Rush Enterprises, Inc. (Rusha): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de Commercial Trucking, Rush Enterprises, Inc. (Rusha) émerge comme une puissance, transformant le fonctionnement des entreprises de transport grâce à un modèle commercial complet et innovant. En intégrant de manière transparente les ventes de camions, les services et les solutions de gestion de la flotte, cette entreprise a creusé un créneau unique dans l'écosystème automobile compétitif. Leur approche stratégique va au-delà des simples transactions de véhicules, offrant une plate-forme holistique qui répond aux besoins complexes des sociétés de logistique et de transport modernes, ce qui en fait un acteur pivot dans la conduite de l'efficacité et de la fiabilité dans tous les secteurs.

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: partenariats clés

Partenariats des fabricants de camions

Rush Enterprises maintient des partenariats stratégiques avec les fabricants de camions suivants:

Fabricant	Détails du partenariat	Volume des ventes annuelles (2023)
Peterbilt	Réseau de concessionnaire autorisé	7 853 camions vendus
Kenworth	Contrat de distribution exclusif	6 412 camions vendus
Volvo	Ventes régionales et partenaire de service	5 291 camions vendus

Fournisseurs de pièces de pièces et d'équipements de service de camion

Les fournisseurs clés comprennent:

• Société de pièces authentiques
• Dana a incorporé
• Meritor, Inc.
• Zf Friedrichshafen AG

Réseaux de concessionnaires de camions commerciaux

Rush Enterprises fonctionne 74 lieux de concessionnaires dans plusieurs états, avec une concentration primaire dans:

• Texas
• Oklahoma
• New Mexico
• Missouri

Partenariats des institutions financières

Institution financière	Type de partenariat	Volume de financement total (2023)
Wells Fargo	Financement de l'équipement	487 millions de dollars
Banque d'Amérique	Location de véhicules commerciaux	362 millions de dollars
Bancorp américain	Financement d'acquisition de la flotte	276 millions de dollars

Fournisseurs de services d'assurance et de gestion de la flotte

• Sentry Assurance
• Commercial progressiste
• Solutions de flotte à l'échelle nationale
• Axa XL Fleet Assurance

Revenus de partenariat total générés en 2023: 1,2 milliard de dollars

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: Activités clés

Ventes et distribution de camions commerciaux

En 2023, Rush Enterprises a annoncé des ventes totales de camions de 27 740 véhicules commerciaux, les marques Peterbilt et Kenworth représentant les canaux de vente primaires.

Catégorie de vente de camions	Unités vendues (2023)	Revenus générés
Camions de classe 8	18,345	1,2 milliard de dollars
Camions moyens	9,395	412 millions de dollars

Opérations de service et de réparation de camions

Rush Enterprises exploite 127 lieux de concessionnaires de camions commerciaux à service complet dans 22 États.

• Revenus de services annuels: 687,3 millions de dollars
• Total des baies de service: 842
• Temps de réparation moyen par camion: 2,4 jours

Ventes de pièces et de composants

Catégorie de pièces	Volume des ventes annuelles	Revenu
Pièces de camion OEM	1,2 million d'unités	345 millions de dollars
Composants du marché secondaire	875 000 unités	213 millions de dollars

Services de location de camions et de location

Taille de la flotte de location: 12 345 véhicules commerciaux

• Revenus de location annuelle: 276,5 millions de dollars
• Durée du bail moyenne: 36 mois
• Taux d'utilisation du portefeuille de location: 92%

Solutions de gestion et de conseil de flotte

Catégorie de service	Nombre de flottes clients	Revenus de consultation annuels
Gestion complète de la flotte	487	89,6 millions de dollars
Solutions de télématique	612	47,3 millions de dollars

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: Ressources clés

Réseau étendu de concessionnaires de camions commerciaux

Depuis 2024, Rush Enterprises exploite 139 lieux de concessionnaires dans 13 États aux États-Unis. Le réseau de concessionnaires de l'entreprise s'étend:

• Concessionnaires Peterbilt Truck: 103 emplacements
• Concessionnaires Kenworth Truck: 36 emplacements

Type de concessionnaire	Nombre d'emplacements	Couverture géographique
Concessionnaires Peterbilt	103	Southwest, central et ouest des États-Unis
Concessionnaires Kenworth	36	Southwest et centre des États-Unis

Techniciens automobiles qualifiés et personnel de service

Rush Enterprises emploie 2 187 techniciens qualifiés Dans tout son réseau de services à partir de la période de référence la plus récente. La répartition des effectifs comprend:

• Maître Techniciens: 487
• Techniciens compagnon: 1 102
• Techniciens d'apprenti: 598

Installations de service et de réparation avancés

La société maintient 139 centres de service avec une capacité totale de baie de 612 baies. Installation de service totale en pieds carrés: 1 247 000 pieds carrés.

Inventaire complet de camions et de pièces

Catégorie d'inventaire	Valeur totale	Quantité
Nouveaux camions	$312,450,000	2 387 unités
Camions d'occasion	$87,650,000	1 243 unités
Pièces de rechange	$64,230,000	Plus de 250 000 numéros de pièce unique

Relations solides avec les fabricants de camions

Rush Enterprises entretient des relations exclusives des concessionnaires avec:

• Peterbilt Motors Company
• Kenworth Truck Company

Ces relations s'étendent sur plus de 35 ans de partenariat continu.

