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Note 16 - Segments | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
16. | SEGMENTS:
The Company reports information based on operating segments identified in accordance with how the chief operating decision maker (“CODM”) evaluates business performance and allocates resources. As of the reporting period, the Company operates with one CODM: W.M. “Rusty” Rush, the Chief Executive Officer, President and Chairman of the Board. As of the reporting period, The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a network of commercial vehicle dealerships in the United States and Ontario, Canada that provide an integrated one-stop source for the commercial vehicle needs of its customers, including retail sales of new and used commercial vehicles; aftermarket parts sales, service and collision center facilities; vehicle upfitting and financial services, including the financing of new and used commercial vehicle purchases, insurance products and truck leasing and rentals. The commercial vehicle dealerships are deemed a single reporting unit because they have similar economic characteristics. The Company’s CODM considers the entire Truck Segment, not individual dealerships or departments within its dealerships, when making decisions about resources to be allocated to the segment and assessing its performance. In addition to the Truck Segment, the Company generates revenue from two additional operating segments: Retail Tire Sales and Insurance Services. These operating segments do not meet the quantitative thresholds for separate reporting as specified under the guidance of ASU 2023-07. Therefore, they are consolidated under the “All Other” category in the segment disclosures below. These segments share accounting policies consistent with the summary of significant accounting policies. There were no material intersegment sales for the years ended December 31, 2024, 2023, or 2022.
|  | Truck |  |  | All |  |  |  |  |
|  | Segment |  |  | Other |  |  | Totals |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 7,788,842 |  |  | $ | 15,904 |  |  | $ | 7,804,746 |
Cost of products sold |  |  | 6,271,327 |  |  |  | 2,003 |  |  |  | 6,273,330 |
Controllable expenses |  |  | 952,973 |  |  |  | 5,953 |  |  |  | 958,926 |
Allocated expenses |  |  | 96,159 |  |  |  | 8,240 |  |  |  | 104,400 |
Segment operating income (loss) |  | $ | 468,383 |  |  | $ | (292 | ) |  | $ | 468,090 |
Other Income |  |  | 583 |  |  |  | – |  |  |  | 583 |
Interest income |  |  | 1,166 |  |  |  | – |  |  |  | 1,166 |
Interest expense |  |  | 71,658 |  |  |  | 366 |  |  |  | 72,024 |
Income taxes |  |  | 92,845 |  |  |  | – |  |  |  | 92,845 |
Net income (loss) |  | $ | 305,628 |  |  | $ | (658 | ) |  | $ | 304,970 |
Segment assets |  |  | 4,561,583 |  |  |  | 55,964 |  |  |  | 4,617,547 |
Goodwill |  |  | 424,933 |  |  |  | 2,560 |  |  |  | 427,493 |
Capital expenditures |  |  | 432,400 |  |  |  | 647 |  |  |  | 433,047 |
Depreciation and amortization |  |  | 68,031 |  |  |  | 518 |  |  |  | 68,549 |
|  | Truck |  |  | All |  |  |  |  |
|  | Segment |  |  | Other |  |  | Totals |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 7,909,230 |  |  | $ | 15,794 |  |  | $ | 7,925,024 |
Cost of products sold |  |  | 6,329,629 |  |  |  | 2,305 |  |  |  | 6,331,934 |
Controllable expenses |  |  | 789,109 |  |  |  | 4,907 |  |  |  | 794,016 |
Allocated expenses |  |  | 278,117 |  |  |  | 8,576 |  |  |  | 286,693 |
Segment operating income (loss) |  | $ | 512,375 |  |  | $ | 6 |  |  | $ | 512,381 |
Other Income |  |  | 2,597 |  |  |  | – |  |  |  | 2,597 |
Interest income |  |  | 777 |  |  |  | – |  |  |  | 777 |
Interest expense |  |  | 53,324 |  |  |  | 370 |  |  |  | 53,694 |
Income taxes |  |  | 114,000 |  |  |  | – |  |  |  | 114,000 |
Net income (loss) |  | $ | 348,437 |  |  | $ | (364 | ) |  | $ | 348,061 |
Segment assets |  |  | 4,308,264 |  |  |  | 55,977 |  |  |  | 4,364,241 |
Goodwill |  |  | 418,148 |  |  |  | 2,560 |  |  |  | 420,708 |
Capital expenditures |  |  | 367,942 |  |  |  | 939 |  |  |  | 368,881 |
Depreciation and amortization |  |  | 59,373 |  |  |  | 457 |  |  |  | 59,830 |
|  | Truck |  |  | All |  |  |  |  |
|  | Segment |  |  | Other |  |  | Totals |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 7,084,849 |  |  | $ | 16,821 |  |  | $ | 7,101,670 |
Cost of products sold |  |  | 5,611,521 |  |  |  | 2,990 |  |  |  | 5,614,511 |
Controllable expenses |  |  | 790,854 |  |  |  | 4,016 |  |  |  | 794,870 |
Allocated expenses |  |  | 177,059 |  |  |  | 9,117 |  |  |  | 186,176 |
Segment operating income (loss) |  | $ | 505,415 |  |  |  | 698 |  |  |  | 506,113 |
Other Income |  |  | 22,338 |  |  |  | – |  |  |  | 22,338 |
Interest income |  |  | 639 |  |  |  | – |  |  |  | 639 |
Interest expense |  |  | 19,389 |  |  |  | 374 |  |  |  | 19,763 |
Income taxes |  |  | 117,242 |  |  |  | – |  |  |  | 117,242 |
Net income (loss) |  | $ | 391,761 |  |  | $ | 324 |  |  | $ | 392,085 |
Segment assets |  |  | 3,769,007 |  |  |  | 52,059 |  |  |  | 3,821,066 |
Goodwill |  |  | 413,803 |  |  |  | 2,560 |  |  |  | 416,363 |
Capital expenditures |  |  | 242,503 |  |  |  | 557 |  |  |  | 243,060 |
Depreciation and amortization |  |  | 55,354 |  |  |  | 311 |  |  |  | 55,665 |

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