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

Dans le monde dynamique de Commercial Trucking, Rush Enterprises, Inc. (RushB) émerge comme une puissance, révolutionnant comment les entreprises de transport acquièrent, maintiennent et optimisent leurs solutions de flotte. Avec un modèle commercial complet qui couvre les ventes de camions, le service et le soutien stratégique, cette entreprise innovante a taillé un créneau unique sur le marché compétitif des véhicules commerciaux, offrant des solutions de bout en bout qui vont bien au-delà des modèles de concessionnaires traditionnels. Des petits opérateurs locaux aux sociétés nationales massives de camionnage, Rush Enterprises offre une approche transformatrice des infrastructures de transport commercial qui promet l'efficacité, la fiabilité et la croissance stratégique.

Rush Enterprises, Inc. (RUSHB) - Modèle commercial: partenariats clés

Partenariats des fabricants de camions

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

Fabricant	Détails du partenariat	Volume des ventes (2023)
Peterbilt	Réseau de concessionnaires autorisé	4 372 camions commerciaux
Kenworth	Représentation des ventes exclusives	3 891 camions commerciaux
Volvo	Partenariat de distribution régional	2 845 camions commerciaux

Réseaux de concessionnaires de camions commerciaux

Rush Enterprises exploite un vaste réseau de concessionnaires dans plusieurs états:

• Lieu de concessionnaires totaux: 129
• Couverture géographique: 12 États
• Ventes annuelles de camions: 11 108 unités

Provideurs de services de gestion de flotte

Fournisseur de services	Portée du partenariat	Valeur du contrat annuel
Samsara	Suivi et gestion de la flotte	4,2 millions de dollars
Verizon Connect	Solutions de télématique	3,7 millions de dollars

Institutions financières pour le financement des équipements

Partenariats financiers clés pour le financement des équipements:

• Finance de l'équipement Wells Fargo: ligne de crédit de 125 millions de dollars
• Bank of America Commercial Lending: 98 millions de dollars accord de financement
• CIT Bank: 82 millions de dollars de partenariat de location d'équipement

Réseaux de services de maintenance et de réparation de camions

Réseau de services	Couverture de service	Revenus de services annuels
Centres de camions à pointe	Réseau de maintenance interne	342 millions de dollars
TravelCenters of America	Partenariat de maintenance stratégique	47 millions de dollars

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

Ventes et distribution de camions commerciaux

En 2023, Rush Enterprises a vendu 29 207 véhicules commerciaux, générant 2,87 milliards de dollars de revenus de vente de camions. La société représente plusieurs marques de camions, notamment Peterbilt, Kenworth et d'autres constructeurs de véhicules commerciaux.

Marque de camion	Unités vendues (2023)	Revenus ($ m)
Peterbilt	16,542	1,624
Kenworth	12,665	1,246

Opérations de service et de réparation de camions

Rush Enterprises exploite 139 lieux de concessionnaires de véhicules commerciaux à service complet dans 22 États. En 2023, les opérations de service et de réparation ont généré 1,15 milliard de dollars de revenus.

• 139 Emplacements du centre de service
• Plus de 2 500 techniciens certifiés
• Valeur moyenne de la commande de réparation: 1 287 $

Ventes de pièces et de composants

Les ventes de pièces ont atteint 456 millions de dollars en 2023, représentant une source de revenus critique pour la société.

Catégorie de pièces	Revenus ($ m)
Parties OEM	312
Pièces de rechange	144

Conseil de gestion de la flotte

Rush Enterprises fournit des solutions complètes de gestion de la flotte à 3 742 clients de flotte commerciale en 2023, générant des revenus de consultation de 87 millions de dollars.

• 3 742 clients de gestion de flotte active
• Taille moyenne de la flotte gérée: 47 véhicules
• Les services de conseil comprennent l'optimisation de la maintenance et l'efficacité de la flotte

Camion usagé Remarketing et revente

En 2023, Rush Enterprises a vendu 8 215 véhicules commerciaux d'occasion, générant 412 millions de dollars de revenus de vente de camions d'occasion.

