Blue Bird designs and manufactures school buses, primarily for the U.S. and Canadian markets, where it holds roughly one-third market share in a tight three-player oligopoly alongside Thomas Built Buses (a Daimler subsidiary) and IC Bus (an International Motors subsidiary). Blue Bird sells three bus types: Type C conventional buses (~82% of unit sales), Type D flat-front transit-style buses (~14%), and specialty/GSA buses (~4%). Buses are sold through an exclusive network of 44 dealers with territorial rights, plus direct sales to large fleet operators and government customers. Blue Bird operates two segments: Bus (~93% of revenue), which covers design, manufacture, and sale of school buses from a single integrated facility in Fort Valley, Georgia; and Parts (~7% of revenue), a high-margin recurring business serving an aging fleet. Blue Bird's key differentiator is its alternative-power leadership — over 56% of its unit sales in FY25 were alternative-powered (propane, gasoline, or electric), versus less than 10-15% for competitors. Blue Bird claims to be the exclusive provider of propane-powered school buses and the EV market leader among school bus OEMs. EV demand depends heavily on federal subsidies, notably the EPA's $5B Clean School Bus Program. Beyond school buses, Blue Bird is developing a Class 5/6 commercial strip chassis in propane and EV for last-mile delivery, targeting launch in FY26, and holds a 50% JV interest in Micro Bird, which makes small Type A buses.