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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on August&nbsp;16, 2006.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C., 20549</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 1pt"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>AMERICAN RAILCAR INDUSTRIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>43-1481791</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>100 Clark Street<BR>
St. Charles, MO 63301<BR>
(636)&nbsp;940-6000</B><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>AMERICAN RAILCAR INDUSTRIES, INC. 2005 EQUITY INCENTIVE PLAN</B>

</DIV>
<DIV align="center" style="font-size: 10pt">(Full Title of the Plan)</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>James J. Unger<BR>
President and Chief Executive Officer<BR>
American Railcar Industries, Inc.<BR>
100 Clark Street<BR>
St. Charles, MO 63301<BR>
(636)&nbsp;940-6000</B><BR>
(Name and Address of Agent for Service)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Each Class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount To Be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities To Be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $.01 par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">1,000,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">28.01</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">28,010,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,997.07</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $.01 par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">114,286 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">28.01</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,201,151</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">342.52</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total:</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">1,114,286 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">28.01</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">31,211,151</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,339.59</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;The shares being registered hereunder include (i)&nbsp;1,000,000 shares that may be issued
pursuant to the Registrant&#146;s 2005 Equity Incentive Plan and (ii)&nbsp;114,286 shares that were
previously issued pursuant to a letter agreement dated November&nbsp;18, 2005 by and between the
Registrant and James J. Unger, the President and Chief Executive Officer of the Registrant,
pursuant to General Instruction C of Form S-8. Such presently indeterminable number of additional
shares of common stock are also registered hereunder as may be issued in the event of a merger,
consolidation, reorganization, recapitalization, stock dividend, stock split or other similar
change in common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;Estimated solely for the purpose of determining the registration fee pursuant to Rules&nbsp;457(c),
457(h)(1) and 457(h)(3) under the Securities Act of 1933, as amended, on the basis of the average
of the high and low prices for the Registrant&#146;s common stock on August&nbsp;11, 2006, as reported on the
Nasdaq Global Select Market.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>















<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left">
<A name="toc"></A>
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">American Railcar Industries, Inc. has prepared this Registration Statement in accordance with the
requirements of Form S-8 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) to
register shares of its common stock, par value $0.01 per share. This Registration Statement also
includes a reoffer prospectus prepared in accordance with General Instruction C of Form S-8 and in
accordance with the requirements of Part&nbsp;I of Form S-3. The reoffer prospectus may be used by the
Selling Shareholder named therein for reoffers and resales on a continuous or delayed basis in the
future of up to 114,286 shares of common stock previously issued pursuant to a letter agreement
dated November&nbsp;18, 2005 by and between American Railcar Industries, Inc. and the Selling
Shareholder.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information.*</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*</B>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Information required by Part&nbsp;I of Form S-8 to be contained in a reoffer prospectus meeting
the requirements of Section 10(a) of the Securities Act of 1933 is omitted from this
Registration Statement in accordance with Rule&nbsp;428 under the Securities Act of 1933 and the
Note to Part&nbsp;I of Form S-8. This Registration Statement also includes a reoffer prospectus
that has been prepared in accordance with the requirements of Part&nbsp;I of Form S-3 and, pursuant
to General Instruction C of Form S-8, may be used for reofferings and resales on a continuous
or delayed basis of 114,286 shares of common stock previously issued to the Selling
Shareholder named herein.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="c07893c0789301.gif" alt="(AM RAILCAR INDUSTRIES LOGO)">

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REOFFER PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERICAN RAILCAR INDUSTRIES, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>114,286 Shares of Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus relates to the resale of up to 114,286 shares of our common stock,
$0.01 par value per share, which may be offered from time to time by James J. Unger (the &#147;Selling
Shareholder&#148;), our President and Chief Executive Officer, for the Selling Shareholder&#146;s own
account. The shares of common stock covered by this reoffer prospectus were issued to the Selling
Shareholder pursuant to a letter agreement dated November&nbsp;18, 2005 by and between us and the
Selling Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the shares of common stock offered hereunder are to be sold by the Selling Shareholder.
The distribution of the common stock by the Selling Shareholder may be effected from time to time,
in one or more transactions, at prices related to prevailing market prices or at negotiated prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Shareholder will receive all of the proceeds from the shares of common stock sold
pursuant to this reoffer prospectus and we will receive none of such proceeds. We are paying the
registration expenses incurred in connection with this offering, but all selling and other expenses
are to be borne by the Selling Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Shareholder and any agents or broker-dealers that participate with the Selling
Shareholder in the distribution of the shares may be considered &#147;underwriters&#148; within the meaning
of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and, in that event, any
commissions received by them and any profit on the resale of the shares may be considered
underwriting commissions or discounts under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the Nasdaq Global Select Market under the symbol &#147;ARII.&#148; On
August&nbsp;15, 2006, the closing sale price of our common stock was
$27.98 per share.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investing in our common stock involves risks, which are detailed from time to time in the periodic
reports that we file with the Securities and Exchange Commission that we have incorporated herein
by reference.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The date of this reoffer prospectus is August&nbsp;16, 2006.

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="toc"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should rely only on the information contained in this reoffer prospectus and the documents
incorporated by reference in this reoffer prospectus. We have not authorized anyone to provide you
with different information. If anyone provides you with different or inconsistent information, you
should not rely on it. This reoffer prospectus does not constitute an offer to sell, or a
solicitation of an offer to purchase, the securities offered by this reoffer prospectus in any
jurisdiction to or from any person to whom or from whom it is unlawful to make such offer or
solicitation of an offer in such jurisdiction. You should not assume that the information
contained in this reoffer prospectus or any document incorporated by reference is accurate as of
any date other than the date on the front cover of the applicable document. Our business,
financial condition, results of operations and prospects may have changed since then.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#101"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#102"><B>OUR COMPANY</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#103"><B>USE OF PROCEEDS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#104"><B>SELLING SHAREHOLDER</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#105"><B>PLAN OF DISTRIBUTION</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#106"><B>LEGAL MATTERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#107"><B>EXPERTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#108"><B>WHERE YOU CAN FIND MORE INFORMATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">i
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of the statements contained in this reoffer prospectus and the documents incorporated or
deemed to be incorporated by reference herein are forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933 (as amended, the &#147;Securities Act&#148;) and Section&nbsp;21E of the
Securities Exchange Act of 1934 (as amended, the &#147;Exchange Act&#148;). These statements involve known
and unknown risks, uncertainties and other factors that may cause our actual results, financial
position or performance to be materially different from any future results, financial position or
performance expressed or implied by such forward-looking statements. We have used the words &#147;may,&#148;
&#147;will,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;forecast,&#148; &#147;estimate,&#148; &#147;plan,&#148; &#147;projected,&#148; &#147;intend&#148;
and similar expressions in this reoffer prospectus and the documents incorporated or deemed to be
incorporated by reference herein to identify forward-looking statements. We base forward-looking
statements on our then-current views with respect to future events and financial performance. Our
actual results or those of our industry could differ materially from those projected in the
forward-looking statements. Our forward-looking statements are subject to risks and uncertainties,
including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks associated with the storm damage and related business interruption suffered by our Marmaduke manufacturing facility, including without limitation:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the determination of the scope, amount and deductibles under our insurance coverage for that damage and business interruption;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing of insurance payments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk that our rebuilding efforts, plant shut down or associated delivery delays will result in unanticipated costs that may not be covered by insurance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to retain tank railcar customers or orders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to retain our employees for that facility;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks associated with the planned construction of our new flexible railcar manufacturing plant, including without limitation:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>construction delays;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unexpected costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our planned dependence on the new plant to produce railcars for which we have already accepted orders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other risks typically associated with the construction of new manufacturing facilities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cyclical nature of our business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse economic and market conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuating costs of raw materials, including steel and railcar components, and delays in the delivery of such raw materials and components;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to maintain relationships with our suppliers of railcar components and raw materials;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in the supply of components and raw materials we use in railcar manufacturing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the highly competitive nature of our industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of damage to our primary railcar manufacturing facilities or equipment in Paragould or Marmaduke, Arkansas;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our reliance upon a small number of customers that represent a large percentage of our revenues;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the variable purchase patterns of our railcar customers and the timing of completion, delivery and acceptance of customer orders;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our dependence on our key personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risks of a labor shortage in light of our recent growth;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks associated with the conversion of our railcar backlog into revenues;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the difficulties of integrating acquired businesses with our own;</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of lack of acceptance of our new railcar offerings by our customers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cost of complying with environmental laws and regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the costs associated with being a public company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our relationship with Carl C. Icahn, our principal beneficial stockholder and the chairman of our board of directors, and his affiliates as a purchaser of our products, supplier of components and services to us and as a provider of

significant capital, financial and managerial support;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential failure by ACF Industries LLC, an affiliate of Carl Icahn, our principal beneficial stockholder and the chairman of our board of directors, to honor its indemnification obligations to us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential risk of increased unionization of our workforce;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to manage our pension costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential significant warranty claims; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>covenants in our amended and restated revolving credit facility governing our indebtedness that limit our management&#146;s discretion in the operation of our businesses.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our actual results could be different from the results described in or anticipated by our
forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections
and may be better or worse than anticipated. Given these uncertainties, you should not rely on
forward-looking statements. Forward-looking statements represent our estimates and assumptions
only as of the date that they were made. We expressly disclaim any duty to provide updates to
forward-looking statements, and the estimates and assumptions associated with them, after the date
of this prospectus, in order to reflect changes in circumstances or expectations or the occurrence
of unanticipated events except to the extent required by applicable securities laws. All of the
forward-looking statements are qualified in their entirety by reference to the factors discussed
under &#147;risk factors&#148; in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q. We
caution you that these risks may not be exhaustive. We operate in a continually changing business
environment and new risks emerge from time to time.
