GE Trailer Fleet Services Inc history

1, 1969, after purchasing a car and light-truck rental and leasing business serving eastern Pennsylvania, with just three locations.

In 1971, a holding company of Transport Pool was listed by NASDAQ. By this year Transport Pool opened branches in Belgium.

By 1981, the company had grown to 33 facilities staffed by 420 employees and generating annual sales of more than $40 million.

To recover, Gelco sold TIP Europe in 1986 to a management and investor consortium.

In 1988, Hertz exited the business, and Penske Corp. entered into a joint venture with GE Capital pursuant to which GE contributed its Gelco Truck Leasing business, and the parties formed Penske Truck Leasing Co., L.P.

In 1993 TIP was brought in as a stand-alone division of GE Capital.

In 1997 TIP acquired Central Rentco (CTR) group - rental and leasing company spread all around Europe.

The company dramatically increased its presence in the European market with the 1998 purchase of Transportgroep van der Graaf, a Netherlands-based transportation and warehouse provider.

He was appointed to the position of chief executive officer of TIP in 2003.

In 2007 TIP entered into third party maintenance services segment.

In May 2008, TIP Trailer Fleet has peaked at 79.000 units.

Recognizing potential opportunities in 2014, Penske Truck Leasing expanded its truck rental and leasing services in Australia through collaboration with Brisbane, Australia-based Penske Commercial Vehicles, which is a wholly owned subsidiary of Penske Automotive Group.

In 2015 acquisition of Toscon almost doubled TIP 3rd party maintenance and repair revenue in the Netherlands.

In 2017, Penske Truck Leasing continued to grow and expand its truck rental, leasing and logistics operations both organically and with the acquisition of Richmond, Virginia-based Old Dominion Truck Leasing.

In late 2018, Penske Truck Leasing became the first company ever in North America to put an electric commercial vehicle into its fleet by introducing the Freightliner eM2 medium-duty commercial electric vehicle.

The new facility opened for full operation in June 2019.

Finally, in late 2020, Penske Logistics made a significant investment in the future of its dedicated contract carriage business by completing its acquisition of Black Horse Carriers.