CORRECTION - Rush Enterprises Remains Open to Support Essential Functions During COVID-19 Pandemic and Provides Business Upda...
March 25 2020 - 4:40PM
The title of this press release corrects the title of the Company’s
press release issued earlier this afternoon. There are no other
changes.
Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which
operates the largest network of commercial vehicle dealerships in
North America, today announced that its Rush Truck Centers, Rush
Truck Leasing and other facilities remain operational across the
United States supporting the economy’s essential businesses and
critical infrastructure. The Company’s Chairman and CEO, Rusty
Rush, stated that “we are proud and committed to serve our
customers in the important work they are doing, from ensuring the
supply of essential medical supplies and life-sustaining goods to
the provision of critical public services such as waste
removal.”
Mr. Rush also noted that “our foremost priority is always the
health and safety of our customers, employees, business partners
and communities.” The Company is of course following CDC guidelines
for limiting exposure to COVID-19 and enhancing the frequency and
thoroughness of cleaning at our facilities. The Company is also
leveraging its investments in on-line customer interface platforms
and integrated call centers to facilitate parts and service
operations to support customers without face-to-face interaction.
Rush continues to deliver new commercial vehicles and is expediting
parts deliveries and providing curbside services for parts pickup
at our locations. Rush’s roughly 500 mobile service units across
the country are also providing necessary maintenance and repair
services for commercial vehicles. Finally, our sales
representatives remain in virtual contact with our customers to
ensure customers’ needs are being met. We are transitioning
employees who can work from home out of our locations to enable
effective social distancing.
While the Company is currently able to place orders with
manufacturers, receive trucks and parts and staff its operations,
it is unclear what continuing impact the evolving pandemic will
have on operations. Mr. Rush stated that “while there is no way to
estimate or quantify the impact of the pandemic, we are already
seeing some of our manufacturers suspend factory production of
truck chassis’ and anticipate some softening of demand as
businesses are ordered by governmental authorities to temporarily
cease operations. Temporary closures of some of our locations are
also possible due to exposures to COVID-19 despite the hygiene
precautions we are taking. We understand that our businesses are
essential to our country’s response to this pandemic and I and our
thousands of dedicated employees are honored to support our
customers and nation during this challenging time,” Mr. Rush
said.
Rush’s business and financial results for the remainder of 2020
will be impacted by manufacturer production schedules and changes
in customer demand and government regulations and mandates. The
Company will provide an update on its 2020 outlook during its first
quarter earnings call scheduled for April 23, 2020.
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 North America, with more than 100 dealership
locations in 22 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, FUSO, 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 collision center 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.
Forward-Looking Statement
Certain statements contained in this release, including the
effects COVID-19 may have on our business and financial results,
are “forward-looking” statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995). Such
forward-looking statements only speak as of the date of this
release and the Company assumes no obligation to update the
information included in this release. Because such statements
include risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements include, but are not limited to,
competitive factors, general U.S. economic conditions, economic
conditions in the new and used commercial vehicle markets, customer
relations, relationships with vendors, the interest rate
environment, governmental regulation and supervision, product
introductions and acceptance, changes in industry practices, the
duration and severity of the COVID-19 pandemic and governmental
mandates in connection therewith, one-time events, and other
factors described herein and in filings made by the Company with
the Securities and Exchange Commission, including in our annual
report on Form 10-K for the fiscal year ended December 31, 2019.
Although we believe that these forward-looking statements are based
on reasonable assumptions, there are many factors that could affect
our actual business and financial results and could cause actual
results to differ materially from those in the forward-looking
statements. All future written and oral forward-looking statements
by us or persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements contained or referred
to above. Except for our ongoing obligations to disclose material
information as required by the federal securities laws, we do not
have any obligations or intention to release publicly any revisions
to any forward-looking statements to reflect events or
circumstances in the future or to reflect the occurrence of
unanticipated events.
Rush Enterprises, Inc., San Antonio Steven L. Keller,
830-302-5226 kellers@rushenterprises.com
Rush Enterprises (NASDAQ:RUSHA)
Historical Stock Chart
From Apr 2024 to May 2024
Rush Enterprises (NASDAQ:RUSHA)
Historical Stock Chart
From May 2023 to May 2024