Rush to Buy Midwest Truck Dealerships

Rush Enterprises Inc. said it has agreed to buy several truck dealerships in Illinois and Indiana.

Rush will buy assets of CIT Inc., which does business as Chicago International Trucks, Mcgrenho, which does business as Indy Truck Sales, Indiana Mack Leasing and the membership interests of Idealease of Chicago.

The dealerships had about $405 million in revenue last year, Rush said Sept. 26.

The acquisition, expected to close early next year, includes International truck dealerships and Idealease commercial-vehicle rental and leasing businesses in Chicago and six other Illinois cities and in Indianapolis and two other Indiana cities.

Separately, GE Capital’s Transportation Finance said it increased its credit facility for Rush to $750 million from $600 million, to boost its new- and used-truck inventory.

Rush, which is expanding its truck-dealership network in at least five states, will have 88 Rush Truck Centers in 18 states once its expansion is complete, GE said.

GE Capital and its predecessor company have been financing equipment for Rush for 30 years, and the new agreement extends through July 2016.