Rush Enterprises - Class B (NASDAQ:RUSHB)
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6 Months : From Jan 2019 to Jul 2019
Tallman Group, the largest International Truck dealership in Canada, announced today that it has signed an agreement to enter into a new joint venture with Rush Enterprises, Inc., which operates the largest network of commercial vehicle dealerships in North America.
Tallman Group and Rush Enterprises will each own 50 percent of the new joint venture entity, which will operate Tallman Group’s network of commercial vehicle dealerships in Canada. The formation of the joint venture is subject to customary closing conditions, but the parties expect the transaction to close on February 25, 2019. Tallman Group will be rebranded to Rush Truck Centres of Canada Limited and will operate under the same leadership of Kevin G. Tallman, Chief Executive Officer and Roger Poirier, CFA, President.
“This is a very exciting partnership for our entire network of employees and customers that have known and trusted Tallman Group for 45 years. This partnership will give us tremendous access to industry leading technology which should greatly enhance our entire customer service experience," says Kevin G. Tallman, Chief Executive Officer, Tallman Group. “Our cross-border customers will greatly benefit by having priority access to the largest commercial dealership group in North America. We are looking forward to utilizing this joint venture as a platform to accelerate our growth strategy in Canada with the support of Rush Enterprises.”
“I am extremely excited to announce Rush Enterprises’ joint venture with Tallman Group,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “The Tallman family has built a successful and respected International Truck dealership network in Ontario, which is consistently recognized as one of the best performing International Truck dealership groups in North America. We believe this joint venture will provide customers with best-in-class service by combining the advanced operating systems developed by Rush Enterprises with the operational abilities of the Tallman Group,” Rush added.
Rush Enterprises is a publicly traded corporation led by W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, headquartered in New Braunfels, Texas. Rush (NASDAQ: RUSHA) (NASDAQ: RUSHB) reported $4.7 billion in revenue in 2017. With 110 locations in 22 states, Rush is the largest commercial vehicle dealer in North America. The company employs 6,900 people and sold nearly 32,800 trucks in 2017.
About Rush Enterprises, Inc.Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 21 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle upfitting, CNG fuel systems and vehicle telematics products. Additional information about Rush Enterprises’ products and services is available at www.rushenterprises.com. Follow our news on Twitter at @rushtruckcenter and on Facebook at facebook.com/rushtruckcenters.
About Tallman GroupTallman Group has been in business since 1973, and is the largest International dealer in Canada. Tallman employs over 600 people and operates 14 locations, and 6 associate locations in Ontario. In 2018 the company achieved revenues of $370 million (CAD) and delivered almost 2,000 trucks. The company is authorized to sell International Trucks, Isuzu Trucks, Kalmar Ottawa Shunt Trucks, Cobra Trailers, Fontaine Trailers, Doepker Trailers, and Trout River Trailers. In addition, the company operates an Idealease franchise that includes over 1,100 trucks in its lease and rental fleet. In 2015, Tallman Group was named International’s North American Truck Dealer of the Year. Tallman Group has also been named one of Canada’s Best Managed Companies for 10 consecutive years.
Nicola ShorttTallman Group289email@example.com