With one of the youngest fleets among major North American leasing companies, CIT Rail is committed to meeting this need. These new car orders reinforce that commitment and enable growth in the rail transportation sector.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a global leader in transportation finance, today announced that CIT Rail, the third largest railcar lessor in North America, ordered 3,500 railcars from multiple manufacturers with deliveries scheduled throughout 2012 and 2013. These orders are for various tank car models that support the transportation of products across the oil/gas sector, which is experiencing increased production due to expanded exploration and drilling, as well as for covered hopper cars that support the expanding North American plastic resin industry, which is benefiting from low natural gas prices.
“It is important that rail carriers and shippers have access to modern, high-capacity equipment that maximizes their loading efficiencies while transporting goods,” said George Cashman, President of CIT Rail. “With one of the youngest fleets among major North American leasing companies, CIT Rail is committed to meeting this need. These new car orders reinforce that commitment and enable growth in the rail transportation sector.”
Including these orders, since 2011 CIT Rail has invested nearly $1.5 billion in tank and covered hopper railcars.
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About CIT Rail
CIT Rail owns more than 100,000 railcars and 450 locomotives leased to approximately 500 customers and provides financial solutions to the bulk freight transportation marketplace. 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. citrail.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, 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. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com