Proficient Auto Logistics is a specialized auto transportation company that moves finished vehicles — primarily new cars — from production facilities, marine ports, and rail yards to dealerships across the U.S. This is the final leg of the automotive supply chain, requiring purpose-built car-carrying equipment and specialized drivers. Proficient was formed through the combination of five companies at its May 2024 IPO and has since grown through tuck-in acquisitions, operating out of 57 facilities with a fleet of roughly 800 vehicles. Customers are primarily automotive OEMs — the five largest account for roughly 59% of revenue — with relationships governed by multi-year contracts. Proficient earns revenue on a per-unit basis, with rates set by contract and varying by vehicle size and mileage. The company operates through two segments: Company Drivers (~36% of revenue), an asset-based model using owned equipment and employed drivers; and Subhaulers (~64% of revenue), an asset-light model using independent owner-operators where Proficient earns a spread between customer rates and carrier payments. Management's core strategy is to shift mix toward Company Drivers over time, as that segment carries better margins. Proficient is also pursuing a consolidation-driven growth model — acquiring smaller regional operators, integrating them onto common systems, and realizing cost synergies through centralized procurement of fuel, insurance, and other inputs. Volume is the primary top-line driver and tracks closely with new vehicle production and sales activity in North America.