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PNC Equipment Finance Offers Full-Service Operating Railcar Leases

November 15, 2016, 07:10 AM
Filed Under: Rail Transportation

PNC Equipment Finance, LLC, a wholly-owned subsidiary of PNC Bank, N.A., announced the completion of its railcar solutions for corporate customers with the addition of full-service operating railcar leases. Features of this new rail solution for large to mid-size businesses include:

  • short- or long-term leases,
  • new and/or used railcars,
  • wide array of car types, including covered hoppers, flat cars and gondolas
  • variety of financing options, 
  • competitive pricing, and 
  • maintenance management provided by PNC Equipment Finance. 

“PNC Equipment Finance offers our customers a single source for all their rail needs to move raw materials, finished product and everything in between,” said Ken Roseberry, senior vice president, who joined PNC Equipment Finance in 2015 as the resident rail expert responsible for the development of the new full-service operating rail portfolio.

According to government data, more U.S. freight moves by rail than any other transport, accounting for approximately 40 percent of all U.S. freight, and includes automobiles, agricultural products, construction materials and electronics. Between 2010 and 2035, the U.S. rail system is projected to experience a 22 percent increase in total amount of tonnage moved.

“Railcar demand has remained steady and aligned with overall economic and population growth in the United States. Our growing fleet offers us an investment with control to maximize the deployment of each railcar over the assets’ remaining useful life, to generate the best returns, to create revenue, and to manage risk with our own asset expertise,” said Roseberry.

With more than two decades of experience with rail car leasing and fleet management, Roseberry most recently managed the rail lease and private car owner’s fleet for The David J. Joseph Company (DJJ), one of the largest scrap brokers/processors in the United States. He was responsible for the mechanical, documentation, operations and commercial staff. Roseberry also served as vice president, Locomotives for Railcar Ltd., a rail equipment leasing subsidiary of Progress Rail.

PNC Equipment Finance is only the second domestic banked-owned equipment finance company that owns, manages and leases its own railcar fleet as well as provides traditional forms of equipment financing. Roseberry and the PNC Equipment Finance Rail Finance Team are based in Cincinnati.

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