Catégorie de camions d'occasion	Unités vendues	Revenus ($ m)
Camions de classe 8	5,642	298
Camions moyens	2,573	114

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

Réseau étendu de concessionnaires de camions

Depuis 2024, Rush Enterprises fonctionne 126 lieux de concessionnaires Dans plusieurs États, principalement dans le sud-ouest et le centre des États-Unis.

État	Nombre de concessionnaires
Texas	78
New Mexico	22
Oklahoma	16
Kansas	10

Inventaire de camions commerciaux

Rush Enterprises maintient un inventaire complet de camions évalué à 487,3 millions de dollars au Q4 2023.

• Nouveaux camions commerciaux: 3 245 unités
• Camions commerciaux d'occasion: 2 812 unités
• Marques de camions: Peterbilt, Kenworth, international

Personnel de service et installations

L'entreprise emploie 2 673 techniciens et personnel de service à travers son réseau.

Catégorie de personnel	Nombre d'employés
Maître Techniciens	612
Techniciens compagnon	1,184
Techniciens d'apprenti	877

Installations de service et de réparation

Rush Enterprises fonctionne 94 centres de service et de réparation dédiés avec une installation totale en pieds carrés de 1,2 million de pieds carrés.

Réputation de la marque

Les mesures financières reflètent la force de la marque:

• Capitalisation boursière: 2,6 milliards de dollars
• Revenus annuels (2023): 3,1 milliards de dollars
• Revenu net (2023): 187,4 millions de dollars

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

Solutions complètes de camions commerciaux à guichet unique

Rush Enterprises exploite 139 emplacements de concessionnaires de véhicules de détail à service complet dans 17 États en 2023. Les solutions de camions commerciaux de la société ont généré 8,4 milliards de dollars de revenus totaux en 2022.

Catégorie de service	Revenus annuels	Part de marché
Ventes de camions commerciaux	5,2 milliards de dollars	22.3%
Service & Entretien	2,6 milliards de dollars	18.7%
Distribution de pièces	600 millions de dollars	15.5%

Ventes de camions de haute qualité avec un support de service fiable

Rush Enterprises représente plusieurs marques de camions, notamment:

• Peterbilt
• Kenworth
• International
• Hino

Options de financement flexibles pour les achats de camions

Rush Enterprises propose plusieurs stratégies de financement avec 1,3 milliard de dollars de portefeuille de financement total au quatrième trimestre 2022.

Type de financement	Valeur totale	Terme moyen
Prêts de camions commerciaux	875 millions de dollars	60 mois
Financement de location	425 millions de dollars	36 mois

Services de maintenance et de réparation efficaces

Rush exploite 139 centres de service avec plus de 1 200 techniciens certifiés. Les revenus de services annuels ont atteint 2,6 milliards de dollars en 2022.

Large gamme de marques et de modèles de camions

L'inventaire comprend plus de 4 500 véhicules commerciaux sur plusieurs classes de poids et configurations.

Catégorie de camions	Comptage des stocks	Fourchette
Camions de classe 4-5	1 200 unités	$50,000 - $85,000
Camions de classe 6-7	1 800 unités	$85,000 - $150,000
Camions de classe 8	1 500 unités	$130,000 - $250,000

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

Assistance des ventes et des services personnalisés

Rush Enterprises maintient 135 lieux de concessionnaires de camions commerciaux et de bus à service complet dans 14 États. En 2022, la société a signalé 1 214 techniciens de service dédiés au support client personnalisé.

Métrique du service client	2022 Performance
Temps de réponse moyen du service client	2,3 heures
Évaluation de satisfaction du client	4.6/5.0
Interactions de service annuelles	87,654

Partenariats de gestion de la flotte à long terme

Rush Enterprises sert 4 237 clients de flotte commerciale au quatrième trimestre 2023, avec 78% de maintien des accords de service pluriannuel.

