The railroad industry needs to take a look at itself in the mirror and improve in order to stave off competition from trucking companies, Trinity Industries Inc. CEORail has a lot of advantages to trucking, Savage told business leaders at a breakfast event hosted by the Dallas Regional Chamber's board of advisors. Rail can handle more freight than trucks and do so at less cost while producing fewer greenhouse gas emissions.
"Why is rail not doing better? I’m going to tell you, it’s our own fault," Savage said."We have to get better on servicing the shippers. They need to know when they’re going to get their product. They need to know they’re going to get it on time. They also have to be able to put as much as they want on the rail.
Savage became CEO of Dallas-based Trinity Industries in February 2020 shortly after the pandemic began. Trinity manufactures and leases freight cars for the railroads, which gives Savage a unique inside look at the industry's overall operations. Trinity's revenue in 2021 totaled $1.5 billion. In the second quarter this year, revenue increased 42% to $417 million.
Savage pointed to a labor shortage as the biggest factor holding the rail industry back from reaching its potential. The shortage comes as the railroads and labor unions are currently locked in tense negotiations over a new collective bargaining agreement.
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