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Did you find what you were looking for? Do you have a suggestion for us to improve our website? Sennett retired the same year, Morris became president, and Weisheit was named executive vice president in , moving to Philadelphia to head sales and marketing.
By the end of the s, TIP had more than branches, however growth through just opening additional locations was becoming impractical.
The trucking industry in the U. Prior to deregulation, the authority to transport certain goods along certain routes was trading for hundreds of thousands of dollars, as regulatory hurdles made acquiring new authority difficult.
To deal more effectively with outdated inventory coming in from rental and lease deals, TIP launched its first formal remarketing trailer sales operation in After the Motor Carrier Act of , there were 18, regulated trucking companies.
More than 42, such companies were operating by Many of these new companies were unable to afford to buy trailers and looked to rental companies to fill the need for trailers.
Transport International Pool had branches as of The extra demand that deregulation caused, combined with TIP's continuing growth, resulted in an annual need for new trailers.
Division managers would give their requisitions to Laurie Weisheit, who became president and chief operating officer in , and he would consolidate the purchasing requests.
Weisheit would then negotiate with the leading trailer manufacturers for volume purchasing deals. At the time, Gary Wendt, president of GE Capital, told The New York Times the purchase was complementary to the company's plans to grow its rail-car, aircraft, auto and container leasing businesses.
While the other Gelco divisions were rolled into existing parts of the portfolio, TIP was brought in as a stand-alone division of GE Capital.
Following two acquisitions in its core product area, Canadian company Intercan Leasing in November and Transamerica Corporation's 19,trailer U.
TIP also took actions to grow and formalize its intermodal container business. This added Genstar's 18, intermodal containers to TIP's 6,unit fleet.
Subsequent intermodal business acquisitions brought the total intermodal fleet to more than , assets in In the U. They aimed to reuse older trailers in the storage and cartage market.
TIP was soon starting to face increased competition. Customer service became more emphasized and in the late s, credit card orders and access via numbers and the Internet became more important to the company.
As the economy faltered during the s, TIP's revenue fell and its margins tightened. Many of its customers were going bankrupt, fuel prices reduced profits, and the global economy was changing traditional trucking routes.
The rapid expansion of big box retailers created entire new private fleets with needs of their own.
Technology required major investments and a change in core business processes. TIP needed financial assistance of its parent company in order to work technologically, but GE Capital faced changes as well.
In August , GE's new chairman Jeff Immelt announced the reorganization of the GE Capital Services portfolio into four business units, portions of which were later grouped with GE's industrial-side businesses.
To further balance the portfolio, Equipment Services transferred the TIP Intermodal business and assets in to GE's Rail Services unit in Chicago, which allowed it to benefit from relationships the business had with rail customers and shippers.
TIP went back to its core business model of renting, leasing, financing, maintaining and remarketing trailers, primarily dry vans, flatbeds, and refrigerated vans.
There was a new leadership team was in place, partly shared with GE Modular Space, the offshoot of TIP's entry into portable office and classroom trailer leasing.
The company then designed its own trailer-tracking system, had it validated and tested at GE's Global Research Center in upstate New York, and launched the VeriWise asset monitoring product in April Systems of New Jersey in