Page 155 - Peterson 85 Years and Going Strong

in deep financial crisis. ‘We think Peterson would be a good fit,’ Eberlin said, ‘so be expecting a call.’ ”
Nothing could have been more enticing to Martin, who had started out as a truck mechanic and was now at the top of his game. The timing couldn’t have been more perfect either. For those willing to take a glance in the rearview mirror, the hand- print of Providence was all over it. But there was also a lot of pushback. The economy was still in the dumpster. Peterson was just wrapping up its Halton acquisition and preparing to open up for business in Portland. Peterson’s resources were stretched thin. So when International came call- ing that June, there were a lot of skeptics sitting around Peterson’s conference table. “If it had been put to a majority vote in the executive committee, it would have been shut down,” recalls Tom Bag- well, then director of marketing for Peterson, now executive VP of Trucks. “If it had been left up to the finance guys, it would have gotten a thumbs- down. In fact, it did—several times. If it was up to Caterpillar, you could have heard no from Peoria to here and back because they did not want us getting distracted from our core business.”
For a few, however, the potential of a truck dealer- ship far outstripped the risk.“This was Eric’s dream, his vision,” says Jeff Goggin, Peterson’s COO, and past president of Peterson Power (1993–2005). “He and Tom knew we needed to figure out how to replace our TEPS business [Truck Engine Parts &
Service]onceCatquitmakingtruckengines.We’d been supplying parts to these truck dealers for de- cades—millions and millions of dollars’ worth. We had truck shops throughout our territory, and now we’re not selling truck engines anymore. What the heck were we going to do with those shops and all the people who worked there?”
International trucks in front of the first home of Peterson Trucks Inc, next-door to Peterson Power Systems in San Leandro, in 2011.
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