CIT

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.

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

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

• Railcar leasing services
• Locomotive leasing services
• Equipment financing solutions
• Commercial rail equipment
• Freight rail financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. 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.
2. 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

Core 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.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators2 records

Expansion highlights3 records

Direct 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

• Xx.com/CITgroup
• YouTubeyoutube.com/channel/UCGp8w5KIoFheteqBeKaKuXw
• Facebookfacebook.com/firstcitizensbank
• LinkedInlinkedin.com/company/first-citizens-bank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CIT