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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 From Wikipedia, the free encyclopedia.
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