Rush Enterprises operates a network of 126 commercial vehicle dealerships, called Rush Truck Centers, across 23 U.S. states and Ontario, Canada. Rush's core business is selling and servicing commercial trucks — primarily Class 8 heavy-duty semis, plus medium-duty trucks, buses, and vans. Rush is primarily a dealer for Peterbilt and International trucks, and also carries Ford, Hino, Isuzu, and Blue Bird for medium-duty. New truck sales account for roughly 56% of revenue, but margins are thin and the business is cyclical, tied closely to freight rates and fleet replacement cycles. The more profitable business is aftermarket parts and service, which accounts for roughly 34% of revenue but about 64% of gross profit. Rush tracks an "absorption ratio" — the share of fixed overhead covered by aftermarket gross profit — which ran at roughly 131% in FY25, meaning aftermarket alone more than covers fixed costs. This cushions earnings when truck sales slow. Rush also operates a leasing and rental fleet of roughly 10,000 vehicles under PacLease and Idealease franchises, providing recurring revenue with bundled maintenance. Rush grows through dealership acquisitions, expanding its mobile service technician fleet, and building out national account relationships with large fleet customers. Rush returns capital primarily through share buybacks and dividends, and management emphasizes maintaining a conservative balance sheet given the cyclicality of the business.