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November 2, 2018 4:15 PM, EDT

Rush Debuts Stock Repurchase of Up to $150 Million

Sign at a Rush Enterprises dealership Rush Enterprises Inc.

Rush Enterprises Inc., the only publicly traded network of commercial vehicle dealerships in North America, announced a new stock repurchase program of up to $150 million of its shares of common stock.

This replaces the company’s prior $40 million stock repurchase program originally announced on Nov. 30, 2017, and subsequently increased to $75 million on March 8.

As of Oct. 31, the company had repurchased $61.7 million of its shares of common stock under the prior stock repurchase program, which was scheduled to expire on Nov. 29 but was terminated Oct. 31.

“We are confident in our ability to make appropriate investments in our strategic growth initiatives, pursue acquisition opportunities and generate positive free cash flow in all cycles of the truck market,” said W.M. “Rusty” Rush, chairman and CEO of the San Antonio-based company.