</DIV>


<P align="center" style="font-size: 10pt">2
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<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are a leading North American manufacturer of covered hopper and tank railcars. We also repair
and refurbish railcars, provide fleet management services and design and manufacture certain
railcar and industrial components used in the production of our railcars as well as railcars and
non-railcar industrial products produced by others. We provide our railcar customers with
integrated solutions through a comprehensive set of high quality products and related services.
Our principal executive offices are located at 100 Clark Street, Saint Charles, Missouri 63301, our
telephone number is (636)&nbsp;940-6000 and our internet website is located at
<u>http://www.americanrailcar.com</u>.
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All proceeds from the sale of common stock offered pursuant to this reoffer prospectus are solely
for the account of the Selling Shareholder. We will not receive any proceeds from the sale of
common stock by the Selling Shareholder.
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING SHAREHOLDER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The common stock to which this reoffer prospectus relates is being registered for possible reoffers
and resales by James J. Unger, our President and Chief Executive Officer (the &#147;Selling
Shareholder&#148;), to the extent now or hereafter permitted by the rules and regulations promulgated
under the Securities Act. The Selling Shareholder may sell all, some or none of the common stock
offered hereby pursuant to this reoffer prospectus. The 114,286 shares of common stock covered by
this reoffer prospectus are a portion of the 285,714 shares of common stock issued to the Selling
Shareholder pursuant to a letter agreement dated November&nbsp;18, 2005 by and between us and the
Selling Shareholder. Prior to this offering, the Selling Shareholder beneficially held 333,314
shares of our common stock in the aggregate, including 23,800 shares held by the Unger Family
Limited Partnership, of which the Selling Shareholder is the general partner. Only 114,286 shares
of our common stock are being offered for sale by the Selling Shareholder pursuant to this reoffer
prospectus. Assuming all the shares offered hereby are sold, the Selling Shareholder will
beneficially own 219,028 shares of our common stock, which represents approximately 1.03% of the
total amount of our common stock outstanding, based on the 21,207,773 shares issued and outstanding
as of August&nbsp;10, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information about our relationships with the Selling Shareholder, please see our Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005, filed with the Securities and
Exchange Commission (SEC)&nbsp;on March&nbsp;28, 2006, and our Proxy Statement for our 2006 Annual Meeting of
Stockholders, filed with the SEC on April&nbsp;28, 2006. In particular, the &#147;Executive
Compensation&#151;Employment Agreements&#148; and &#147;Certain Relationships and Related Party Transactions&#148;
sections of our Proxy Statement describe certain of our past and current relationships with the
Selling Shareholder.
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this reoffer prospectus, &#147;Selling Shareholder&#148; includes the Selling Shareholder and his
donees, pledgees, distributees, transferees or other successors in interest selling shares received
from the Selling Shareholder as a gift, partnership distribution or other non-sale-related transfer
after the date of this reoffer prospectus. A supplement to this reoffer prospectus may be filed
naming that successor-in-interest prior to consummating a sale hereunder. We have been advised
that the Selling Shareholder
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may effect sales of the shares of common stock by one or a combination of several of the following
methods:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on the Nasdaq Global Select Market or on any other national securities exchange(s) or quotation service(s)
on which our common stock may be listed or quoted at the time of the sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the over-the-counter market;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>privately negotiated transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchases by a broker-dealer or market maker, as principal, and resale by the broker-dealer for its account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ordinary brokerage transactions or transactions in which the broker solicits purchases;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one or more block transactions, in which the broker or dealer so engaged will attempt to sell the shares of
common stock as agent but may position and resell a portion of the block as principal to facilitate the
transaction, or crosses, in which the same broker acts as an agent on both sides of the trade;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the writing of options, whether the options are listed on an options exchange or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by pledge to secure debts and other obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through distributions to creditors and equity holders of the Selling Shareholder; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any combination of the foregoing, or any other available means allowable under applicable law.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will bear all costs, expenses and fees in connection with the registration and sale of the
common stock covered by this reoffer prospectus, other than underwriting discounts and selling
commissions. We will not receive any proceeds from the sale of the shares of our common stock
covered hereby. The Selling Shareholder will bear all commissions and discounts, if any,
attributable to sales of the shares. The Selling Shareholder may agree to indemnify any
broker-dealer or agent that participates in transactions involving sales of the shares against
certain liabilities, including liabilities arising under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Selling Shareholder may sell the shares covered by this reoffer prospectus from time to time,
and may also decide not to sell all or any of the shares the Selling Shareholder is allowed to sell
under this reoffer prospectus. The Selling Shareholder will act independently of us in making
decisions regarding the timing, manner and size of any sale of the shares covered by this reoffer
prospectus. The Selling Shareholder may effect sales by selling the shares directly to purchasers
in individually negotiated transactions, or to or through broker-dealers, which may act as agents
or principals. The Selling Shareholder may sell shares at fixed prices, at market prices prevailing
at the time of sale, at prices related to such prevailing market prices, at varying prices
determined at the time of sale, or at privately negotiated prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Broker-dealers or agents may receive compensation in the form of commissions, discounts or
concessions from the Selling Shareholder. Broker-dealers or agents may also receive compensation
from the purchasers of shares for whom they act as agents or to whom they sell as principals, or
both. Compensation as to a particular broker-dealer might be in excess of customary commissions and
will be in amounts to be negotiated in connection with transactions involving shares. In effecting
sales, broker-dealers engaged by the Selling Shareholder may arrange for other broker-dealers to
participate in the resales.
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the broker-dealers or agents or other persons engaged by the Selling Shareholder may
also be engaged in transactions with or perform services for us or our subsidiaries in the ordinary
course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with sales of our common stock covered hereby, the Selling Shareholder and any
broker-dealers or agents and any other participating broker-dealers who execute sales for the
Selling Shareholder may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act.
