Wabash is the largest U.S. manufacturer of semi-trailers, selling primarily to trucking companies, leasing companies, and private fleets. Wabash's core product is its dry van trailer, sold under the proprietary DuraPlate brand, which uses a composite sandwich panel wall that offers greater durability and lighter weight than conventional trailers. Wabash also makes platform trailers, refrigerated trailers (ArcticLite brand), tank trailers, and truck bodies for last-mile delivery. Wabash sells factory-direct to large fleet customers and through a network of independent dealers across North America. The company operates two segments: Transportation Solutions (trailer and truck body manufacturing) and Parts & Services (aftermarket parts, truck body upfitting, and a subscription-based Trailers as a Service offering). The core manufacturing business is highly cyclical — revenue and margins swing with the freight cycle, as carriers buy trailers when freight demand is strong and defer purchases during downturns. Wabash's plants carry significant fixed costs, so margin swings are amplified when volumes fall. The Parts & Services segment is designed to provide more stable, recurring revenue through the cycle. Wabash's key strategic priority is growing Parts & Services by expanding truck body upfitting capacity, scaling its TaaS subscription model, building out a service and parts network, and developing digital tools for equipment and parts sales.