Penske, Rush F&I revenues drop amid truck sales slump

Truck dealers Penske Automotive Group and Rush Enterprises felt the pain of transportation industry woes in the third quarter, while Custom Truck One Source benefited from strong vocational vehicle demand.  

Penske F&I revenue plummets 

Bloomfield Hills, Mich.-based Penske reported $3.7 million in finance and insurance (F&I) revenue for its commercial truck segment in Q3, down 28.8% year over year, according to its Oct. 29 earnings release.  

Aftermarket parts and service revenue fell 2.5% YoY to $227 million, and total revenue for its commercial truck segment dropped 13.6% YoY to $918.6 million. Total floorplan notes payable landed at $4 billion, down 4.9% YoY. 

New-truck sales declined 20.5% YoY to 4,298 units, and used-truck sales fell 12.5% YoY to 810 units, amounting to a 19.3% decrease overall.  

The company’s Q3 results came as “the prolonged recessionary freight environment impacted orders, new and used unit sales and fixed operations,” Chief Operating Officer of North American Operations Richard Shearing said during the company’s earnings call. 

Read more on the freight recession here.  

“Tariffs pulled some orders previously scheduled for delivery in Q3 up to the second quarter, while other customers remain on the sidelines due to Section 232 tariffs and ultimate resolution of the EPA 2027 Emissions Regulations,” Shearing said. 

Low freight volumes also caused customers to delay maintenance and repairs, contributing to lower parts and service revenue, he said. 

Rush new Class 8 sales drop 11% 

San Antonio-based Rush Enterprises saw F&I revenue decrease 3.5% YoY to $5.6 million in Q3, while aftermarket product and service revenue rose 1.5% YoY to $642.7 million, according to its Oct. 29 earnings release.  

Total revenue dipped 0.8% YoY to $1.9 billion. It reported $1 billion in total floorplan notes payable, down 21.6% YoY.  

New Class 8 truck sales in the United States dropped 11% YoY to 3,120 units, and new Class 4 to Class 7 U.S. sales declined 8.3% YoY to 2,979 units. Used commercial vehicle sales totaled 1,814 units, down 0.8% YoY. 

Like Penske, Rush attributed its results to “challenging operating conditions” facing the commercial vehicle industry, Chairman and Chief Executive W.M. “Rusty” Rush stated in the release. 

“Freight rates remain depressed and overcapacity continues to weigh on the market,” he said. “In addition, while the industry gained some clarity regarding the tariffs that will be imposed on certain commercial vehicles and parts beginning Nov. 1, economic uncertainty and regulatory ambiguity remains, especially with respect to engine emissions regulations.” 

And while the used-truck market has stabilized, “financing remains a challenge for many buyers,” Rush said.  

Although industry conditions are expected to remain challenging into early next year, the company is optimistic for the second half of 2026, Rush said. The accelerating pace of capacity exits, “evidenced by the increasing number of bankruptcies of small carriers,” could help rebalance the freight market, he said. 

Custom Truck rental revenue soars 17% 

Custom Truck One Source, which primarily serves vocational and specialty vehicle markets rather than over-the-road transportation, reported $482.1 million in total revenue, up 7.8% YoY, according to its Oct. 27 earnings release. 

The Kansas City, Mo.-based company’s aftermarket parts and service revenue rose 2.7% YoY to $34.3 million, and rental revenue jumped 17.4% to $127.1 million.  

Its fleet utilization rate increased 6.1 percentage points YoY to 79.3%, the highest level in more than two years, CEO Ryan McMonagle said during the company’s earnings call. 

“We continue to see mid-70% to mid-80% utilization rates across most of our fleet, demonstrating the long-term resilience of our end markets,” he said. 

Moreover, total equipment sales increased 4.9% YoY to $320.6 million.  

CTOS continues to benefit from strong demand for vocational vehicles supporting industries including construction, utilities, forestry and rail transport, prompting the company to “accelerate rental fleet CapEx,” McMonagle said. 

“We believe this spending will position us well for continued growth in 2026,” he said.  

Check out our exclusive industry data here.