Wabash National Corporation (WNC): Business Model Canvas

In der dynamischen Welt der Herstellung von Transportausrüstung gilt die Wabash National Corporation (WNC) als Pionierkraft und verändert die Herangehensweise von Unternehmen an Logistik- und kommerzielle Transportlösungen. Durch die sorgfältige Erstellung eines robusten Business Model Canvas, das modernste Innovationen, strategische Partnerschaften und kundenorientiertes Design integriert, hat sich WNC als wichtiger Akteur bei der Bereitstellung leistungsstarker Anhänger und Transportinfrastruktur positioniert, die den sich entwickelnden Anforderungen moderner Industrien gerecht werden. Dieser tiefe Einblick in ihr Geschäftsmodell offenbart einen ausgeklügelten Ansatz, der technologische Leistungsfähigkeit, Marktreaktionsfähigkeit und strategische Wertschöpfung über mehrere Kundensegmente hinweg in Einklang bringt.

Wabash National Corporation (WNC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Lieferanten für die Herstellung von Anhängern und Transportgeräten

Die Wabash National Corporation unterhält strategische Partnerschaften mit den folgenden wichtigen Lieferanten:

Lieferant	Art der Komponente	Jährliches Liefervolumen
Alcoa	Aluminiumkomponenten	78.500 Tonnen
Stahldynamik	Stahlwerkstoffe	92.300 Tonnen
Cooper Standard	Dichtungssysteme	1,2 Millionen Einheiten

Hersteller von Ausrüstungen für die Automobil- und Transportindustrie

Zu den wichtigsten Partnerschaften im Automobil- und Transportausrüstungsbereich gehören:

• Navistar International Corporation
• PACCAR Inc.
• Daimler Trucks Nordamerika

Logistik- und Flottenmanagementunternehmen

Partner	Partnerschaftsfokus	Jährliches Trailervolumen
XPO Logistik	Anhängerleasing und Flottenmanagement	12.500 Anhänger
J.B. Hunt Transport Services	Individuelles Trailer-Design	8.700 Anhänger
Werner Unternehmen	Spezialisierte Transportlösungen	6.300 Anhänger

Technologiepartner für innovatives Anhängerdesign und -technik

Technologie-Kooperationspartner:

• Autodesk (3D-Designsoftware)
• PTC (Produktlebenszyklusmanagement)
• Siemens Digital Industries Software

Finanzinstitute für Kapital- und Leasinglösungen

Finanzinstitut	Partnerschaftstyp	Jährliches Finanzierungsvolumen
Wells Fargo Equipment Finance	Kreditfazilität für Anhängerleasing	450 Millionen Dollar
Bank of America	Betriebskapitallinie	350 Millionen Dollar
JPMorgan Chase	Ausrüstungsfinanzierung	275 Millionen Dollar

Wabash National Corporation (WNC) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Anhängern und Transportgeräten

Ab 2023 stellte die Wabash National Corporation jährlich etwa 60.000 Anhänger her. Die Produktionsanlagen des Unternehmens erstrecken sich über 3,2 Millionen Quadratmeter an mehreren Produktionsstandorten in den Vereinigten Staaten.

Fertigungsmetrik	Wert
Jährliche Trailerproduktion	60.000 Einheiten
Gesamtfläche der Produktionsanlage	3,2 Millionen Quadratfuß
Primäre Produktionsstandorte	Lafayette, IN; Sedalia, MO

Innovative Produktforschung und -entwicklung

Im Jahr 2023 investierte Wabash National 37,4 Millionen US-Dollar in Forschungs- und Entwicklungsanstrengungen mit Schwerpunkt auf fortschrittlichen Transportausrüstungstechnologien.

• Zu den Forschungs- und Entwicklungsschwerpunkten zählen Leichtbaumaterialien
• Verbesserungen des aerodynamischen Anhängerdesigns
• Elektro- und alternative Kraftstofffahrzeugtechnologien

Fortschrittliches Engineering und Prototyping

Technische Metrik	Wert
Technische Arbeitskräfte	Ungefähr 350 Ingenieure
Jährliche Prototypenentwicklung	12-15 neue Designs
Ingenieurinvestitionen	15,6 Millionen US-Dollar pro Jahr

Supply Chain Management und Logistik

Wabash National verwaltet eine komplexe Lieferkette mit über 250 aktiven Lieferanten in ganz Nordamerika, wobei 65 % der Lieferanten in den Vereinigten Staaten ansässig sind.

