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CTR's lease-finance launch
Page 15
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• Central Trailer Rentco celebrated the purchase of its 20,000th rental trailer this week with the launch of a lease-finance service for its major customers.
The service will be offered through a newly-formed sister company called Tiphook Financial Services. Managing director of TFS Barrie Whipp says the new arrangement enables Central Trailer Rentco to arrange lease-finance deals for larger customers. These deals need not be limited to trailers alone. Whipp says that TFS will finance trucks, trailers, containers and inter-modal equipment.
TFS is likely to play an im
portant part in the launch of Tiphook's piggyback trailer scheduled for this autumn. The company plans to have up to 100 such trailers up and running by the end of this year. Whipp says a number of potential customers for piggyback trailers have expressed an interest in lease finance schemes as a means of acquisition.
Tiphook chairman Robert Montague says that TFS will enable customers to acquire equipment without worrying about dramatic changes in interest rates or currency exchange rates.
Whipp says he expects to sign up the first customers for the lease finance scheme by this summer.
A refurbishment programme is underway throughout Central Trailer Rentco's UK depot network, with major new developments planned at both Ipswich and Leeds. The company is currently pushing hard for the BS5750 quality standard, and an announcement is expected shortly.
LI Tiphook plans to minimise painful restructuring by operating Trailerent as a separate company if it wins approval from the Office of Fair Trading for its proposed takeover.