Rush Enterprises Announces $40 Million Stock Repurchase

Truck dealership Rush Enterprises Inc. will repurchase up to $40 million of its shares of Class A common stock, at $.01 par value per share, and/or Class B common stock, at $.01 par value per share, the company said Nov. 30.

The plan replaces a prior $40 million repurchase program, announced Dec. 4, 2015. The company repurchased the full $40 million of stock permitted under the earlier program, Rush said.

The latest stock repurchase program “reflects not only our confidence in the company's future growth but also our continued commitment to return capital to our shareholders,” W.M. “Rusty” Rush, chairman and CEO of the company, said in a statement.

The repurchases will be made through open market transactions at prevailing market prices, privately negotiated transactions or by other means in accordance with federal securities laws, the company said.

The new stock repurchase program expires Nov. 30, 2017, and may be suspended or discontinued at any time, the San Antonio-based company said.