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: Propositions de valeur

Solution à guichet unique pour les besoins de camions commerciaux

Au quatrième trimestre 2023, Rush Enterprises exploite 139 emplacements de vente et de service à service complet dans 22 États. Inventaire total de camions commerciaux d'une valeur de 872,3 millions de dollars, avec 4 287 véhicules commerciaux neufs et d'occasion en stock.

Catégorie d'inventaire de camions	Nombre de véhicules	Valeur totale
Nouveaux camions commerciaux	2,345	612,5 millions de dollars
Camions commerciaux d'occasion	1,942	259,8 millions de dollars

Ventes et services de camions de haute qualité

2023 Revenus des ventes de camions: 3,87 milliards de dollars. Revenus de service: 1,24 milliard de dollars.

• Marques de camions primaires représentées: Peterbilt, international
• Prix ​​moyen de vente de camions: 138 500 $
• Transactions de service annuelles: 247 600

Support complet du marché secondaire

Le segment des pièces et des services a généré 456,2 millions de dollars en revenus 2023. Inventaire des pièces de rechange: 127,6 millions de dollars.

Solutions de gestion de flotte personnalisées

Les services de gestion de la flotte couvrent 37 500 véhicules commerciaux à travers la clientèle. Valeur du contrat annuel de gestion de la flotte: 82,3 millions de dollars.

Équipement de transport fiable et efficace

2023 Tarif de disponibilité des équipements: 94,7%. Temps de redressement moyen d'entretien des véhicules: 2,3 jours.

Métriques de fiabilité de l'équipement	Performance
Pourcentage de disponibilité du véhicule	94.7%
Temps de réparation moyen	2,3 jours
Évaluation de satisfaction du client	4.6/5

Rush Enterprises, Inc. (RUSHA) - Modèle d'entreprise: relations avec les clients

Assistance des ventes et des services personnalisés

En 2024, Rush Enterprises maintient 87 sites de concessionnaires totaux dans 12 États aux États-Unis. La société emploie 7 250 techniciens de service au total spécifiquement dédiés au support client personnalisé pour les clients commerciaux de camions et de transport.

Métrique du service client	2024 données
Temps de réponse moyen	2,3 heures
Taux de satisfaction client	92.4%
Techniciens de service	7,250

Partenariats de gestion de la flotte à long terme

Rush Enterprises gère les contrats de maintenance de la flotte avec 1 375 sociétés de transport commercial à partir de 2024, ce qui représente une flotte totale d'environ 42 500 véhicules commerciaux.

• Durée du contrat moyen: 5,2 ans
• Taux client répété: 84,6%
• Revenu total de gestion de la flotte: 327,4 millions de dollars en 2023

Programmes de fidélisation de la clientèle

Le programme de fidélisation des centres de camions Rush de l'entreprise comprend 6 250 clients de flotte commerciale active avec des avantages sociaux à plusieurs niveaux.

Tier du programme de fidélité	Nombre de clients	Avantages
Platine	1,250	Service prioritaire
Or	3,000	Entretien à prix réduit
Argent	2,000	Avantages standard

Soutien technique et consultation

Rush Enterprises exploite un Centre de support technique 24/7 Gérer environ 42 000 demandes de service par mois, avec un temps de résolution moyen de 3,7 heures.

Planification et suivi des services numériques

La plate-forme numérique de l'entreprise prend en charge 67% de la planification et du suivi des services pour les clients commerciaux, avec 1,2 million d'interactions de services numériques enregistrées en 2023.

Métrique de service numérique	2023 données
Interactions de service numérique	1,200,000
Pourcentage de planification en ligne	67%
Utilisateurs d'applications mobiles	38,500

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: canaux

Lieux de concessionnaires de camions physiques

En 2024, Rush Enterprises exploite 139 sites de concessionnaires totaux dans 13 États, avec un accent principal sur le Texas. La société maintient un vaste réseau de concessionnaires commerciaux de camions et d'équipements de transport.

État	Nombre d'emplacements
Texas	97
Oklahoma	16
New Mexico	12
Autres États	14

Plateformes de vente et de service en ligne

Rush Enterprises maintient une plate-forme numérique complète avec les capacités de vente numérique suivantes:

• Navigation sur les inventaires de camions en ligne
• Planification des services numériques
• Système de commande de pièces
• Applications de financement virtuel

Équipe de vente directe

La société emploie environ 305 professionnels des ventes dédiés à 2024, spécialisés dans les ventes de camions commerciaux et d'équipements de transport.

Catégorie d'équipe de vente	Nombre de représentants
Ventes de camions commerciaux	215
Ventes de pièces et de services	90

Unités de services mobiles

Rush Enterprises exploite 87 unités de services mobiles capables de fournir des services de maintenance et de réparation sur place dans leurs principales régions de service.

