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SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENT

12. SUBSEQUENT EVENT

On July 17, 2017, the Company entered into an asset purchase agreement with Summit Trailer Group, LLC (“Summit Truck Group”) to transition two company-owned retail branches locations to independent dealer facilities owned and operated by Summit Truck Group for $14.2 million in cash, subject to closing-date purchase price adjustments relating to final quantities of operating assets acquired. These retail branches are located in San Antonio, Texas, and Dallas, Texas, and will add to Summit Truck Group’s existing locations that will sell and service the Company’s trailers and truck bodies. The Company expects this agreement to close during the third quarter of 2017.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774

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