A congressional investigation is exposing how Wall Street’s grip on fire truck manufacturing may be endangering lives, inflating costs, and leaving first responders with outdated equipment.
At a Glance
- Senators Warren and Banks probe fire truck price hikes tied to private equity
- Rev Group controls one-third of the market after years of consolidation
- Prices for ladder trucks have nearly tripled since mid-2010s
- Delivery delays now stretch up to four years for some departments
- Firefighters and cities warn public safety is on the line
Rising Costs, Shrinking Competition
A bipartisan investigation led by Senators Elizabeth Warren and Jim Banks is targeting the fire truck manufacturing sector, where costs have soared and delays are growing. At the center of the probe is private equity firm American Industrial Partners (AIP), which owns Rev Group—a conglomerate formed by consolidating numerous fire truck brands since 2006. That consolidation has given AIP a powerful stake in about one-third of the U.S. market.
As reported by The New York Times, the cost of a single ladder truck has surged to as much as $2 million. Wait times for specialty vehicles like tiller trucks have ballooned to more than four years, straining fire departments across the country.
Watch The New York Post’s coverage at Did Private Equity Worsen the LA Fires?.
Cities Sound the Alarm
Officials in growing cities like Carmel, Indiana, are now scrambling to find affordable equipment amid these delays. Carmel Mayor Sue Finkam praised the Senate’s efforts and underscored the stakes: “Long delays and rising costs put communities at risk during emergencies—from natural disasters to acts of terrorism,” she told WBIW.
Smaller cities and rural areas are particularly vulnerable, often forced to buy used trucks or make do with aging fleets. In places like Camden, NJ, and parts of Los Angeles, outdated equipment is becoming the norm, not the exception.
The senators’ letter to the International Association of Fire Fighters (IAFF) denounced the impact of unchecked financial interests. “Private equity is padding shareholders’ wallets at the expense of public safety,” they wrote, demanding detailed feedback from frontline responders.
Monopoly Capitalism Hits Public Safety
Industry experts argue the root problem isn’t just supply chain delays—it’s monopolistic control. Firefighter union leader Edward Kelly told the New York Post, “Absent competition, monopoly capitalism is a shakedown.” He stressed that market consolidation by firms like Rev Group has left departments with fewer options and higher bills.
While pandemic disruptions have played a role in manufacturing delays, lawmakers argue those issues have masked deeper structural problems. Without competition, prices rise unchecked—and communities pay the price.
Next Steps in the Investigation
The Senate inquiry aims to uncover how much consolidation has influenced both pricing and delivery timelines for critical emergency vehicles. The IAFF’s response is expected to shed light on the practical effects of these changes for first responders.
In the meantime, cities large and small are left to grapple with ballooning costs, budget shortfalls, and safety risks. As the investigation continues, lawmakers may push for regulatory action or antitrust scrutiny to curb the dominance of private equity in this essential sector. For firefighters on the front lines, the stakes couldn’t be higher.
