Latest news with #commercialvehicles
Globe and Mail
2 days ago
- Business
- Globe and Mail
Rush Enterprises, Inc. Increases Stock Repurchase Program by $50 Million
SAN ANTONIO, May 29, 2025 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that its Board of Directors approved an increase of $50 million to its existing stock repurchase program authorizing the Company to repurchase, from time to time, up to an aggregate of $200 million of its shares of Class A common stock, $.01 par value per share, and/or Class B common stock, $.01 par value per share. This increase follows the Company nearing the original authorization limit of $150 million. 'Despite the continued uncertainty surrounding tariffs, the continuing freight recession and challenging commercial vehicle market, we remain confident in our strong capital position, liquidity and ability to generate strong free cash flow, and we are pleased to take this opportunity to enhance shareholder value through this $50 million increase to our stock repurchase program,' said W.M. 'Rusty' Rush, Chairman, Chief Executive Officer and President of the Company. 'The Company's strategic focus on maintaining a diversified customer base and our 'One Team' sales approach has served us well, and we believe our solid financial performance during the recent challenging industry and market conditions will allow us to continue to invest in our growth strategy while also returning capital to our shareholders,' Rush stated. Repurchases will be made at times and in amounts as the Company deems appropriate and may be made through open market transactions at prevailing market prices, privately negotiated transactions or by other means in accordance with federal securities laws. The actual timing, number and value of repurchases under the stock repurchase program will be determined by management in its discretion and will depend on a number of factors, including market conditions, stock price and other factors. The stock repurchase program expires on December 31, 2025, and may be suspended or discontinued at any time. 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 150 locations in 23 states and Ontario, Canada. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States and Ontario, Canada, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Dennis Eagle, 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 CNG fuel systems (through its investment in Cummins Clean Fuel Technologies, Inc.), telematics products and other vehicle technologies, as well as vehicle up-fitting, chrome accessories and tires. For more information, please visit us at and on Twitter @rushtruckcenter and Certain statements contained in this release, including those concerning current and projected market conditions and financial performance, 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, inflation and the interest rate environment, governmental regulation and supervision, including engine emission regulations, U.S. and global trade policies, product introductions and acceptance, changes in industry practices, 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, 2024. In addition, the declaration and payment of cash dividends and authorization of future share repurchase programs remains at the sole discretion of the Company's Board of Directors and the issuance of future dividends and authorization of future share repurchase programs will depend upon the Company's financial results, cash requirements, future prospects, applicable law and other factors that may be deemed relevant by the Company's Board of Directors. 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.
CTV News
2 days ago
- Business
- CTV News
City to examine potential fee for homes with a certain number of vehicles
Should residents of a home with a certain number of vehicles have to pay a fee to help address issues around the demand for on-street parking in Windsor? Ward 8 Councillor Gary Kaschak said he's dealing with four issues around on-street parking in his ward. During Monday's council meeting, he delivered a petition from residents on Rose Court between Jos. St. Louis Avenue and Clemenceau Boulevard who are upset over limited on-street parking. Kaschak told the council they are seeing more and more cases of homes with eight to 12 people living in a single residence, with each person having their own vehicle, and in some cases parking commercial vehicles on city streets, which is putting a strain on the on-street parking system. 'They're working, have a company, or are self-employed and parking commercial vehicles on the street, taking up potential residential parking spots as well,' he said. 'We want people to work, and we want self-employment, but should all those vehicles be parked on residential streets as well.' He asked administration to look at options to alleviate the problem and the potential for a city bylaw for a maximum of four to six vehicles per residence, and anything above that would be subject to a yearly fee to be paid or added to their property tax bill. Kaschak said he just wants to see options to address the problem. 'Where the people can park their vehicles, the people who live in front of those homes or nearby, but also people with a lot of residents in their home, they may have to pay an extra fee moving forward to accommodate their vehicles and to be good neighbours as well,' he said. A report is expected to come back to a future meeting of city council. - Written by Rusty Thomson/AM800 News.