Accordingly, any profits realized by the Selling Shareholder and any compensation earned by such
broker-dealers or agents may be deemed to be underwriting discounts and commissions. Because the
Selling Shareholder may be deemed to be an &#147;underwriter&#148; within the meaning of Section&nbsp;2(11) of the
Securities Act, the Selling Shareholder will be subject to the reoffer prospectus delivery
requirements of that act. We will make copies of this reoffer prospectus (as it may be amended or
supplemented from time to time) available to the Selling Shareholder for the purpose of satisfying
the reoffer prospectus delivery requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, any shares of the Selling Shareholder covered by this reoffer prospectus that qualify
for sale pursuant to Rule&nbsp;144 under the Securities Act may be sold in open market transactions
under Rule&nbsp;144 rather than pursuant to this reoffer prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Selling Shareholder will be subject to applicable provisions of Regulation&nbsp;M of the Exchange
Act and the rules and regulations thereunder, which provisions may limit the timing of purchases
and sales of any of the shares of our common stock by the Selling Shareholder. These restrictions
may affect the marketability of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to comply with applicable securities laws of some states, the shares may be sold in those
jurisdictions only through registered or licensed brokers or dealers. In addition, in certain
states the shares may not be sold unless they have been registered or qualified for sale in the
applicable state or an exemption from the registration or qualification requirements is available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent necessary, we may amend or supplement this reoffer prospectus from time to time to
describe a specific plan of distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have agreed with the Selling Shareholder to use commercially reasonable efforts to keep the
registration statement of which this reoffer prospectus constitutes a part effective until the
earlier of (x)&nbsp;January&nbsp;19, 2007 or (y)&nbsp;such time as all of the shares covered by this reoffer
prospectus have been sold pursuant to such registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amount of securities to be reoffered or resold by means of this reoffer prospectus by the
Selling Shareholder, and any other person with whom he is acting in concert for the purpose of
selling our securities, may not exceed, during any three month period, the amount specified in Rule
144(e) under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under applicable rules and regulations under the Exchange Act, any person engaged in a distribution
of our common stock may be limited in its ability to engage in market activities with respect to
such common stock. In addition, the Selling Shareholder will be subject to applicable provisions
of the Exchange Act, and the rules and regulations under that act, which may limit the timing of
purchases and sales of our common stock by the Selling Shareholder. We cannot assure you that the
Selling Shareholder will sell any or all of his shares of common stock offered hereunder.
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The validity of the securities offered hereby is being passed upon for us by our counsel, Brown
Rudnick Berlack Israels <FONT style="font-variant: SMALL-CAPS">llp</FONT>, Boston, Massachusetts.
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consolidated financial statements of American Railcar Industries, Inc. and subsidiaries as of
December&nbsp;31, 2005 and 2004 and for the periods then ended, appearing in American Railcar
Industries, Inc.&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2005, have been
audited by Grant Thornton LLP, our independent registered public accounting firm, as set forth in
its report thereon dated March&nbsp;10, 2006, except note 19, as to which the date is March&nbsp;24, 2006,
included therein and incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such reports given on the authority of such firm
as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consolidated financial statements of American Railcar Industries, Inc. for the year ended
December&nbsp;31, 2003, appearing in American Railcar Industries, Inc.&#146;s Annual Report on Form 10-K for
the year ended December&nbsp;31, 2005, have been audited by KPMG LLP (KPMG), our former independent
registered public accounting firm, as set forth in its report thereon dated April&nbsp;23, 2004,
included therein and incorporated herein by reference. Such financial statements are incorporated
herein by reference in reliance upon such report given on the authority of such firm as experts in
accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KPMG&#146;s report on our consolidated financial statements for the period ended December&nbsp;31, 2003
contained no adverse opinion or disclaimer of opinion and was not otherwise qualified or modified
as to uncertainty, audit scope or accounting principles. On August&nbsp;11, 2004, we terminated KPMG.
In connection with its audit of our financial statements for the year ended December&nbsp;31, 2003, and
through August&nbsp;11, 2004, there were no disagreements with KPMG on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make
reference thereto in its report on such statements for such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following KPMG&#146;s termination, we engaged Grant Thornton as our independent certified public
accountants effective August&nbsp;12, 2004. The decision to hire Grant Thornton was unanimously approved
by our board of directors. We did not consult with Grant Thornton with respect to the application
of accounting principles to a specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on our financial statements, or a disagreement with KPMG and
there were no &#147;reportable events&#148; as defined in Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K promulgated
under the Exchange Act during this time frame. Grant Thornton has been given access to prior years
work papers by KPMG without limitation in accordance with Statement on Auditing Standard No.&nbsp;84,
Communications Between Predecessor and Successor Auditors.
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are a reporting company and file annual, quarterly and current reports, proxy statements and
other information with the Securities and Exchange Commission (SEC). You may read and copy any
document we file with the SEC at the SEC&#146;s Public Reference Room at 100 F Street, N.E., Washington,
D.C. 20549, Room&nbsp;1580. You may obtain further information on the operation of the Public Reference
Room by calling the SEC at 1-800-SEC-0330. Our SEC filings are also available to the public over
the Internet at the SEC&#146;s web site at <u>http://www.sec.gov</u>. Our common stock is listed on the Nasdaq
Global Select Market, and you may inspect our SEC filings at the offices of the National
Association of Securities Dealers, Inc., 1735 K Street, N.W., Washington, D.C. 20006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have filed with the SEC a registration statement on Form S-8 relating to the securities covered
by this reoffer prospectus. This reoffer prospectus is a part of the registration statement and,
as permitted by SEC rules, does not contain all the information included in the registration
statement. You should refer to the registration statement and the exhibits and schedules thereto
for more information about us and our common stock. The registration statement, exhibits and
schedules are also available at the SEC&#146;s Public Reference Room or through its web site. In
addition, we post the periodic reports that we file with the SEC on our website at
<u>http://www.americanrailcar.com</u>. You may also obtain a copy of these filings, at no cost, by
writing to or telephoning us at: American Railcar Industries, Inc., 100 Clark Street, St. Charles,
MO 63301, Attention: Investor Relations; telephone number (636)&nbsp;940-6000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The SEC allows us to &#147;incorporate by reference&#148; into this prospectus the information we file with
the SEC, which means that we can disclose important information to you by referring you to
previously filed documents. We incorporate by reference into this reoffer prospectus the following
documents or
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">information filed with the SEC (other than, in each case, documents or information deemed to have
been furnished and not filed in accordance with SEC rules):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005,
filed on March&nbsp;28, 2006, including information specifically incorporated by reference
into our Form 10-K from our Proxy Statement for our Annual Meeting of Stockholders held
on June&nbsp;8, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31,
2006, filed on May&nbsp;15, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Quarterly Report on Form 10-Q for the quarterly period ended June&nbsp;30, 2006,
filed on August&nbsp;11, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Current Reports on Form 8-K filed on March&nbsp;28, 2006, April&nbsp;5, 2006, April
6, 2006, April&nbsp;21, 2006 and August&nbsp;11, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our common stock contained in our Registration Statement on
Form 8-A filed on January&nbsp;13, 2006, pursuant to Section 12(g) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All documents filed by us pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act
subsequent to the date of this filing and prior to the termination of this offering shall be deemed
to be incorporated by reference in this reoffer prospectus and to be a part hereof from the date of
the filing of such document. Any statement in a document all or a portion of which is incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
all purposes to the extent that a statement contained in this reoffer prospectus or in any other
subsequently filed document that also is incorporated or deemed to be incorporated by reference
herein, modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this reoffer
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will provide without charge to each person to whom this reoffer prospectus is delivered, upon
written or oral request of such person, a copy of any or all of the documents incorporated by
reference into this reoffer prospectus (without exhibits to such documents other than exhibits
specifically incorporated by reference into such documents).
