Extends 30-year relationship
IRVING, Texas--(BUSINESS WIRE)--
GE Capital's Transportation Finance business announced today that it has
increased its credit facility for Rush Enterprises, Inc. (Nasdaq:RUSHA)
(Nasdaq:RUSHB) to $750 million from $600 million. Rush, which operates
the largest network of commercial vehicle dealerships in North America,
will use the funds to purchase new and used truck inventory. GE Capital
Markets served as the arranger on the transaction.
Rush is in the process of expanding in North Carolina, Ohio, Kansas,
Missouri and Virginia. Once completed, there will be 88 Rush Truck
Centers in 18 states. The company's dealerships sell multiple brands of
heavy-duty Class 8 trucks as well as medium-duty Class 4-7 equipment and
light-duty vehicles.
GE Capital and its antecedent companies have been financing equipment
for New Braunfels, TX-based Rush for 30 years. The new agreement extends
through July 11, 2016.
"We appreciate our long-standing relationship with GE Capital's
Transportation Finance team," said Rusty Rush, the company's chairman
and CEO. "We're confident that we can depend on GE to be there for us as
we continue to expand our geographic footprint throughout the U.S."
For more than 35 years, GE Capital, Transportation Finance has supported
the commercial trucking industry with customer-centric financing
programs that enable dealers to stock products. Inventory financing,
also called floorplan financing, is an essential component of a
successful manufacturer-dealer relationship. Manufacturers expect to
benefit from improved product flow and increased sales opportunities,
while dealers generally obtain enhanced credit availability and flexible
programs.
"Rush is a key player in the U.S. trucking industry and we're proud to
help them grow their business," said Dan Clark, president and general
manager of GE Capital, Transportation Finance. "As dealers continue to
grow their businesses, either through acquisition or organically, they
need to have a reliable source of funding and that is what we offer. And
that's why Rush and many other successful dealerships look to GE Capital
for funding."
About Rush Enterprises, Inc.
Founded in 1965, Rush Enterprises, Inc. owns and operates the largest
network of commercial vehicle dealerships in the U.S., representing a
variety of truck and bus manufacturers. The company's dealerships are
strategically located in high traffic areas on or near major highways
throughout the country. These one-stop centers offer an integrated
approach to meeting customer needs — from sales of new and used vehicles
and equipment to aftermarket parts, service and body shop operations
plus a wide array of financial services, including financing, insurance,
leasing and rentals. Rush Enterprises' operations also provide vehicle
up-fitting, custom modifications, chrome accessories and tires. For more
information, please visit www.rushenterprises.com.
About GE Capital, Equipment Finance
Located in Irving, TX, GE Capital's Transportation Finance business
serves all parties in the U.S. transportation industry — including
manufacturers, dealers and end-users — with wholesale and retail
financing. For more information, visit www.gecapital.com/americas.
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (@GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582
Lisa.Tibbitts@GE.com
Source: GE Capital
News Provided by Acquire Media
