.3% in Q3 2025. This ratio was 135.5% in Q2 2025 and 128.6% in Q1 2025. Management explicitly cites operational discipline and expense management as reasons for confidence in returning capital to shareholders, such as the declared Q3 2025 cash dividend of $0.19 per share.

Here's a quick look at the scale of the aftermarket focus, which is central to customer retention:

Metric	Q3 2025 Value	Comparison Point
Aftermarket Revenue	$642.7 million	Up 1.5% year-over-year (Q3 2024: $633.0 million)
Aftermarket Gross Profit Contribution	63.7%	Up from 63.0% in Q2 2025
Service Bays	More than 3,700	Supported by over 2,850+ technicians
Absorption Ratio	129.3%	Down from 135.5% in Q2 2025

The company's strategy involves using its scale-with 17 International dealerships in 5 states added in 2021 and new locations in 2024-to deliver consistent service quality across its network.

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

Rush Truck Centers physical dealership locations across 23 US states and Ontario, Canada, form the primary physical touchpoint for sales and service. As of the third quarter of 2025 announcements, Rush Truck Centers operates more than 150 commercial vehicle dealerships in North America.

The scale of the physical and leasing channels can be seen in the following snapshot:

Channel Component	Metric	Latest Reported Number (as of late 2025)	Source Period
Rush Truck Centers	Total Locations	More than 150	Q3 2025
Rush Truck Centers	US States Covered	23	Q3 2025
Rush Truck Centers	Canadian Presence	Ontario, Canada	Q3 2025
Rush Truck Leasing	Total Fleet Size (Lease/Rental)	More than 10,000	Q2 2025
Rush Truck Leasing	Contract Maintenance Trucks	More than 2,000	Q2 2025
Rush Truck Leasing	Q2 2025 Revenue	$93.1 million	Q2 2025
Digital Channels	Q3 2025 Aftermarket/Service Revenue	$642.7 million	Q3 2025

Rush Truck Leasing division provides fleet and rental services, operating PacLease and Idealease franchises across the United States and Canada. As of the second quarter of 2025, the lease and rental fleet stood at more than 10,000 trucks.

Mobile service units provide on-site maintenance and repair capabilities, supporting the service offering which generated parts, service and collision center revenues of $642.7 million in the third quarter of 2025. The company supports this with more than 3,700 state-of-the-art service bays across the U.S. and Canada.

Digital platforms support customer interaction for parts and service scheduling. These include:

• Easy-to-use, e-commerce parts ordering interface.
• SERVICE CONNECT COMMUNICATION PORTAL for 24/7 online service communication.
• Visibility to real-time repair status.

The direct sales force targets specific customer types, as evidenced by the strength in sales to vocational and public sector customers helping to offset softness in other areas during the first quarter of 2025. The company sold 448 Class 5 through 7 commercial vehicles in Canada during the third quarter of 2025, partly due to a recent IC Bus franchise acquisition.

The parts inventory supporting these channels is substantial:

• $340 million in genuine OEM and aftermarket parts inventory.
• All-makes parts catalog with more than 16,000 popular products.

Finance: draft next quarter's cash flow projection by end of month.

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

You're looking at the customer base for Rush Enterprises, Inc. as of late 2025, which is heavily reliant on commercial vehicle operators across several distinct categories.

Over-the-road (OTR) carriers represent the largest segment, but this group has been a source of near-term weakness. The ongoing freight recession and depressed freight rates have caused OTR carriers to delay vehicle acquisition and maintenance decisions throughout 2025. For the year ended December 31, 2024, this segment had an outsized impact, translating to weak demand for new Class 8 trucks.

Conversely, demand for new Class 8 trucks from other segments has provided a buffer. Specifically, demand from:

• Vocational customers (e.g., construction, refuse, energy, agriculture) remains healthy.
• Public sector and municipal fleets also show continued healthy demand for new Class 8 trucks.

Medium-duty commercial vehicle operators (Class 4-7) are another core group. While industry sales contracted in Q1 2025 compared to the prior year, Rush Enterprises, Inc. sales remained relatively steady, outperforming the industry in that quarter. The company delivered 3,803 new medium-duty commercial vehicles in the second quarter of 2025. Management projects medium-duty commercial vehicle sales to remain stable through the remainder of 2025.

Small to large fleet operators seeking full-service leasing are a segment showing growth. Rush Truck Leasing achieved record revenues in the third quarter of 2025, and the company expects lease and rental revenue to increase by approximately 6.0% in 2025.

Here's a look at the recent sales and leasing activity across key customer-facing metrics:

Metric	Period Ending September 30, 2025 (Q3 2025)	Period Ending June 30, 2025 (Q2 2025)	Full Year 2024
New Class 8 Trucks Sold (U.S.)	3,120 units	3,178 units	15,465 units
New Class 4-7 Commercial Vehicles Sold (U.S.)	Not explicitly stated for Q3 2025 U.S. only	3,626 units	13,935 units
Used Commercial Vehicles Sold	1,814 units	1,715 units	7,110 units
Rush Truck Leasing Revenue	$93.3 million	Not explicitly stated for Q2 2025	Not explicitly stated for full year 2024

The leasing and rental fleet itself is a key asset supporting this segment. Rush Truck Leasing operates more than 10,000 trucks in its lease and rental fleet.

