CFCL Australia was established in 1998, with the backing of its long-established US parent company Sasser Family Holdings, a 4th generation, family-held transportation asset services and management company with roots dating back to 1928.

CFCL Australia's first contract was for the supply of radio controlled, automated ballast hoppers (a first for Australia) to the former West Australian government rail operator Westrail.

In 1999, following the privatisation of the government-owned rail operator Australian National, the company acquired its first locomotives with the purchase of the high horse-power modern EL-class fleet.

Since then, CFCL Australia has continued to build its asset base through new-builds and acquisitions to become the leading supplier of leased locomotive power and rolling stock to Australian rail operators.

In 2009, CFCL Australia entered into a Rail Joint Venture with Marubeni Corporation to capitalise further on the opportunities afforded by the continued expansion of the Australian rail industry.