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;)
by the Registrant are incorporated by reference into this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2005, filed by the Registrant on March&nbsp;28, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form 10-Q for the quarterly period ended
March&nbsp;31, 2006, filed by the Registrant on May&nbsp;15, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form 10-Q for the quarterly period ended
June&nbsp;30, 2006, filed by the Registrant on August&nbsp;11, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed by the Registrant on March
28, 2006, April&nbsp;5, 2006, April&nbsp;6, 2006, April&nbsp;21, 2006 and August&nbsp;11, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Common Stock contained in the
Registrant&#146;s Registration Statement on Form 8-A filed on January&nbsp;13, 2006, pursuant to
Section 12(g) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14
and 15(d) of the Exchange Act, after the filing of this Registration Statement and prior to the
filing of a post-effective amendment that indicates that all securities offered have been sold or
that deregisters all securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date of the filing of
such reports and documents. Any statement in a document all or a portion of which is incorporated
or deemed to be incorporated by reference into this Registration Statement shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained in this Registration Statement or in any other subsequently filed document that also is
incorporated by reference into this Registration Statement modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sections&nbsp;145(a) and (b)&nbsp;of The Delaware General Corporation Law, or the DGCL, provide that a
corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding by reason of the fact that he is or
was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise. The indemnity may include expenses, including attorneys&#146;
fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful, except that, in the case of an action or suit by or in the right of the corporation, the
corporation may not indemnify such persons against judgments and fines and no person shall be
indemnified as to any claim, issue or matter as to which such person shall have been adjudged to be
liable to the corporation, unless and only to the extent that the court in which the action or suit
was brought determines upon application that, despite the adjudication of liability and in view of
all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for
such expenses that the court deems proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;145(c) of the DGCL provides that, to the extent a director, officer, employee or agent of
the corporation has been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Section 145(a) and (b)&nbsp;of the DGCL, or in defense of any claim, issue or
matter therein, he shall be indemnified against expenses, including attorney&#146;s fees, actually and
reasonably incurred by him in connection with the action, suit or proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant&#146;s bylaws generally provide that the corporation shall indemnify each person (other
than a party plaintiff suing on his or her own behalf or in the right of the corporation) who at
any time is serving or has served as a director or officer of the corporation against any claim,
liability or expense incurred as a result of such service (or as a result of any other service on
behalf of or at the request of the corporation) to the maximum extent permitted by law. This
indemnification includes, but is not limited to, indemnification of any such person (other than a
party plaintiff suing on his or her behalf or in the right of the corporation), who was or is a
party or is threatened to be made a party, to any threatened, pending or completed action, suit or
proceeding (including, but not limited to, an action by or in the right of the corporation) by
reason of such service against expenses (including, without limitation, costs of investigation and
attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him or her in connection with such action, suit or proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant&#146;s bylaws further generally provide that the corporation may indemnify any person
(other than a party plaintiff suing on his or her own behalf or in the right of the corporation)
who at any time is serving or has served as an employee or agent of the corporation against any
claim, liability or expense incurred as a result of such service (or as a result of any other
service on behalf of or at the request of the corporation) to the maximum extent permitted by law
or to such lesser extent as the corporation, in its discretion, may deem appropriate. Without
limiting the generality of the foregoing, the corporation may indemnify any such person (other than
a party plaintiff suing on his or her own behalf or in the right of the corporation), who was or is
a party, or is threatened

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to be made a party, to any threatened, pending or completed action, suit or proceeding (including,
but not limited to, an action by or in the right of the corporation) by reason of such service,
against expenses (including, without limitation, costs of investigation and attorneys&#146; fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in
connection with such action, suit or proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant&#146;s bylaws also provide that the corporation may purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the corporation, or is
or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of
such person&#146;s status as such, whether or not the corporation would have the power to indemnify such
person against liability under the indemnification provisions of the corporation&#146;s bylaws. The
corporation has obtained director and officer liability insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing represents a summary of the general effect of the indemnification and insurance
provisions of the DGCL, the certificate of incorporation, the bylaws and such agreements.
Additional information regarding indemnification of directors and officers can be found in Section
145 of the DGCL, the certificate of incorporation and the bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing
provisions, the Registrant has been informed that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The shares of common stock being offered under the reoffer prospectus included in this Registration
Statement were issued pursuant to a November&nbsp;18, 2005 letter agreement between the Registrant and
James J. Unger, the President and Chief Executive Officer of the Registrant, as consideration for
Mr.&nbsp;Unger&#146;s past and continued services to the Registrant. The issuance of such shares was exempt
from registration under the Securities Act in reliance upon Rule&nbsp;701 thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this Registration Statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of reoffer prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than 20&nbsp;percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not
apply if the registration statement is on Form S-8, and the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered that remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability of the registrant under the
Securities Act of 1933 to any purchaser in the initial distribution of the securities:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant undertakes that in a primary offering of securities of the
undersigned Registrant pursuant to this Registration Statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned Registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any preliminary prospectus or prospectus of the
undersigned Registrant relating to the offering required to be filed
pursuant to Rule&nbsp;424;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned Registrant or used or referred
to by the undersigned Registrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The portion of any other free writing prospectus
relating to the offering containing material information about the
undersigned Registrant or its securities provided by or on behalf of the
undersigned Registrant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other communication that is an offer in the
offering made by the undersigned Registrant to the purchaser.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by
reference in this Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of St. Charles, State of Missouri, on August&nbsp;16, 2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AMERICAN RAILCAR INDUSTRIES, INC. <BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James J. Unger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James J. Unger,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the date(s) indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ James J. Unger
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James J. Unger</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
President and Chief Executive Officer
(Principal Executive Officer) and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ William P. Benac
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William P. Benac</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Chief Financial Officer (Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Michael E. Vaughn
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Michael E. Vaughn</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Controller (Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Vincent J. Intrieri
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Vincent J. Intrieri</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Jon F. Weber
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jon F. Weber</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Keith Meister
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Keith Meister</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ James M. Laisure
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James M. Laisure</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ James C. Pontious
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James C. Pontious</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 16, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERICAN RAILCAR INDUSTRIES, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><u>Exhibit</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><u>Description</u></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of the Registrant (incorporated by
reference to Exhibit&nbsp;3.1 to the Company&#146;s Registration Statement on Form
S-1 (File No.&nbsp;333-130284) filed with the Commission on December&nbsp;13,
2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Registrant (incorporated by reference to Exhibit&nbsp;3.2 to
the Company&#146;s Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-130284)
filed with the Commission on December&nbsp;13, 2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen certificate for shares of the Registrant&#146;s Common Stock
(incorporated by reference to Exhibit&nbsp;4.1 to the Company&#146;s Registration
Statement on Form&nbsp;S-1 (File No.&nbsp;333-130284) filed with the Commission on
December&nbsp;13, 2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Brown Rudnick Berlack Israels LLP.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Brown Rudnick Berlack Israels LLP (contained in Exhibit&nbsp;5.1).*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Grant Thornton LLP.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Railcar Industries, Inc. 2005 Equity Incentive Plan, as amended
(incorporated by reference to Exhibit&nbsp;10.36 to the Company&#146;s Quarterly
Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2006, filed with the
Commission on May&nbsp;15, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Option Award Agreement, as amended, under American Railcar
Industries, Inc. 2005 Equity Incentive Plan, as amended (incorporated by
reference to Exhibit&nbsp;10.37 to the Company&#146;s Quarterly Report on Form
10-Q for the quarter ended March&nbsp;31, 2006, filed with the Commission on
May&nbsp;15, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement dated November&nbsp;18, 2005 by and between the Registrant
and James J. Unger (incorporated by reference to Exhibit&nbsp;10.27 to the
Company&#146;s Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-130284) filed
with the Commission on December&nbsp;13, 2005).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">*&nbsp;<I>Filed herewith</I>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "c07893sv8.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 101862}]
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sv8
As filed with the Securities and Exchange Commission on August 16, 2006.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C., 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
AMERICAN RAILCAR INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
43-1481791
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
100 Clark Street
St. Charles, MO 63301
(636) 940-6000
(Address of Principal Executive Offices)
AMERICAN RAILCAR INDUSTRIES, INC. 2005 EQUITY INCENTIVE PLAN
(Full Title of the Plan)
James J. Unger
President and Chief Executive Officer
American Railcar Industries, Inc.