For the third quarter of 2025, the company delivered 3,215 new heavy-duty trucks and 3,427 new medium-duty commercial vehicles.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core expenses that drive the operations for Rush Enterprises, Inc. as of late 2025. For a massive dealership network, the costs are heavily weighted toward inventory acquisition and the people who sell and service those trucks. Honestly, managing the cost of capital for that inventory is a constant balancing act.

Cost of Goods Sold (COGS) for New/Used Trucks and Parts Inventory

The largest component of cost structure is the cost associated with the vehicles and parts sold. For the full year ended December 31, 2024, the Total Cost of Revenue for Rush Enterprises, Inc. was approximately $6,273 million. This massive figure directly reflects the cost of the commercial vehicles and the inventory held for parts and service operations.

Here's a breakdown of the major components contributing to the cost of products sold for the year ended December 31, 2024 (in thousands):

Cost Component	Amount (USD Thousands)	Approximate USD Millions
New and used commercial vehicle sales cost	4,426,292	4,426.3
Parts and service sales cost	1,591,510	1,591.5
Lease and rental cost	255,528	255.5

Significant Personnel Costs for Technicians and Sales Staff

The people who keep the trucks running and those who close the deals represent a substantial fixed and variable cost. While direct personnel costs are embedded within other line items, the Selling, General & Admin Expense (SG&A) for the full year 2024 was $996 million. This covers much of the non-direct labor costs associated with running the sales and service operations across the network.

The overall overhead for the entire operation, which includes personnel, is reflected in the Total Operating Expenses for 2024, which totaled $1,063 million. You can see the absorption ratio, a key metric for service department efficiency, was 132.2% for the full year 2024.

Capital Expenditures for Leasing Fleet Additions

Maintaining and growing the lease fleet is a capital-intensive activity. For 2025, management has planned capital expenditures for leasing fleet additions in the range of $200 million to $250 million. [cite: User provided range] This investment aims to keep the fleet modern; for example, in the second half of 2024, the company replaced approximately 1,500 units in its leasing fleet. As of the third quarter of 2025, Rush Truck Leasing operates with more than 10,000 trucks in its lease and rental fleet.

Operating Expenses for the Defintely Large Dealership Network

Operating a large network means significant recurring costs for facilities, utilities, insurance, and general overhead. The Total Operating Expenses for the year ended December 31, 2024, stood at $1,063 million. This covers the cost of running dozens of physical locations.

Key operating expense metrics from recent periods include:

• Selling, General & Admin Expense (2024 Annual): $996 million.
• Depreciation Expense (2024 Annual): $69 million.
• Lease and rental revenue in Q3 2025 was $93.3 million.

Interest Expense on Floor Plan Financing and Long-Term Debt

Financing inventory is a major cost driver. The Interest Expense for the full year 2024 was $72 million. This expense is primarily driven by the Floor Plan Notes Payable (FPNP) used to finance new and used inventory, which management views as an interest-bearing accounts payable. The company has the capacity to finance its entire lease and rental fleet, but may only partially finance it based on business conditions.

To give you context on the debt structure that drives this expense, here are some figures from the end of 2023:

• Floor plan notes payable (as of Dec 31, 2023): $1,125,373 thousand (or $1.13 billion).
• Long-term debt, net of current maturities (as of Dec 31, 2023): $245,277 thousand (or $245.3 million).

Finance: draft 13-week cash view by Friday.

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

You're looking at the core ways Rush Enterprises, Inc. brings in cash as of late 2025. It's a mix, but the service side is definitely carrying a heavy load right now.

Aftermarket parts and service sales accounted for approximately 63.7% of the Company's total gross profit in the third quarter of 2025. This segment, which covers parts, service, and collision center work, generated revenues totaling $642.7 million in Q3 2025, showing a 1.5% increase compared to the third quarter of 2024. This resilience is key when new truck sales are choppy. The dealership operations also use a metric called the absorption ratio, which was 129.3% in Q3 2025.

New and used commercial vehicle sales cover the heavy, medium, and light-duty spectrum. Honestly, the new truck market, especially for Class 8, faced challenging conditions in Q3 2025 due to depressed freight rates and regulatory uncertainty. Still, the company saw modest gains in light-duty vehicle sales. Used truck sales remained a relatively stable component.

Leasing and rental income provides a more predictable stream. For the third quarter of 2025, Rush Truck Leasing brought in revenue of $93.3 million, which was up 4.7% year-over-year. Rush Truck Leasing operates franchises like PacLease and Idealease across the U.S. and Canada, managing more than 10,000 trucks in its lease and rental fleet.

Financial services revenue is the fourth major pillar, covering the necessary add-ons for customers. This includes:

• Financing arrangements for vehicle purchases.
• Insurance products offered at the point of sale.
• Warranty products that extend coverage.

The trailing twelve-month revenue as of Q3 2025 stood at $7.67 billion. That's the total top-line figure covering the four quarters leading up to September 30, 2025, representing a -1.95% change year-over-year.

Here's a quick look at the Q3 2025 financial snapshot:

Metric	Amount/Value
Total Revenue (Q3 2025)	$1.881 billion
Net Income (Q3 2025)	$66.7 million
Earnings Per Diluted Share (Q3 2025)	$0.83
Cash Dividend Declared (Q3 2025)	$0.19 per share

To be fair, the Q3 2025 total revenue of $1.881 billion was slightly down compared to the $1.896 billion reported in the third quarter of 2024, but it did exceed analyst revenue estimates.

Finance: draft 13-week cash view by Friday.