Penske F&I revenue falls 22.2%

Truck dealers Rush Enterprises and Penske Automotive Group continued to see sluggish sales in the first quarter amid persisting market challenges. 

Commercial truck sales in the United States totaled 86,891 in the first quarter, down 17.7% year over year, according to trade group American Truck Dealers.  

A surge in fuel prices caused by the Iran war compounded challenges such as tight lending standards and economic uncertainty in Q1, partially offset by easing overcapacity issues and higher order volume. 

Penske truck sales sink 

Bloomfield Hills, Mich.-based Penske reported $3.5 million in finance and insurance (F&I) revenue for its commercial truck segment in Q1, down 22.2% YoY, according to its April 29 earnings release.  

Other Q1 results for the segment included:

• Aftermarket parts and service revenue rose 4.6% YoY to $232.2 million;
• Total revenue declined 15.7% YoY to $694.6 million; 
• New-truck sales dropped 25.5% YoY to 2,786 units; and
• Used-truck sales fell 18.3% YoY to 797 units. 

Total floorplan notes payable, spanning all segments, increased 4.6% YoY to $4.1 billion.  

The company attributed decreased truck sales to low order intake in the second half of 2025 “following the implication of tariffs and weakness in the freight market,” Chief Executive Roger Penske said during its earnings call.  

Rush F&I revenue rises, sales slide 

San Antonio-based Rush’s F&I revenue jumped 7.7% YoY to $5.6 million, and aftermarket parts and service revenue rose 1.3% YoY to $627.2 million, according to its April 28 earnings release.  

Other Q1 results included:

• Total revenue fell 9% YoY to $1.7 billion;
• New Class 8 truck sales fell 6% YoY to 2,964 units;
• New Class 4 to Class 7 sales dropped 13.9% YoY to 49,079; and
• Used-truck sales rose 5.4% YoY to 1,865. 

Rush’s performance reflects the “continued impact of the prolonged freight recession,” CEO W.M. “Rusty” Rush stated in the release, noting that industrywide retail sales for Class 8 and Class 4 to 7 trucks dropped to their lowest levels since 2020 and 2015, respectively, in Q1. 

Recovery on horizon? 

Both companies are optimistic about rising order activity driven by replacement demand and expected price hikes in 2027.  

For Penske, “Class 8 orders increased 91%, and the industry backlog grew 33% to 175,000 units in Q1 when compared to March of last year,” Rich Shearing, chief operating officer of North America, said during the call. 

“We expect this increase in order activity to result in higher new-unit sales in the second half of this year,” he said. 

Similarly, Rush saw “strong order intake and increased quoting activity throughout the quarter, particularly among large fleet customers,” Rush said, attributing the increase to “improving freight conditions and the upcoming change in emissions regulations.” 

“While uncertainty related to economic conditions and global events, along with significantly increased fuel prices, is weighing on the market, we believe that customer sentiment is improving … and we are encouraged by the level of engagement we are experiencing.” 

The fourth annual Equipment Finance Connect, a crucial industry event for equipment lenders and dealers, takes place at the C. Baldwin Hotel in Houston May 18-19. Learn more about the event and register here.