Rail First Asset Management was originally established in 1998 by the American Chicago Freight Car Leasing Company as CFCL Australia.

Company officials forecast demand for intermodal rolling stock would continue to grow as additional freight terminals come online across Australia, including several schemes in the Sydney basin and New South Wales, as well as the Inland Rail programme.

During January 2020, CFCL Australia was acquired by Anchorage Capital Partners;[8] one roughly year later, the company was rebranded as Rail First Asset Management in 2021.

In Jan 2021 RFAM took out a lease on the Goulburn Railway Workshops to maintain both its locomotive and wagon fleets with the facility named the Australian Horse Power Service Centre.

In Early 2021 was established, bringing together the Australian Horse Power Service Centre and took over Bluebird Rail Operations engineering business at Islington.

The Rail First Asset Management Also as RFAM In 2021 company was working to expand its workshop capacity to meet customer demand, particularly for fast turnaround times.