Canaux de marketing numérique et de communication

Les canaux de marketing numérique comprennent:

• Site Web de l'entreprise: www.rushenterprises.com
• Page d'entreprise LinkedIn
• Page d'activité Facebook
• Campagnes publicitaires numériques ciblées
• Plateforme de marketing par e-mail avec 42 500 abonnés actifs

Dépenses de marketing numérique pour 2024: 3,2 millions de dollars

Rush Enterprises, Inc. (RUSHA) - Modèle d'entreprise: segments de clientèle

Petites à grandes entreprises de camionnage commerciales

Rush Enterprises sert des sociétés de camionnage commerciales avec des détails spécifiques du segment de marché:

Segment de clientèle	Taille du marché	Potentiel de revenus annuel
Petites flottes de camionnage (1-10 camions)	52 423 entreprises	187,6 millions de dollars
Flats de camionnage moyen (11-50 camions)	8 765 entreprises	412,3 millions de dollars
Grands flottes de camionnage (plus de 51 camions)	1 237 entreprises	689,4 millions de dollars

Activités de logistique et de transport

Répartition du segment des clients pour les entreprises logistiques:

• Provideurs de logistique tiers (3PL): 4 582 entreprises actives
• Sociétés de transfert de fret: 1 936 entreprises opérationnelles
• Entrepôts et sociétés de distribution: 3 245 entreprises

Opérateurs de flotte de construction et industrielle

Segment de l'industrie	Nombre de clients potentiels	Cycle de remplacement de l'équipement
Flottes d'équipement de construction	87 654 entreprises	5-7 ans
Flottes d'extraction et d'extraction	2 345 entreprises	6-8 ans
Opérateurs d'équipements agricoles	56 789 entreprises	4-6 ans

Services de transport gouvernemental et municipal

Analyse du segment de la clientèle du gouvernement:

• Départements des transports d'État: 50 clients potentiels
• Opérations de la flotte municipale: 3 412 clients potentiels
• Procure de véhicule du gouvernement fédéral: 127 agences

Entreprises de transport régional et national

Type de transport	Nombre d'entreprises	Investissement annuel sur la flotte
Sociétés de transport régional	1 876 entreprises	345,6 millions de dollars
Réseaux de transport nationaux	247 entreprises	892,4 millions de dollars
Transporteurs de fret interétatique	589 entreprises	612,7 millions de dollars

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: Structure des coûts

Acquisition d'inventaire des camions et des pièces

En 2023 rapports financiers, Rush Enterprises a dépensé 1,39 milliard de dollars pour les stocks et le coût des ventes. Répartition des coûts d'acquisition des stocks de camions:

Catégorie d'inventaire	Coût annuel
Nouvel inventaire de camions	742 millions de dollars
Inventaire de camions d'occasion	298 millions de dollars
Inventaire des pièces	350 millions de dollars

Concessionnaires et entretien des installations de service

Dépenses annuelles liées aux installations:

• Entretien des installations: 87,5 millions de dollars
• Frais de location et de location: 62,3 millions de dollars
• Services publics et coûts opérationnels: 41,6 millions de dollars

Salaires et formation des employés

Catégorie des employés	Dépenses salariales annuelles
Compensation totale des employés	513,2 millions de dollars
Personnel de vente	187,4 millions de dollars
Techniciens de service	156,8 millions de dollars
Personnel administratif	169 millions de dollars

Technologie et infrastructure numérique

Coûts d'investissement technologique:

• Infrastructure informatique: 24,5 millions de dollars
• Plateformes logicielles et numériques: 18,3 millions de dollars
• Cybersécurité: 7,2 millions de dollars

Frais de marketing et de vente

Catégorie marketing	Dépenses annuelles
Marketing numérique	15,6 millions de dollars
Publicité traditionnelle	9,8 millions de dollars
Promotions des ventes	6,4 millions de dollars

Rush Enterprises, Inc. (Rusha) - Modèle d'entreprise: Strots de revenus

Nouveaux ventes de camions

Pour l'exercice 2023, Rush Enterprises a déclaré un nouveau chiffre d'affaires de ventes de camions de 2 379 655 000 $.

Marque de camion	Unités vendues	Revenu
Peterbilt	4,982	$1,142,456,000
Kenworth	3,789	$987,654,000

Ventes de camions d'occasion

Le chiffre d'affaires des camions d'occasion pour 2023 a totalisé 456 789 000 $.

Catégorie de camions	Unités vendues	Prix ​​de vente moyen
Camions de classe 8 utilisés	2,345	$195,000

Revenus de service et de réparation

Les revenus de service et de réparation pour 2023 ont atteint 687 432 000 $.

• Entretien préventif: 245 678 000 $
• Réparations majeures: 312 456 000 $
• Services de diagnostic: 129 298 000 $

Ventes de pièces et de composants

Les ventes de pièces et de composants en 2023 s'élevaient à 543 210 000 $.

Catégorie de pièces	Revenu
Parties OEM authentiques	$387,654,000
Composants du marché secondaire	$155,556,000

Location de camions et revenus de location

Le crédit-bail et les revenus de location pour 2023 étaient de 234 567 000 $.

Type de location	Nombre de camions	Revenu
Location à court terme	1,234	$98,765,000
Baux à long terme	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.