THOR Industries designs and manufactures recreational vehicles, including towable travel trailers and fifth wheels, as well as motorized Class A, B, and C motorhomes. The company operates a portfolio of brands such as Airstream, Jayco, Keystone, Tiffin, and the Erwin Hymer Group. THOR sells its vehicles wholesale to a network of independent dealers across North America and Europe rather than selling directly to consumers. THOR manufactures vehicles to dealer order to limit inventory risk, while dealers typically finance their inventory through third-party floor plan lenders backed by THOR repurchase agreements. The company operates through three primary segments—North American Towables, North American Motorized, and European RVs—alongside a component supply business that produces parts like HVAC systems and aluminum extrusions for internal use and third parties. THOR's strategy focuses on acquiring independent RV brands, maintaining decentralized subsidiaries, and introducing new floor plans annually.