100 Clark Street
St. Charles, MO 63301
(636) 940-6000
(Name and Address of Agent for Service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Each Class of
Amount To Be
Offering Price Per
Aggregate Offering
Amount of
Securities To Be Registered
Registered
(1)
Share
(2)
Price
(2)
Registration Fee
Common Stock, $.01 par value
1,000,000 shares
$
28.01
$
28,010,000
$
2,997.07
Common Stock, $.01 par value
114,286 shares
$
28.01
$
3,201,151
$
342.52
Total:
1,114,286 shares
$
28.01
$
31,211,151
$
3,339.59
(1) The shares being registered hereunder include (i) 1,000,000 shares that may be issued
pursuant to the Registrant's 2005 Equity Incentive Plan and (ii) 114,286 shares that were
previously issued pursuant to a letter agreement dated November 18, 2005 by and between the
Registrant and James J. Unger, the President and Chief Executive Officer of the Registrant,
pursuant to General Instruction C of Form S-8. Such presently indeterminable number of additional
shares of common stock are also registered hereunder as may be issued in the event of a merger,
consolidation, reorganization, recapitalization, stock dividend, stock split or other similar
change in common stock.
(2) Estimated solely for the purpose of determining the registration fee pursuant to Rules 457(c),
457(h)(1) and 457(h)(3) under the Securities Act of 1933, as amended, on the basis of the average
of the high and low prices for the Registrant's common stock on August 11, 2006, as reported on the
Nasdaq Global Select Market.
EXPLANATORY NOTE
American Railcar Industries, Inc. has prepared this Registration Statement in accordance with the
requirements of Form S-8 under the Securities Act of 1933, as amended (the "Securities Act") to
register shares of its common stock, par value $0.01 per share. This Registration Statement also
includes a reoffer prospectus prepared in accordance with General Instruction C of Form S-8 and in
accordance with the requirements of Part I of Form S-3. The reoffer prospectus may be used by the
Selling Shareholder named therein for reoffers and resales on a continuous or delayed basis in the
future of up to 114,286 shares of common stock previously issued pursuant to a letter agreement
dated November 18, 2005 by and between American Railcar Industries, Inc. and the Selling
Shareholder.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
*
Information required by Part I of Form S-8 to be contained in a reoffer prospectus meeting
the requirements of Section 10(a) of the Securities Act of 1933 is omitted from this
Registration Statement in accordance with Rule 428 under the Securities Act of 1933 and the
Note to Part I of Form S-8. This Registration Statement also includes a reoffer prospectus
that has been prepared in accordance with the requirements of Part I of Form S-3 and, pursuant
to General Instruction C of Form S-8, may be used for reofferings and resales on a continuous
or delayed basis of 114,286 shares of common stock previously issued to the Selling
Shareholder named herein.
REOFFER PROSPECTUS
AMERICAN RAILCAR INDUSTRIES, INC.
114,286 Shares of Common Stock
This reoffer prospectus relates to the resale of up to 114,286 shares of our common stock,
$0.01 par value per share, which may be offered from time to time by James J. Unger (the "Selling
Shareholder"), our President and Chief Executive Officer, for the Selling Shareholder's own
account. The shares of common stock covered by this reoffer prospectus were issued to the Selling
Shareholder pursuant to a letter agreement dated November 18, 2005 by and between us and the
Selling Shareholder.
All of the shares of common stock offered hereunder are to be sold by the Selling Shareholder.
The distribution of the common stock by the Selling Shareholder may be effected from time to time,
in one or more transactions, at prices related to prevailing market prices or at negotiated prices.
The Selling Shareholder will receive all of the proceeds from the shares of common stock sold
pursuant to this reoffer prospectus and we will receive none of such proceeds. We are paying the
registration expenses incurred in connection with this offering, but all selling and other expenses
are to be borne by the Selling Shareholder.
The Selling Shareholder and any agents or broker-dealers that participate with the Selling
Shareholder in the distribution of the shares may be considered "underwriters" within the meaning
of the Securities Act of 1933, as amended (the "Securities Act"), and, in that event, any
commissions received by them and any profit on the resale of the shares may be considered
underwriting commissions or discounts under the Securities Act.
Our common stock is listed on the Nasdaq Global Select Market under the symbol "ARII." On
August 15, 2006, the closing sale price of our common stock was
$27.98 per share.
Investing in our common stock involves risks, which are detailed from time to time in the periodic
reports that we file with the Securities and Exchange Commission that we have incorporated herein
by reference.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this reoffer prospectus is August 16, 2006.
You should rely only on the information contained in this reoffer prospectus and the documents
incorporated by reference in this reoffer prospectus. We have not authorized anyone to provide you
with different information. If anyone provides you with different or inconsistent information, you
should not rely on it. This reoffer prospectus does not constitute an offer to sell, or a
solicitation of an offer to purchase, the securities offered by this reoffer prospectus in any
jurisdiction to or from any person to whom or from whom it is unlawful to make such offer or
solicitation of an offer in such jurisdiction. You should not assume that the information
contained in this reoffer prospectus or any document incorporated by reference is accurate as of
any date other than the date on the front cover of the applicable document. Our business,
financial condition, results of operations and prospects may have changed since then.
TABLE OF CONTENTS
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
1
OUR COMPANY
3
USE OF PROCEEDS
3
SELLING SHAREHOLDER
3
PLAN OF DISTRIBUTION
3
LEGAL MATTERS
6
EXPERTS
6
WHERE YOU CAN FIND MORE INFORMATION
6
i
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained in this reoffer prospectus and the documents incorporated or
deemed to be incorporated by reference herein are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 (as amended, the "Securities Act") and Section 21E of the
Securities Exchange Act of 1934 (as amended, the "Exchange Act"). These statements involve known
and unknown risks, uncertainties and other factors that may cause our actual results, financial
position or performance to be materially different from any future results, financial position or
performance expressed or implied by such forward-looking statements. We have used the words "may,"
"will," "expect," "anticipate," "believe," "forecast," "estimate," "plan," "projected," "intend"
and similar expressions in this reoffer prospectus and the documents incorporated or deemed to be
incorporated by reference herein to identify forward-looking statements. We base forward-looking
statements on our then-current views with respect to future events and financial performance. Our
actual results or those of our industry could differ materially from those projected in the
forward-looking statements. Our forward-looking statements are subject to risks and uncertainties,
including:
•
risks associated with the storm damage and related business interruption suffered by our Marmaduke manufacturing facility, including without limitation:
•
the determination of the scope, amount and deductibles under our insurance coverage for that damage and business interruption;
•
the timing of insurance payments;
•
the risk that our rebuilding efforts, plant shut down or associated delivery delays will result in unanticipated costs that may not be covered by insurance;
•
our ability to retain tank railcar customers or orders; and
•
our ability to retain our employees for that facility;
•
risks associated with the planned construction of our new flexible railcar manufacturing plant, including without limitation:
•
construction delays;
•
unexpected costs;
•
our planned dependence on the new plant to produce railcars for which we have already accepted orders; and
•
other risks typically associated with the construction of new manufacturing facilities;
•
the cyclical nature of our business;
•
adverse economic and market conditions;
•
fluctuating costs of raw materials, including steel and railcar components, and delays in the delivery of such raw materials and components;
•
our ability to maintain relationships with our suppliers of railcar components and raw materials;
•
fluctuations in the supply of components and raw materials we use in railcar manufacturing;
•
the highly competitive nature of our industry;
•
the risk of damage to our primary railcar manufacturing facilities or equipment in Paragould or Marmaduke, Arkansas;
•
our reliance upon a small number of customers that represent a large percentage of our revenues;
•
the variable purchase patterns of our railcar customers and the timing of completion, delivery and acceptance of customer orders;
1
•
our dependence on our key personnel;
•
the risks of a labor shortage in light of our recent growth;
•
risks associated with the conversion of our railcar backlog into revenues;
•
the difficulties of integrating acquired businesses with our own;
•
the risk of lack of acceptance of our new railcar offerings by our customers;
•
the cost of complying with environmental laws and regulations;
•
the costs associated with being a public company;
•
our relationship with Carl C. Icahn, our principal beneficial stockholder and the chairman of our board of directors, and his affiliates as a purchaser of our products, supplier of components and services to us and as a provider of

significant capital, financial and managerial support;
•
potential failure by ACF Industries LLC, an affiliate of Carl Icahn, our principal beneficial stockholder and the chairman of our board of directors, to honor its indemnification obligations to us;
•
potential risk of increased unionization of our workforce;
•
our ability to manage our pension costs;
•
potential significant warranty claims; and
•
covenants in our amended and restated revolving credit facility governing our indebtedness that limit our management's discretion in the operation of our businesses.
