SAN ANTONIO, March 15, 2007 (PRIME NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest full-service network of heavy-duty and medium-duty truck dealerships in North America and a John Deere construction equipment dealership in Houston, Texas, today announced that it has acquired certain assets of Advanced Transportation Insurance Services, Inc., an insurance and premium finance company, headquartered in Laguna Niguel, California, on March 1, 2007. The purchase price for this acquisition was approximately $2.0 million.
Rush Enterprises, Inc. currently operates AIS (Associated Insurance Services) -- an independent insurance agency headquartered in San Antonio, Texas which has been serving the insurance needs of the trucking industry for more than 20 years.
In making this announcement, W.M. "Rusty" Rush, President and Chief Executive Officer of Rush Enterprises, Inc. stated, "This acquisition adds four locations to our insurance network, and also allows us to better serve the insurance needs of customers located in the Western half of the United States."
He added that the new combined company will be called Associated Truck Insurance Services (ATIS), and remain headquartered in San Antonio.
"Advanced Transportation Insurance Services has served the California and surrounding market for more than 15 years, earning a long-standing reputation for customer service. We are proud to add their outstanding staff to our organization," said Rush.
Scott Anderson, Senior Vice President of Finance and Insurance for Rush Enterprises, Inc., said, "The acquisition includes offices in Laguna Niguel, Vacaville, Murrieta and Chino, California, expanding the insurance network to 21 locations, serving 48 states. Brett Moore, previous owner of Advanced Transportation Insurance Services, will remain in the Laguna Niguel offices as the new Western Regional Manager for ATIS."
Mr. Anderson continued, "We are excited about the opportunities ahead for ATIS, allowing us to serve customers with an experienced, knowledgeable staff and a full line of insurance products, including liability, collision, cargo, bonds, bobtail and occupational accident insurance for long-haul, regional or local delivery coverage."
About Rush Enterprises, Inc.
Rush Enterprises, Inc. operates the largest network of full-service heavy-duty truck and medium-duty dealerships in North America and a John Deere construction equipment dealership in Houston, Texas. Its operations include a network of over 40 Rush Truck Centers located in Alabama, Arizona, California, Colorado, Florida, Oklahoma, New Mexico, Tennessee and Texas. The Company has developed its Rush Truck Centers and its Rush Equipment Center as "one-stop centers" where, at one convenient location, its customers can purchase new or used trucks or construction equipment, purchase insurance products, purchase aftermarket parts and accessories and have service performed by certified technicians. For additional information on Rush Enterprises, Inc., please visit www.rushenterprises.com.
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