• Durée du partenariat moyen de la flotte: 5,2 ans
• Taux de rétention de la clientèle de la flotte: 92,3%
• Total des véhicules de flotte sous gestion: 42 156

Programmes de fidélisation de la clientèle

Le programme de fidélité des centres de camions Rush de l'entreprise comprend 22 345 membres actifs de la flotte commerciale en 2023.

Métrique du programme de fidélité	2023 données
Membres du programme de fidélité	22,345
Dépenses annuelles moyennes par membre	$87,600
Taux de renouvellement du programme	85.7%

Plateformes de planification des services numériques

Rush Enterprises Plateforme numérique a traité 64 322 rendez-vous de services en ligne en 2022, ce qui représente 42% de la planification totale des services.

Gestion dédiée des comptes pour les grands clients de flotte

La société maintient 187 gestionnaires de comptes dédiés aux clients de la flotte de niveau d'entreprise, desservant des organisations avec plus de 50 véhicules commerciaux.

Gestion de la flotte d'entreprise	2023 statistiques
Gestionnaires de compte dédiés	187
Grands clients de flotte	342
Valeur du contrat annuel moyen	$1,245,000

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

Lieux de concessionnaires de camions physiques

En 2024, Rush Enterprises exploite 138 sites de concessionnaires totaux dans 22 États, principalement dans le sud-ouest et le Midwest des États-Unis.

État	Nombre de concessionnaires	Régions primaires
Texas	87	Houston, Dallas, San Antonio
Oklahoma	19	Oklahoma City, Tulsa
New Mexico	12	Albuquerque, Santa Fe

Plateformes de vente et d'inventaire en ligne

Rush Enterprises maintient une plate-forme d'inventaire numérique complète avec 7 247 véhicules commerciaux répertoriés en ligne au quatrième trimestre 2023.

• Site Web: www.rushenterprises.com
• Capacités de navigation d'inventaire numérique
• Suivi de disponibilité des véhicules en temps réel
• Application de financement en ligne

Représentants des ventes directes

Rush Enterprises emploie 672 représentants des ventes directes en janvier 2024, avec un volume de ventes moyen de 3,2 millions de dollars par représentant par an.

Catégorie d'équipe de vente	Nombre de représentants	Ventes annuelles moyennes
Ventes de camions commerciaux	412	3,6 millions de dollars
Ventes de pièces et de services	260	2,8 millions de dollars

Unités d'assistance de service mobile

Rush Enterprises exploite 214 unités de support de services mobiles sur ses territoires de service en 2024.

• Temps de réponse moyen: 2,3 heures
• Disponibilité du service d'urgence 24/7
• Capacités de réparation technique spécialisées

Canaux de marketing numérique et de communication

Le budget du marketing numérique pour 2024 est prévu à 4,7 millions de dollars avec des stratégies d'engagement multicanal.

Canal numérique	Engagement mensuel	Objectif principal
Liendin	87 500 abonnés	Marketing B2B
Facebook	62 300 abonnés	Sensibilisation à la marque
Youtube	41 200 abonnés	Démonstrations de produits

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

Entreprises de camionnage régionales et nationales

Au quatrième trimestre 2023, Rush Enterprises dessert environ 3 750 sociétés de camionnage régionales et nationales à travers les États-Unis.

Caractéristique du segment	Données quantitatives
Taille totale de la flotte servie	42 600 véhicules commerciaux
Revenu annuel moyen par client	1,2 million de dollars
Pénétration du marché	18,3% du marché national de la flotte de camionnage

Opérateurs de flotte de petite à moyenne

Rush Enterprises cible de petites et moyennes opérateurs de flotte avec des solutions de service spécialisées.