Our actual results could be different from the results described in or anticipated by our
forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections
and may be better or worse than anticipated. Given these uncertainties, you should not rely on
forward-looking statements. Forward-looking statements represent our estimates and assumptions
only as of the date that they were made. We expressly disclaim any duty to provide updates to
forward-looking statements, and the estimates and assumptions associated with them, after the date
of this prospectus, in order to reflect changes in circumstances or expectations or the occurrence
of unanticipated events except to the extent required by applicable securities laws. All of the
forward-looking statements are qualified in their entirety by reference to the factors discussed
under "risk factors" in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q. We
caution you that these risks may not be exhaustive. We operate in a continually changing business
environment and new risks emerge from time to time.
2
OUR COMPANY
We are a leading North American manufacturer of covered hopper and tank railcars. We also repair
and refurbish railcars, provide fleet management services and design and manufacture certain
railcar and industrial components used in the production of our railcars as well as railcars and
non-railcar industrial products produced by others. We provide our railcar customers with
integrated solutions through a comprehensive set of high quality products and related services.
Our principal executive offices are located at 100 Clark Street, Saint Charles, Missouri 63301, our
telephone number is (636) 940-6000 and our internet website is located at
http://www.americanrailcar.com
.
USE OF PROCEEDS
All proceeds from the sale of common stock offered pursuant to this reoffer prospectus are solely
for the account of the Selling Shareholder. We will not receive any proceeds from the sale of
common stock by the Selling Shareholder.
SELLING SHAREHOLDER
The common stock to which this reoffer prospectus relates is being registered for possible reoffers
and resales by James J. Unger, our President and Chief Executive Officer (the "Selling
Shareholder"), to the extent now or hereafter permitted by the rules and regulations promulgated
under the Securities Act. The Selling Shareholder may sell all, some or none of the common stock
offered hereby pursuant to this reoffer prospectus. The 114,286 shares of common stock covered by
this reoffer prospectus are a portion of the 285,714 shares of common stock issued to the Selling
Shareholder pursuant to a letter agreement dated November 18, 2005 by and between us and the
Selling Shareholder. Prior to this offering, the Selling Shareholder beneficially held 333,314
shares of our common stock in the aggregate, including 23,800 shares held by the Unger Family
Limited Partnership, of which the Selling Shareholder is the general partner. Only 114,286 shares
of our common stock are being offered for sale by the Selling Shareholder pursuant to this reoffer
prospectus. Assuming all the shares offered hereby are sold, the Selling Shareholder will
beneficially own 219,028 shares of our common stock, which represents approximately 1.03% of the
total amount of our common stock outstanding, based on the 21,207,773 shares issued and outstanding
as of August 10, 2006.
For more information about our relationships with the Selling Shareholder, please see our Annual
Report on Form 10-K for the fiscal year ended December 31, 2005, filed with the Securities and
Exchange Commission (SEC) on March 28, 2006, and our Proxy Statement for our 2006 Annual Meeting of
Stockholders, filed with the SEC on April 28, 2006. In particular, the "Executive
Compensation—Employment Agreements" and "Certain Relationships and Related Party Transactions"
sections of our Proxy Statement describe certain of our past and current relationships with the
Selling Shareholder.
PLAN OF DISTRIBUTION
As used in this reoffer prospectus, "Selling Shareholder" includes the Selling Shareholder and his
donees, pledgees, distributees, transferees or other successors in interest selling shares received
from the Selling Shareholder as a gift, partnership distribution or other non-sale-related transfer
after the date of this reoffer prospectus. A supplement to this reoffer prospectus may be filed
naming that successor-in-interest prior to consummating a sale hereunder. We have been advised
that the Selling Shareholder
3
may effect sales of the shares of common stock by one or a combination of several of the following
methods:
•
on the Nasdaq Global Select Market or on any other national securities exchange(s) or quotation service(s)
on which our common stock may be listed or quoted at the time of the sale;
•
in the over-the-counter market;
•
privately negotiated transactions;
•
purchases by a broker-dealer or market maker, as principal, and resale by the broker-dealer for its account;
•
ordinary brokerage transactions or transactions in which the broker solicits purchases;
•
one or more block transactions, in which the broker or dealer so engaged will attempt to sell the shares of
common stock as agent but may position and resell a portion of the block as principal to facilitate the
transaction, or crosses, in which the same broker acts as an agent on both sides of the trade;
•
through the writing of options, whether the options are listed on an options exchange or otherwise;
•
by pledge to secure debts and other obligations;
•
through distributions to creditors and equity holders of the Selling Shareholder; or
•
any combination of the foregoing, or any other available means allowable under applicable law.
We will bear all costs, expenses and fees in connection with the registration and sale of the
common stock covered by this reoffer prospectus, other than underwriting discounts and selling
commissions. We will not receive any proceeds from the sale of the shares of our common stock
covered hereby. The Selling Shareholder will bear all commissions and discounts, if any,
attributable to sales of the shares. The Selling Shareholder may agree to indemnify any
broker-dealer or agent that participates in transactions involving sales of the shares against
certain liabilities, including liabilities arising under the Securities Act.
The Selling Shareholder may sell the shares covered by this reoffer prospectus from time to time,
and may also decide not to sell all or any of the shares the Selling Shareholder is allowed to sell
under this reoffer prospectus. The Selling Shareholder will act independently of us in making
decisions regarding the timing, manner and size of any sale of the shares covered by this reoffer
prospectus. The Selling Shareholder may effect sales by selling the shares directly to purchasers
in individually negotiated transactions, or to or through broker-dealers, which may act as agents
or principals. The Selling Shareholder may sell shares at fixed prices, at market prices prevailing
at the time of sale, at prices related to such prevailing market prices, at varying prices
determined at the time of sale, or at privately negotiated prices.
Broker-dealers or agents may receive compensation in the form of commissions, discounts or
concessions from the Selling Shareholder. Broker-dealers or agents may also receive compensation
from the purchasers of shares for whom they act as agents or to whom they sell as principals, or
both. Compensation as to a particular broker-dealer might be in excess of customary commissions and
will be in amounts to be negotiated in connection with transactions involving shares. In effecting
sales, broker-dealers engaged by the Selling Shareholder may arrange for other broker-dealers to
participate in the resales.
4
Certain of the broker-dealers or agents or other persons engaged by the Selling Shareholder may
also be engaged in transactions with or perform services for us or our subsidiaries in the ordinary
course of business.
In connection with sales of our common stock covered hereby, the Selling Shareholder and any
broker-dealers or agents and any other participating broker-dealers who execute sales for the
Selling Shareholder may be deemed to be "underwriters" within the meaning of the Securities Act.
