CIT
CIT Rail, a division of First Citizens Bank, provides railcar and locomotive leasing and equipment financing to North American rail shippers and carriers, operating one of the youngest and most diversified rail equipment fleets in the industry.
- Company typePublic
- Founded1908
- HeadquartersNew York, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What CIT does
CIT Rail is a commercial railcar and locomotive leasing and financing division operating under First Citizens Bank & Trust Company, itself a subsidiary of publicly traded First Citizens BancShares, Inc. (NASDAQ: FCNCA). The entity traces its lineage to CIT Group Inc., a commercial lender acquired by First Citizens, with the CIT brand retained for the rail equipment finance segment. Headquartered in Calgary, Canada (with operating roots in the United States), CIT Rail maintains one of the youngest and most diversified railcar and locomotive fleets in North America and positions itself as a top lessor serving rail shippers and carriers across the continent.
The core product set consists of railcar leasing and equipment financing to enterprise transportation and logistics customers. The railcar fleet spans more than a dozen specialized commodity types — covered hoppers (3,200–6,580 cu ft), pressure differential railcars, centerbeams, autoracks, mill and coil gondolas, plastic pellet cars, rapid discharge coal cars, multi-capacity tank cars (23.5K–31K gallons), refrigerated and standard boxcars, open-top hoppers, and intermodal flatcars. The locomotive fleet ranges from 1,500 hp switch engines (SW1500, GP15D) through 2,000 hp road switchers (GP38-2, GP20D, SD38) up to 3,000–4,400 hp heavy-haul road units (SD40-2, SD60, EMD SD9043AC, GE AC4400CW), enabling coverage of yard switching, local, mainline, and high-tonnage heavy-haul operations.
CIT Rail monetizes primarily through recurring long-term lease contracts with rail shippers and rail carriers, supplemented by equipment financing arrangements that allow customers to acquire rail equipment without large upfront capital outlays. Pricing is quote-based and not publicly disclosed. Distribution is conducted via direct enterprise field sales, now embedded within First Citizens Bank's broader commercial banking platform, targeting North American transportation and logistics customers. Two primary segments are served: rail shippers transporting agricultural products, chemicals, cement, lumber, automobiles, steel, plastics, coal, and liquid commodities; and rail carriers operating freight services that require locomotive and railcar capacity.
CIT firmographics
Firmographics- Name
- CIT
- Legal name
- First-Citizens Bank & Trust Company
- Website
- https://citrail.com
- Company type
- Public
- Founded year
- 1908
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- CIT Rail, a division of First Citizens Bank, provides railcar and locomotive leasing and equipment financing to North American rail shippers and carriers, operating one of the youngest and most diversified rail equipment fleets in the industry.
- Ownership category
- akta.pro rank
CIT industry classification
Industry- Product category
- Rail Equipment Leasing & Financing
- NAICS
- Support Activities for Rail Transportation (4882), Rail Transportation (482)
- SIC
- Services-Equipment Rental & Leasing, Nec (7359)
- akta.pro primary industry
- Finished Vehicle Rail Transport (Autorack Services) (TLADAJAB)
- akta.pro secondary industry
- Rail Transportation of Crude & Refined Products (EUALADAI)
Keywords
Where CIT is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
CIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D
Revenue model
- Railcar Leasing: CIT Rail generates revenue through railcar and locomotive leasing arrangements with rail shippers and carriers. These are recurring revenue streams from long-term lease contracts that provide flexible financing solutions for transportation equipment.
- Equipment Financing: Equipment financing solutions provided to rail shippers and carriers, enabling them to acquire rail equipment through financing arrangements rather than outright purchase.
Go-to-market motion1 record
Distribution channels1 record
CIT product offering
Product offeringCore offering
CIT Rail provides commercial railcar and locomotive leasing and equipment financing services to rail shippers and carriers across North America. The company maintains one of the youngest and most diversified rail equipment fleets in the industry, offering a broad portfolio of specialized railcar types and locomotive models alongside flexible financing solutions that enable customers to expand capacity and manage equipment needs without large upfront capital outlays.
Product overview
CIT Rail, operating under First Citizens, provides comprehensive railcar leasing and financing services with one of the youngest and most diversified fleets in North America. The core offering consists of two main products: railcar leasing (flexible solutions for transportation needs) and railcar financing (equipment financing that frees up capital for growth). The product portfolio includes a diverse railcar fleet spanning multiple types—covered hoppers, pressure differentials, centerbeams, autoracks, gondolas, plastic pellet cars, coal cars, tank cars, boxcars, open-top hoppers, and flatcars—complemented by a locomotive fleet featuring various EMD and GE models ranging from 1500hp to 4400hp. Together these solutions enable rail shippers and carriers to increase efficiencies and reduce out-of-service time.
Differentiator
Problem solved
Functional benefit
Products and services
- Railcar Leasing
- Equipment Financing
- Covered Hopper Railcars Railcars ranging from 3,200 to 6,580 cubic feet used to transport agricultural products, dry chemicals, fertilizer, cement, sand, and aggregates.
- Pressure Differential Railcars Railcars for transporting fine or dry bulk materials using regulated air pressure to contain product, used for cement, fly ash, clay, flour, starches, meal, and lime.
- Centerbeams Specialized railcars for transporting lumber and building products, available with or without risers.
- Autoracks Specialized railcars for transporting new vehicles from factories to automotive distributors, used for automobiles, SUVs, and light trucks.
