RDO Equipment Co. is selling its Riverside, Calif., truck dealership.
The transaction completes RDO’s plan to divest itself of most of its heavy-truck division, focusing its efforts on construction and agricultural equipment sales and service.
While the specific terms of the transaction were not disclosed, company officials said the assets are being sold at a price that exceeds current carrying value. In addition, the company has settled manufacturer sponsored debt that originated in 1999 as part of its acquisition of the dealership at an agreed upon discount.
The company will remain a truck dealer in North Dakota with three dealerships selling and servicing Volvo, Mack, GMC and Isuzu trucks. The North Dakota truck group has been and is expected to remain profitable.
The transaction completes RDO’s plan to divest itself of most of its heavy-truck division, focusing its efforts on construction and agricultural equipment sales and service.
While the specific terms of the transaction were not disclosed, company officials said the assets are being sold at a price that exceeds current carrying value. In addition, the company has settled manufacturer sponsored debt that originated in 1999 as part of its acquisition of the dealership at an agreed upon discount.
The company will remain a truck dealer in North Dakota with three dealerships selling and servicing Volvo, Mack, GMC and Isuzu trucks. The North Dakota truck group has been and is expected to remain profitable.
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