• Clients totaux de petite flotte: 2 350
• Taille moyenne de la flotte: 15-50 véhicules
• Revenus de services annuels de ce segment: 287 millions de dollars

Entreprises de construction et de logistique

Rush Enterprises fournit des solutions complètes de véhicules commerciaux pour les secteurs de la construction et de la logistique.

Segment de l'industrie	Nombre de clients	Véhicule total desservis
Entreprises de construction	1,100	16 750 véhicules
Entreprises logistiques	890	12 400 véhicules

Fournisseurs de transport agricole

Rush Enterprises soutient le transport agricole avec des services de véhicules commerciaux spécialisés.

• Clients totaux de transport agricole: 620
• Revenus de services de véhicules agricoles spécialisés: 94,5 millions de dollars
• Taille moyenne de la flotte dans ce segment: 22 véhicules

Services de transport gouvernemental et municipal

Rush Enterprises sert les services de transport gouvernemental et municipal à l'échelle nationale.

Segment du gouvernement	Nombre de clients	Total des véhicules entretenus
Départements des transports d'État	47	3 200 véhicules
Autorités de transit municipal	89	2 750 véhicules

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

Coûts d'acquisition des stocks de camions

En 2023, Rush Enterprises a investi 1,2 milliard de dollars dans l'acquisition de stocks de camions. La répartition des coûts des stocks de camions de l'entreprise comprend:

Catégorie de camions	Coût d'acquisition
Camions commerciaux	752 millions de dollars
Camions spécialisés	348 millions de dollars
Inventaire de camions d'occasion	100 millions de dollars

Concessionnaires et entretien des installations de service

Les dépenses totales de maintenance des installations pour 2023 étaient de 87,4 millions de dollars, notamment:

• Réparation et rénovation des installations: 42,6 millions de dollars
• Services publics et infrastructures: 23,8 millions de dollars
• Entretien de l'équipement: 21 millions de dollars

Salaires et formation des employés

Les dépenses totales liées au personnel pour 2023 ont atteint 614,3 millions de dollars:

Catégorie de dépenses	Montant
Salaires de base	482,6 millions de dollars
Programmes de formation	18,7 millions de dollars
Avantages et compensation	113 millions de dollars

Frais de marketing et de vente

Les dépenses de marketing et de vente pour 2023 ont totalisé 76,5 millions de dollars:

• Marketing numérique: 24,3 millions de dollars
• Publicité traditionnelle: 32,2 millions de dollars
• Événements de vente et promotions: 20 millions de dollars

Investissements technologiques et infrastructures numériques

L'investissement technologique pour 2023 était de 53,6 millions de dollars, distribué comme suit:

Catégorie de technologie	Investissement
Développement de plate-forme numérique	22,4 millions de dollars
Infrastructure de cybersécurité	15,2 millions de dollars
Mise à niveau des systèmes informatiques	16 millions de dollars

Rush Enterprises, Inc. (RushB) - 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 2 370 000 000 $.

Marque de camion	Volume des ventes	Revenus ($)
Peterbilt	7 845 unités	1,456,000,000
Kenworth	6 232 unités	914,000,000

Ventes de camions d'occasion

Les revenus de ventes de camions d'occasion pour 2023 ont totalisé 512 000 000 $.

Catégorie de camions d'occasion	Volume des ventes	Prix ​​moyen ($)
Camions de classe 8 utilisés	3 675 unités	139,273

Revenus de service et de réparation

Le segment du service et de la réparation a généré 845 000 000 $ en 2023.

• Revenus de services de maintenance: 456 000 000 $
• Revenus de services de réparation: 389 000 000 $

Ventes de pièces et de composants

Les ventes de pièces et de composants ont atteint 678 000 000 $ en 2023.

Catégorie de pièces	Revenus ($)
Parties OEM	412,000,000
Pièces de rechange	266,000,000

Financement et location de revenu

Le financement et la location des revenus pour 2023 étaient de 187 000 000 $.

Type de financement	Revenus ($)
Location de camions	124,000,000
Services de financement	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.