He told a recent Leasing Life/British Vehicle Rental and Leasing Association conference: 'GE Capital Fleet Services measured the proportion of income over the last three years that has come from new product development throughout the leasing industry and what you see is woeful. On any global comparison, this industry needs to changeA year ago we started tuning up our product management process on a global basis to move from a position of industry stagnation to one of vitality, with GE Capital Fleet Services using its products to distinguish itself from the marketplace.'
Stephenson added: 'The biggest single reason why you lose a customer is complacency and not price. If you fail in getting the best value from your customer, then you will fail to offer them the best service. If you are not growing profitably, you are not investing and you are not providing best in class value and quality. Quality is delivering what you promised and eradicating variation in your service at every turn because that upsets your customers and costs you money.'