- Gondola Railcars Railcars with low or high-sided walls for transporting steel coils, plates, beams, scrap metal, and loose bulk materials; includes mill gondolas and coil gondolas.
- Plastic Pellet Railcars Railcars for transporting plastic pellets including polypropylene, polyethylene, polyvinylchloride, and polystyrene in multiple sizes.
- Coal Cars Railcars for transporting coal, aggregates, and loose bulk minerals, including rapid discharge hoppers and coal gondolas.
- Tank Cars Multi-capacity tank cars ranging from 23.5K-gallon to 31K-gallon capacity with various safety features, used for liquid commodities including food products, crude oil, chemicals, petrochemicals, fertilizers, ethanol, and refined products.
- Boxcars Railcars with multiple door types typically 50', 60', or refrigerated, used for transporting paper products, forest products, finished goods, and consumer packaged goods.
- Open-Top Hopper Railcars Railcars similar to gondolas but with gates for unloading, used for ores, minerals, coal, and other materials that do not require environmental protection.
- Flatcars Intermodal railcars for transporting very long or heavy products such as lumber, steel pipes, or beams.
- Locomotive Fleet Locomotive fleet including SW1500 (1,500 hp) switch engines, EMD SD9043AC (4,300 hp), SD60 (3,800 hp), SD40-2 (3,000 hp), SD38 (2,000 hp), GP38-2 (2,000 hp), GP20D (2,000 hp), GP15D (1,500 hp), and GE AC4400CW (4,400 hp) road units for heavy haul, yard, switching, and mainline operations.
Companies that use CIT
Customer profileSegments2 records
Ideal customer profiles2 records
CIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CIT partnerships and signals
Strategic signalScale indicators2 records
Expansion highlights3 records
CIT competitors and assessment
Company assessmentDirect peers
- GATX Corporation: Largest pure-play North American railcar lessor, leasing tank cars, freight cars, and locomotives to shippers and carriers on multi-year terms. Closely comparable to CIT Rail in fleet diversity, recurring lease revenue model, and customer segments across industrial commodities.
- Greenbrier Companies: Manufactures freight railcars and operates a sizable lease and finance business serving shippers and railroads. Directly comparable to CIT Rail as a railcar lessor with a diversified equipment portfolio across multiple commodity types.
- Trinity Industries (Trinity Rail): Operates Trinity Rail as its railcar manufacturing and leasing business, offering tank cars, covered hoppers, gondolas, and autoracks. Competes head-to-head with CIT Rail for lease customers across agricultural, chemical, automotive, and energy commodities.
- Union Tank Car Company (UTLX): Marmon/Berkshire Hathaway-owned lessor of tank cars and freight railcars serving chemical, food, and energy customers. Directly comparable to CIT Rail's tank car leasing operations for liquid and hazardous commodities.
- Mitsui Rail Capital (MRCE / MRC): North American railcar and locomotive leasing arm of Mitsui & Co., with a similarly diversified fleet serving shippers and railroads. Comparable scale and customer overlap to CIT Rail across commodity verticals.
Broad incumbents
- Wells Fargo Equipment Finance: Bank-affiliated rail equipment finance and leasing business operating under Wells Fargo's commercial banking platform. Comparable to CIT Rail in leveraging a parent bank's balance sheet for leasing and financing of rail equipment to shippers and carriers.
- BNSF Logistics: Provides rail-connected logistics, railcar management, and equipment services as part of BNSF Railway (Berkshire Hathaway). Overlaps with CIT Rail's customer base of shippers requiring railcar access and broader rail logistics support.
Emerging players
- SMBC Rail Services (Sumitomo Mitsui Banking): Bank-affiliated railcar leasing and fleet management business in North America. Comparable to CIT Rail in serving enterprise shipper and carrier customers with diverse tank car and freight car leases.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
CIT social profiles
Digital presenceCIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
CIT leadership team
Management profileNumber of profiles
CIT funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CIT
What does CIT do?
CIT Rail provides commercial railcar and locomotive leasing and equipment financing services to rail shippers and carriers across North America. The company maintains one of the youngest and most diversified rail equipment fleets in the industry, offering a broad portfolio of specialized railcar types and locomotive models alongside flexible financing solutions that enable customers to expand capacity and manage equipment needs without large upfront capital outlays.
Is CIT a public or private company?
CIT is a public company. It is classified as public and is currently operating.
When was CIT founded?
CIT was founded in 1908. It employs 5,001 to 10,000 people.
Where is CIT based?
CIT is headquartered in New York, United States, in the North America region.
How does CIT make money?
Two revenue lines are on record. Railcar Leasing is the primary driver. The others are equipment Financing.
Who are CIT's main competitors?
Direct peers on record are GATX Corporation, Greenbrier Companies, Trinity Industries (Trinity Rail), Union Tank Car Company (UTLX) and Mitsui Rail Capital (MRCE / MRC). Broad incumbents are Wells Fargo Equipment Finance and BNSF Logistics. SMBC Rail Services (Sumitomo Mitsui Banking) is listed as an emerging player.
Does CIT have an API?
No public API is recorded for CIT.
What industry is CIT in?
CIT's product category is Rail Equipment Leasing & Financing. Its primary akta.pro industry code is TLADAJAB, Finished Vehicle Rail Transport (Autorack Services), with a secondary code of EUALADAI, Rail Transportation of Crude & Refined Products. Its NAICS code is 4882 and its SIC code is 7359.