2001 Piedmont Auction

In 1999, the Piedmont had suffered major budget issues and had to deactivate EMD GP40PH-2 1768 City of Charlotte, later auctioning it to Virginia Railway Express.

Background
During 1999, the and financial issues, and this caused the two new EMD F59PHI locomotives 1797 City of Asheville and 1755 City of Salisbury, which were under construction since 1998, to delay.

Because of that, the Piedmont had to permanently deactivate locomotive 1768 City of Charlotte, in order to repurchase stocks, in fear of being bankrupt.

This locomotive was chosen, as it was the lesser used locomotive, meaning it was less reliable and the locomotive was mostly just towed by its twin locomotive, 1792 City of Raleigh.

Auctioning
The auctioning began after the locomotive was put up for bidding, although few railways wanted an EMD GP40PH-2. The main competitors were New Jersey Transit and Virginia Railway Express.

During the actioning, VRE had chosen not give up, and put more effort and funds into the event, eventually winning the Auction, and receiving the locomotive.

Aftermath
The locomotive was towed to Virginia by a Norfolk Southern, and was not immediately changed, until 2003, when testing ended and the locomotive entered service. The locomotive then became VRE v24.

The locomotive was retired and donated to the US Army in 2011.