THOR Industries is the world's largest RV manufacturer, selling a broad range of products — from entry-level travel trailers to premium motorhomes — through a network of roughly 2,400 independent dealer locations in North America and approximately 1,100 in Europe. THOR operates through three core segments: North American Towable, North American Motorized, and European. Towables (travel trailers and fifth wheels) are THOR's largest North American segment, sold under brands including Keystone, Jayco, Heartland, and Airstream. The motorized segment covers Class A, B, and C motorhomes under brands including Thor Motor Coach, Airstream, Tiffin, and Entegra Coach. THOR's European business operates through the Erwin Hymer Group, which manufactures motorcaravans, campervans, and caravans across brands including Hymer, Dethleffs, and Sunlight. THOR also makes RV components — air conditioners, windows, and appliances — through its Airxcel subsidiary, which sells primarily to THOR's own manufacturing operations and to third-party RV makers. THOR manufactures largely to dealer order, so revenue is driven by units shipped and average selling price. The business is cyclical, sensitive to consumer confidence, interest rates, and raw material costs. THOR does not sell directly to consumers and does not typically finance dealer purchases; dealers use third-party floor plan financing. One dealer, FreedomRoads, accounts for roughly 14% of consolidated net sales.