Yahoo
2 days ago
- Automotive
- Yahoo
UK vehicle output down 16% in April
UK car and commercial vehicle production fell by 15.8% to 59,203 units in April, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT). Vehicle output fell to the lowest level for the month since 1952, excluding 2020 when the first Covid lockdown effectively saw manufacturing cease. The result caps off the sector's lowest start to the year since 2009. The SMMT said April's decline in car output was driven by a combination of factors, notably the later timing of Easter – which saw fewer production days in the month (and hence a factor behind the comparative rise in output in March) – as well as model changeovers and lower demand in key export markets. As a result, car production fell 8.6% to 56,534 units. Commercial vehicle output also declined, by 68.6% to 2,669 units, driven primarily by a plant closure and normalising demand for new heavy goods vehicles (HGVs) following robust post-pandemic growth. Car production for export fell 10.1%, while production for the domestic market – always a smaller proportion of volumes – also decreased, by 3.3%. Shipments to the UK's two largest global markets, the EU and US, fell by 19.1% and 2.7% respectively, although the EU still took more than half of all exports while the US received 16.5%. Conversely, exports to China and Turkey rose by 44.0% and 31.2% respectively. Commercial vehicle export volumes, meanwhile, fell sharply by 75.8% with just over half (50.7%) of output heading overseas. The decline was driven by a 78.9% drop in shipments to the EU, but the bloc retained the lion's share of exports at 84.9%. CV output for the domestic market also softened, down by 54.6%. The SMMT noted that production is being 'constrained by economic uncertainty and rapidly changing global trading conditions' and said the UK industry 'awaits publication of government's industrial strategy, which must contain measures that boost the competitiveness of Britain's most valuable export sector'. It said a strategy with automotive and advanced manufacturing at its heart will enable the sector to take advantage of the UK's new trading arrangements, including those agreed with the EU and US – while exploring possibilities for growth in other markets, notably India, delivering economic benefits across the UK. Mike Hawes, SMMT Chief Executive, said: 'With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness. Government has recognised automotive manufacturing's critical role in driving the UK economy, having successfully negotiated improved trading conditions for the sector with the US, EU and India in the space of a month. 'To take advantage of these trading opportunities we must secure additional investment which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK.' "UK vehicle output down 16% in April" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
3 days ago
- Automotive
- Yahoo
UK vehicle manufacturing plummets to lowest since 1952 in April
Car and van manufacturing in the UK slumped to its lowest level in more than 70 years last month. Latest figures from the Society for Motor Manufacturers and Traders (SMMT) showed the number of cars made in Britain fell by 8.6% in April while production of vans and other commercial vehicles was down by 68.6%. Overall UK car and commercial vehicle production fell by 15.8% to 59,203 units in April. Excluding the first covid lockdown in 2020 when virtually all manufacturing ceased, that is the the lowest output total for the month since April 1952, when the late Queen Elizabeth II had just ascended the throne and the Morris Minor was the best selling car in the UK. While output was limited by the timing of Easter, model changeovers and temporary plant closures the figures will nonetheless sound alarm bells. The SMMT said 'urgent action' is required to reboot one of the country's most important manufacturing and exporting sectors. The first four months of the year have been the slowest for production since the 2009 recession caused by the global financial crisis. Car exports declined 10.1% during a month of intense international trading volatility, while commercial vehicle exports fell 75.8%. Shipments to the UK's two largest global markets, the EU and US, fell by 19.1% and 2.7% respectively, although the EU still took more than half of all exports while the US received 16.5%. But exports to China and Turkey rose by 44.0% and 31.2% respectively. Commercial vehicle export volumes, meanwhile, fell sharply by 75.8%. The decline was driven by a 78.9% drop in shipments to the EU, but the bloc retained the lion's share of exports at 84.9%. Mike Hawes, SMMT Chief Executive, said, 'With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness. 'Government has recognised automotive manufacturing's critical role in driving the UK economy, having successfully negotiated improved trading conditions for the sector with the US, EU and India in the space of a month. 'To take advantage of these trading opportunities we must secure additional investment which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK.' Sign in to access your portfolio
Yahoo
3 days ago
- Automotive
- Yahoo
UK vehicle manufacturing plummets to lowest since 1952 in April
Car and van manufacturing in the UK slumped to its lowest level in more than 70 years last month. Latest figures from the Society for Motor Manufacturers and Traders (SMMT) showed the number of cars made in Britain fell by 8.6% in April while production of vans and other commercial vehicles was down by 68.6%. Overall UK car and commercial vehicle production fell by 15.8% to 59,203 units in April. Excluding the first covid lockdown in 2020 when virtually all manufacturing ceased, that is the the lowest output total for the month since April 1952, when the late Queen Elizabeth II had just ascended the throne and the Morris Minor was the best selling car in the UK. While output was limited by the timing of Easter, model changeovers and temporary plant closures the figures will nonetheless sound alarm bells. The SMMT said 'urgent action' is required to reboot one of the country's most important manufacturing and exporting sectors. The first four months of the year have been the slowest for production since the 2009 recession caused by the global financial crisis. Car exports declined 10.1% during a month of intense international trading volatility, while commercial vehicle exports fell 75.8%. Shipments to the UK's two largest global markets, the EU and US, fell by 19.1% and 2.7% respectively, although the EU still took more than half of all exports while the US received 16.5%. But exports to China and Turkey rose by 44.0% and 31.2% respectively. Commercial vehicle export volumes, meanwhile, fell sharply by 75.8%. The decline was driven by a 78.9% drop in shipments to the EU, but the bloc retained the lion's share of exports at 84.9%. Mike Hawes, SMMT Chief Executive, said, 'With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness. 'Government has recognised automotive manufacturing's critical role in driving the UK economy, having successfully negotiated improved trading conditions for the sector with the US, EU and India in the space of a month. 'To take advantage of these trading opportunities we must secure additional investment which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK.'
