There was an old auto/tire shop that used to do this in my town. I had the tires of a Ford/Mazda mini truck "trued" (although I don't think they called it that). They would raise each corner of the vehicle and spin the tire with the "trueing" machine and the machine would take away rubber until the tire was perfectly round. My truck drove like a dream afterwards! Now days I think tires are considered "perfect" when new and this type of service is disappearing.