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Rush, Penske F&I revenues slide in Q2

Custom Truck One sales revenue jumped 25% YoY

Quinn DonoghuebyQuinn Donoghue
July 31, 2025
in Dealer Operations
Reading Time: 3 mins read
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Truck dealers Penske Automotive Group and Rush Enterprises reported mixed results in the second quarter, while Custom Truck One Source’s sales and rental revenues surged.  

Rush new Class 8 sales sink 20% 

San Antonio-based Rush Enterprises’ finance and insurance (F&I) revenue fell 6.5% year over year to $5.6 million in Q2, and total revenue dipped 4.8% YoY to $1.9 billion, according to its July 30 earnings release. Aftermarket product and service revenue rose 1.4% YoY to $636.3 million.  

New Class 8 truck sales plunged 20.3% YoY to 3,178 units amid ongoing challenges facing truck operators and the overall industry, Chairman and Chief Executive W.M. “Rusty” Rush stated in the release. 

“While there have been sporadic signs of recovery from the freight recession that has impacted over-the-road carriers for more than two years, freight rates remain depressed, and overcapacity persists.”

— W.M. “Rusty” Rush, CEO, Rush Enterprises

In addition, tariff uncertainty “and its potential impact on the supply chain and overall economy, combined with a lack of clarity regarding engine emissions regulations, has led many customers to delay vehicle acquisition and maintenance decisions,” he said. 

Meanwhile, the company sold 3,626 new Class 4 to Class 7 trucks, up 1% YoY, and used commercial vehicle sales totaled 1,715, down 0.5% YoY. Total floorplan notes payable ticked up 0.7% YoY to $1.1 billion.  

Penske used-truck sales drop 8% 

Bloomfield Hills, Mich.-based Penske Automotive Group reported $4 million in F&I revenue in Q2, down 4.8% YoY, according to its July 30 earnings release.  

Parts and service revenue for commercial trucks rose 3.4% YoY to $226.7 million, and total revenue for its commercial truck segment jumped 5.7% YoY $943.6 million.  

The company’s new truck sales increased 3.5% YoY to 4,638 units, while used truck sales declined 8.4% YoY to 701 units, amounting to a 1.7% YoY increase overall. Total floorplan notes payable rose 2.1% YoY to $4.2 billion. 

Despite the decline in number of used trucks sold, gross profit surged 44.1% YoY to $4.9 million largely because “late model low-mileage trucks continue to be in short supply,” North American Chief Operating Officer Richard Shearing said during the company’s earnings call. 

Penske also noted “some pull-ahead ordering” in Q2 before potential price hikes related to tariffs, he said. 

CTOS total revenue climbs 21% 

Kansas City, Mo.-based Custom Truck One Source’s total revenue soared 20.9% YoY in Q2 to $511.5 million, according to its July 30 earnings release. Aftermarket parts and service revenue was up 0.5% YoY to $34.6 million. 

The company’s fleet utilization rate increased nearly 6 percentage points YoY to 77.6%, driving rental revenue up 17.3% YoY to $120.8 million. 

Total equipment sales climbed 24.7% YoY to $356.1 million, which was attributed to “robust demand for vocational vehicles across our end markets, particularly intra-quarter demand from local and regional customers,” CEO Ryan McMonagle stated in the release. 

In the second half of 2025, Custom Truck One Source expects to benefit from “secular tailwinds driven by data center investments, electrification and utility grid upgrades,” he said. 

Check out our exclusive industry data here.   

Tags: Custom Truck One Sourceequipment financePenskeRush Enterprisestransportation
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