Corridor Capital joins Association of American Railroads

September 11, 2013

CHICAGO (Aug. 21) — Corridor Capital LLC has announced it has joined the Association of American Railroads as a Gold Associate Member in the AAR’s Car Owner and Lessor Group.

“We are very proud of having become an associate member of the AAR,” said Corridor Capital Chairman James E. Coston. “As a company seeking to become a serious industry supplier, we believe AAR membership was the right choice for us at this time.”

Chicago-based Corridor Capital controls a fleet of more than 50 double-deck stainless-steel passenger coaches formerly operated by Amtrak and originally built in the 1950s and 1960s for the Santa Fe Railway. The company has assembled a team of engineers, designers and financial consultants to remanufacture the cars so they can provide urgently needed capacity in one of the fastest-growing rail sectors, state-supported Amtrak corridor trains.

Demand for seating on the state-supported corridor trains is exploding,” Coston said. “July ridership on these trains was running 6.8 per cent ahead of what it was in July 1912. Many trains leave sold out, which means the states that pay for these trains are missing out on millions of dollars in potential revenues each year.”

Coston noted that while most AAR associate members supply products and services for the freight side of the railroad industry, Corridor Capital is offering to supply an essential resource for the fast-growing passenger side.

“Although passenger carriage represents a much smaller business than the hauling of freight, it is growing faster than at any time since World War II and already is becoming a major source of business for the railroad-supply industry,” he said.

“The new popularity of passenger trains may have taken many Americans by surprise, but our company foresaw it many years ago and moved decisively to meet the new demand,” he said. “Now that our vision of a growing passenger-rail industry has become reality, joining the AAR becomes an important step in our company’s progress.”

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