American Railcar Industries, Inc. Initial Public Offering Priced at $21.00 Per Share

ST. CHARLES, Mo.--Jan. 1, 20069, 2006--American Railcar Industries, Inc. , announced today that its initial public offering of 8,500,000 shares of common stock was priced at $21.00 per share. The shares are expected to commence trading tomorrow on The Nasdaq National Market under the symbol "ARII." The Company has granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares to cover over-allotments, if any. All of the shares in the offering are being sold by the Company.

The net proceeds to the Company from the offering are expected to be approximately $161.6 million and will be used to redeem all shares of the Company's outstanding preferred stock, all of which are held by the Company's affiliates, repay notes due to the Company's affiliates, redeem all of the Company's industrial revenue bonds and repay amounts outstanding under the Company's existing revolving credit facility. Remaining net proceeds, if any, will be used for working capital and general corporate purposes.

UBS Investment Bank and Bear, Stearns & Co. Inc. acted as joint book-running managers for the offering and BB&T Capital Markets, CIBC World Markets and Morgan Keegan & Company, Inc. acted as co-managers for the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The public offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering may be obtained from the offices of UBS Investment Bank at 299 Park Avenue, New York, New York 10171, Attention: Syndicate Desk and Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York, New York 10179, Attention: Prospectus Department.

About American Railcar Industries, Inc.

American Railcar Industries, Inc. ("ARI") is a leading North American manufacturer of covered hopper and tank railcars. ARI also repairs and refurbishes railcars, provides fleet management services and designs and manufactures railcar and industrial components used in the production of its railcars as well as railcars and non-railcar industrial products produced by others.