Accordingly, any profits realized by the Selling Shareholder and any compensation earned by such
broker-dealers or agents may be deemed to be underwriting discounts and commissions. Because the
Selling Shareholder may be deemed to be an "underwriter" within the meaning of Section 2(11) of the
Securities Act, the Selling Shareholder will be subject to the reoffer prospectus delivery
requirements of that act. We will make copies of this reoffer prospectus (as it may be amended or
supplemented from time to time) available to the Selling Shareholder for the purpose of satisfying
the reoffer prospectus delivery requirements.
In addition, any shares of the Selling Shareholder covered by this reoffer prospectus that qualify
for sale pursuant to Rule 144 under the Securities Act may be sold in open market transactions
under Rule 144 rather than pursuant to this reoffer prospectus.
The Selling Shareholder will be subject to applicable provisions of Regulation M of the Exchange
Act and the rules and regulations thereunder, which provisions may limit the timing of purchases
and sales of any of the shares of our common stock by the Selling Shareholder. These restrictions
may affect the marketability of such shares.
In order to comply with applicable securities laws of some states, the shares may be sold in those
jurisdictions only through registered or licensed brokers or dealers. In addition, in certain
states the shares may not be sold unless they have been registered or qualified for sale in the
applicable state or an exemption from the registration or qualification requirements is available.
To the extent necessary, we may amend or supplement this reoffer prospectus from time to time to
describe a specific plan of distribution.
We have agreed with the Selling Shareholder to use commercially reasonable efforts to keep the
registration statement of which this reoffer prospectus constitutes a part effective until the
earlier of (x) January 19, 2007 or (y) such time as all of the shares covered by this reoffer
prospectus have been sold pursuant to such registration statement.
The amount of securities to be reoffered or resold by means of this reoffer prospectus by the
Selling Shareholder, and any other person with whom he is acting in concert for the purpose of
selling our securities, may not exceed, during any three month period, the amount specified in Rule
144(e) under the Securities Act.
Under applicable rules and regulations under the Exchange Act, any person engaged in a distribution
of our common stock may be limited in its ability to engage in market activities with respect to
such common stock. In addition, the Selling Shareholder will be subject to applicable provisions
of the Exchange Act, and the rules and regulations under that act, which may limit the timing of
purchases and sales of our common stock by the Selling Shareholder. We cannot assure you that the
Selling Shareholder will sell any or all of his shares of common stock offered hereunder.
5
LEGAL MATTERS
The validity of the securities offered hereby is being passed upon for us by our counsel, Brown
Rudnick Berlack Israels
llp
, Boston, Massachusetts.
EXPERTS
The consolidated financial statements of American Railcar Industries, Inc. and subsidiaries as of
December 31, 2005 and 2004 and for the periods then ended, appearing in American Railcar
Industries, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2005, have been
audited by Grant Thornton LLP, our independent registered public accounting firm, as set forth in
its report thereon dated March 10, 2006, except note 19, as to which the date is March 24, 2006,
included therein and incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such reports given on the authority of such firm
as experts in accounting and auditing.
The consolidated financial statements of American Railcar Industries, Inc. for the year ended
December 31, 2003, appearing in American Railcar Industries, Inc.'s Annual Report on Form 10-K for
the year ended December 31, 2005, have been audited by KPMG LLP (KPMG), our former independent
registered public accounting firm, as set forth in its report thereon dated April 23, 2004,
included therein and incorporated herein by reference. Such financial statements are incorporated
herein by reference in reliance upon such report given on the authority of such firm as experts in
accounting and auditing.
KPMG's report on our consolidated financial statements for the period ended December 31, 2003
contained no adverse opinion or disclaimer of opinion and was not otherwise qualified or modified
as to uncertainty, audit scope or accounting principles. On August 11, 2004, we terminated KPMG.
In connection with its audit of our financial statements for the year ended December 31, 2003, and
through August 11, 2004, there were no disagreements with KPMG on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make
reference thereto in its report on such statements for such period.
Following KPMG's termination, we engaged Grant Thornton as our independent certified public
accountants effective August 12, 2004. The decision to hire Grant Thornton was unanimously approved
by our board of directors. We did not consult with Grant Thornton with respect to the application
of accounting principles to a specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on our financial statements, or a disagreement with KPMG and
there were no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K promulgated
under the Exchange Act during this time frame. Grant Thornton has been given access to prior years
work papers by KPMG without limitation in accordance with Statement on Auditing Standard No. 84,
Communications Between Predecessor and Successor Auditors.
WHERE YOU CAN FIND MORE INFORMATION
We are a reporting company and file annual, quarterly and current reports, proxy statements and
other information with the Securities and Exchange Commission (SEC). You may read and copy any
document we file with the SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington,
D.C. 20549, Room 1580. You may obtain further information on the operation of the Public Reference
Room by calling the SEC at 1-800-SEC-0330. Our SEC filings are also available to the public over
the Internet at the SEC's web site at
http://www.sec.gov
. Our common stock is listed on the Nasdaq
Global Select Market, and you may inspect our SEC filings at the offices of the National
Association of Securities Dealers, Inc., 1735 K Street, N.W., Washington, D.C. 20006.
We have filed with the SEC a registration statement on Form S-8 relating to the securities covered
by this reoffer prospectus. This reoffer prospectus is a part of the registration statement and,
as permitted by SEC rules, does not contain all the information included in the registration
statement. You should refer to the registration statement and the exhibits and schedules thereto
for more information about us and our common stock. The registration statement, exhibits and
schedules are also available at the SEC's Public Reference Room or through its web site. In
addition, we post the periodic reports that we file with the SEC on our website at
http://www.americanrailcar.com
. You may also obtain a copy of these filings, at no cost, by
writing to or telephoning us at: American Railcar Industries, Inc., 100 Clark Street, St. Charles,
MO 63301, Attention: Investor Relations; telephone number (636) 940-6000.
The SEC allows us to "incorporate by reference" into this prospectus the information we file with
the SEC, which means that we can disclose important information to you by referring you to
previously filed documents. We incorporate by reference into this reoffer prospectus the following
documents or
6
information filed with the SEC (other than, in each case, documents or information deemed to have
been furnished and not filed in accordance with SEC rules):
(1)
Our Annual Report on Form 10-K for the fiscal year ended December 31, 2005,
filed on March 28, 2006, including information specifically incorporated by reference
into our Form 10-K from our Proxy Statement for our Annual Meeting of Stockholders held
on June 8, 2006.
(2)
Our Quarterly Report on Form 10-Q for the quarterly period ended March 31,
2006, filed on May 15, 2006.
(3)
Our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006,
filed on August 11, 2006.
(4)
Our Current Reports on Form 8-K filed on March 28, 2006, April 5, 2006, April
6, 2006, April 21, 2006 and August 11, 2006.
(5)
The description of our common stock contained in our Registration Statement on
Form 8-A filed on January 13, 2006, pursuant to Section 12(g) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act").
All documents filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act
subsequent to the date of this filing and prior to the termination of this offering shall be deemed
to be incorporated by reference in this reoffer prospectus and to be a part hereof from the date of
the filing of such document. Any statement in a document all or a portion of which is incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
all purposes to the extent that a statement contained in this reoffer prospectus or in any other
subsequently filed document that also is incorporated or deemed to be incorporated by reference
herein, modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this reoffer
prospectus.
We will provide without charge to each person to whom this reoffer prospectus is delivered, upon
written or oral request of such person, a copy of any or all of the documents incorporated by
reference into this reoffer prospectus (without exhibits to such documents other than exhibits
specifically incorporated by reference into such documents).
7
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed with the Securities and Exchange Commission (the "Commission")
by the Registrant are incorporated by reference into this Registration Statement:
(1)
The Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 2005, filed by the Registrant on March 28, 2006.
(2)
The Registrant's Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2006, filed by the Registrant on May 15, 2006.
(3)
The Registrant's Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2006, filed by the Registrant on August 11, 2006.
