It is important that we maintain a young, modern fleet of high-quality railcars that enable carriers and shippers to maximize loading efficiencies while transporting goods
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a global leader in transportation finance, today announced that CIT Rail, the third largest railcar lessor in North America, ordered 5,000 railcars from multiple manufacturers. The orders, for which deliveries are scheduled throughout 2012, include the exercise of an option for an additional 1,750 railcars received when the Company ordered 3,500 railcars earlier this year.
“It is important that we maintain a young, modern fleet of high-quality railcars that enable carriers and shippers to maximize loading efficiencies while transporting goods,” said George Cashman, President of CIT Rail. “These orders reinforce our commitment to the rail transportation industry and will allow us to capitalize ongrowth opportunities within the market.”
The orders are for Covered Hopper Cars and Tank Cars that support key industries, including oil/natural gas drilling, renewable fuels, and agriculture, which are experiencing increased demand and contributing to the economic recovery.
According to the Association of American Railroads (AAR) the nation’s freight rail network supports more than 1.2 million jobs across the U.S. In addition, trains are four-times more fuel efficient than trucks and are capable of hauling one ton of freight 484 miles on a single gallon of fuel.
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About CIT Rail
CIT Rail owns more than 100,000 railcars leased to approximately 500 customers and provides financial solutions to the bulk freight transportation market place. It supports the North American transportation system by working with freight shippers, receivers and carriers to customize financial solutions for each customer’s individual needs. As a full service lessor and owner of one of the youngest, most diversified fleets of rail assets in North America, CIT Rail brings unparalleled asset management expertise and commitment to the transportation sector. www.cit.com/rail
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com