(4)
The Registrant's Current Reports on Form 8-K filed by the Registrant on March
28, 2006, April 5, 2006, April 6, 2006, April 21, 2006 and August 11, 2006.
(5)
The description of the Registrant's Common Stock contained in the
Registrant's Registration Statement on Form 8-A filed on January 13, 2006, pursuant to
Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
All reports and other documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act, after the filing of this Registration Statement and prior to the
filing of a post-effective amendment that indicates that all securities offered have been sold or
that deregisters all securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date of the filing of
such reports and documents. Any statement in a document all or a portion of which is incorporated
or deemed to be incorporated by reference into this Registration Statement shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained in this Registration Statement or in any other subsequently filed document that also is
incorporated by reference into this Registration Statement modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Sections 145(a) and (b) of The Delaware General Corporation Law, or the DGCL, provide that a
corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding by reason of the fact that he is or
was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise. The indemnity may include expenses, including attorneys'
fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful, except that, in the case of an action or suit by or in the right of the corporation, the
corporation may not indemnify such persons against judgments and fines and no person shall be
indemnified as to any claim, issue or matter as to which such person shall have been adjudged to be
liable to the corporation, unless and only to the extent that the court in which the action or suit
was brought determines upon application that, despite the adjudication of liability and in view of
all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for
such expenses that the court deems proper.
Section 145(c) of the DGCL provides that, to the extent a director, officer, employee or agent of
the corporation has been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Section 145(a) and (b) of the DGCL, or in defense of any claim, issue or
matter therein, he shall be indemnified against expenses, including attorney's fees, actually and
reasonably incurred by him in connection with the action, suit or proceeding.
The Registrant's bylaws generally provide that the corporation shall indemnify each person (other
than a party plaintiff suing on his or her own behalf or in the right of the corporation) who at
any time is serving or has served as a director or officer of the corporation against any claim,
liability or expense incurred as a result of such service (or as a result of any other service on
behalf of or at the request of the corporation) to the maximum extent permitted by law. This
indemnification includes, but is not limited to, indemnification of any such person (other than a
party plaintiff suing on his or her behalf or in the right of the corporation), who was or is a
party or is threatened to be made a party, to any threatened, pending or completed action, suit or
proceeding (including, but not limited to, an action by or in the right of the corporation) by
reason of such service against expenses (including, without limitation, costs of investigation and
attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him or her in connection with such action, suit or proceeding.
The Registrant's bylaws further generally provide that the corporation may indemnify any person
(other than a party plaintiff suing on his or her own behalf or in the right of the corporation)
who at any time is serving or has served as an employee or agent of the corporation against any
claim, liability or expense incurred as a result of such service (or as a result of any other
service on behalf of or at the request of the corporation) to the maximum extent permitted by law
or to such lesser extent as the corporation, in its discretion, may deem appropriate. Without
limiting the generality of the foregoing, the corporation may indemnify any such person (other than
a party plaintiff suing on his or her own behalf or in the right of the corporation), who was or is
a party, or is threatened
to be made a party, to any threatened, pending or completed action, suit or proceeding (including,
but not limited to, an action by or in the right of the corporation) by reason of such service,
against expenses (including, without limitation, costs of investigation and attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in
connection with such action, suit or proceeding.
The Registrant's bylaws also provide that the corporation may purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the corporation, or is
or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of
such person's status as such, whether or not the corporation would have the power to indemnify such
person against liability under the indemnification provisions of the corporation's bylaws. The
corporation has obtained director and officer liability insurance.
The foregoing represents a summary of the general effect of the indemnification and insurance
provisions of the DGCL, the certificate of incorporation, the bylaws and such agreements.
Additional information regarding indemnification of directors and officers can be found in Section
145 of the DGCL, the certificate of incorporation and the bylaws.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing
provisions, the Registrant has been informed that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.
Item 7. Exemption from Registration Claimed.
The shares of common stock being offered under the reoffer prospectus included in this Registration
Statement were issued pursuant to a November 18, 2005 letter agreement between the Registrant and
James J. Unger, the President and Chief Executive Officer of the Registrant, as consideration for
Mr. Unger's past and continued services to the Registrant. The issuance of such shares was exempt
from registration under the Securities Act in reliance upon Rule 701 thereunder.
Item 8. Exhibits.
The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities
Act of 1933;
(ii) to reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this Registration Statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of reoffer prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement; and
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;
Provided however
, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not
apply if the registration statement is on Form S-8, and the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the Registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement; and
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered that remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability of the registrant under the
Securities Act of 1933 to any purchaser in the initial distribution of the securities:
The undersigned Registrant undertakes that in a primary offering of securities of the
undersigned Registrant pursuant to this Registration Statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned Registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
i.
Any preliminary prospectus or prospectus of the
undersigned Registrant relating to the offering required to be filed
pursuant to Rule 424;
ii.
Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned Registrant or used or referred
to by the undersigned Registrant;
iii.
The portion of any other free writing prospectus
relating to the offering containing material information about the
undersigned Registrant or its securities provided by or on behalf of the
undersigned Registrant; and
iv.
Any other communication that is an offer in the
offering made by the undersigned Registrant to the purchaser.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by
reference in this Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of St. Charles, State of Missouri, on August 16, 2006.
AMERICAN RAILCAR INDUSTRIES, INC.
By:
/s/ James J. Unger
James J. Unger,
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the date(s) indicated.
Signature
Title
Date
/s/ James J. Unger
James J. Unger
President and Chief Executive Officer
(Principal Executive Officer) and Director
August 16, 2006
/s/ William P. Benac
William P. Benac
Chief Financial Officer (Principal Financial Officer)
August 16, 2006
/s/ Michael E. Vaughn
Michael E. Vaughn
Controller (Principal Accounting Officer)
August 16, 2006
/s/ Vincent J. Intrieri
Vincent J. Intrieri
Director
August 16, 2006
/s/ Jon F. Weber
Jon F. Weber
Director
August 16, 2006
/s/ Keith Meister
Keith Meister
Director
August 16, 2006
/s/ James M. Laisure
James M. Laisure
Director
August 16, 2006
/s/ James C. Pontious
James C. Pontious
Director
August 16, 2006
AMERICAN RAILCAR INDUSTRIES, INC.
INDEX TO EXHIBITS
Exhibit
Description
4.1
Certificate of Incorporation of the Registrant (incorporated by
reference to Exhibit 3.1 to the Company's Registration Statement on Form
S-1 (File No. 333-130284) filed with the Commission on December 13,
2005).
4.2
Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to
the Company's Registration Statement on Form S-1 (File No. 333-130284)
filed with the Commission on December 13, 2005).
4.3
Specimen certificate for shares of the Registrant's Common Stock
(incorporated by reference to Exhibit 4.1 to the Company's Registration
Statement on Form S-1 (File No. 333-130284) filed with the Commission on
December 13, 2005).
5.1
Opinion of Brown Rudnick Berlack Israels LLP.*
23.1
Consent of Brown Rudnick Berlack Israels LLP (contained in Exhibit 5.1).*
23.2
Consent of Grant Thornton LLP.*
23.3
Consent of KPMG LLP.*
99.1
American Railcar Industries, Inc. 2005 Equity Incentive Plan, as amended
(incorporated by reference to Exhibit 10.36 to the Company's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2006, filed with the
Commission on May 15, 2006).
99.2
Form of Option Award Agreement, as amended, under American Railcar
Industries, Inc. 2005 Equity Incentive Plan, as amended (incorporated by
reference to Exhibit 10.37 to the Company's Quarterly Report on Form
10-Q for the quarter ended March 31, 2006, filed with the Commission on
May 15, 2006).
99.3
Letter Agreement dated November 18, 2005 by and between the Registrant
and James J. Unger (incorporated by reference to Exhibit 10.27 to the
Company's Registration Statement on Form S-1 (File No. 333-130284) filed
with the Commission on December 13, 2005).
*
Filed herewith