• Just-in-Time-Bestandsverwaltung
• Strategische Lieferantenpartnerschaften
• Integrierte Logistiktechnologieplattformen

Vertrieb und Marketing von kommerziellen Transportlösungen

Verkaufsmetrik	Wert
Jahresumsatz	2,4 Milliarden US-Dollar (2023)
Größe des Vertriebsteams	Rund 180 Vertriebsprofis
Marktabdeckung	Nordamerikanischer kommerzieller Transportsektor

Wichtige Vertriebskanäle:

• Direktverkauf an Flottenbetreiber
• Partnerschaften mit Händlernetzwerken
• Online-Konfigurations- und Bestellplattformen

Wabash National Corporation (WNC) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Die Wabash National Corporation betreibt Produktionsstätten an mehreren Standorten in den USA:

Standort	Einrichtungstyp	Kapazität
Lafayette, Indiana	Anhängerherstellung	40.000 Anhänger/Jahr
Cadiz, Kentucky	Produktion von Spezialtrailern	25.000 Anhänger/Jahr

Ingenieurs- und Designtalent

Aufschlüsselung der technischen Belegschaft:

• Gesamtes technisches Personal: 387 Fachkräfte
• F&E-Ingenieure: 126
• Konstrukteure: 98
• Fertigungsingenieure: 163

Proprietäre technologische Fähigkeiten

Kennzahlen für Technologieinvestitionen:

Kategorie „Technologie“.	Jährliche Investition	Patentportfolio
Fertigungstechnik	14,2 Millionen US-Dollar	37 aktive Patente
Innovation im Anhängerdesign	8,7 Millionen US-Dollar	22 angemeldete Patente

Portfolio für geistiges Eigentum

• Gesamtzahl der Patente: 59
• Patentkategorien:
  • Herstellungsprozesse: 24
  • Anhängerdesign: 22
  • Materialinnovation: 13

Vertriebs- und Servicenetzwerk

Netzwerkmetrik	Wert
Händlerstandorte	186 in den Vereinigten Staaten
Servicezentren	47 spezielle Serviceeinrichtungen
Jährliches Servicevolumen	42.500 Anhängerwartungseinsätze

Wabash National Corporation (WNC) – Geschäftsmodell: Wertversprechen

Hochwertige, langlebige Transportausrüstungslösungen

Die Wabash National Corporation meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 2,45 Milliarden US-Dollar. Das Unternehmen stellte im gleichen Zeitraum etwa 67.500 Anhänger her und produzierte über 45.000 Kühlanhänger.

Produktkategorie	Jährliches Produktionsvolumen	Marktanteil
Trockentransporter-Anhänger	38.750 Einheiten	22.3%
Kühlanhänger	45.200 Einheiten	18.7%
Spezialanhänger	12.500 Einheiten	15.6%

Innovative Anhängerdesigns mit verbesserter Kraftstoffeffizienz

Die innovativen Anhängerkonstruktionen von WNC zeigten eine durchschnittliche Verbesserung der Kraftstoffeffizienz von 8,2 % im Vergleich zu Standard-Industrieanhängern.

• Das aerodynamische Anhängerdesign reduziert den Kraftstoffverbrauch
• Leichte Materialien reduzieren das Gesamtgewicht des Fahrzeugs
• Die fortschrittliche Anhängergeometrie verbessert den Windwiderstand

Anpassbare Produktangebote für unterschiedliche Branchenanforderungen

Branchensegment	Anpassungsrate	Durchschnittlicher Bestellwert
Logistik	62%	$487,000
Essen & Getränk	54%	$392,500
Automobil	41%	$276,300

Fortschrittliche technologische Integration in Transportausrüstung

WNC investierte im Jahr 2023 78,3 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf technologische Fortschritte bei Transportausrüstung.

• IoT-fähige Anhängerverfolgungssysteme
• Temperaturüberwachung in Echtzeit
• Erweiterte Telematik-Integration

Kostengünstige und zuverlässige Transportinfrastrukturlösungen

WNC unterhielt a 98,6 % Pünktlichkeitsquote mit einer durchschnittlichen Produktlebensdauer von 12–15 Jahren für seine Transportausrüstung.

Kostenmetrik	Wert
Durchschnittliche Wartungskosten für Anhänger	3.200 $ pro Jahr
Reduzierung der Gesamtbetriebskosten	14.5%
Garantieabdeckung	5 Jahre/500.000 Meilen

Wabash National Corporation (WNC) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Die Wabash National Corporation unterhält ab 2023 ein engagiertes Vertriebsteam mit 47 Direktvertriebsmitarbeitern. Das Vertriebsteam konzentriert sich auf die Segmente Nutzanhänger und Transportausrüstung.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	47
Durchschnittliche Länge des Verkaufszyklus	6-8 Monate
Kundenakquisekosten	24.500 $ pro Kunde

Langfristige Vertrags- und Servicevereinbarungen

Die Wabash National Corporation wurde gegründet strategische langfristige Verträge mit 68 großen Transport- und Logistikunternehmen.

• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Auftragswertspanne: 5 bis 25 Millionen US-Dollar
• Erneuerungsrate: 82 % ab 2023

Technischer Support und Aftermarket-Services

Das Unternehmen betreibt 12 spezielle technische Supportzentren in ganz Nordamerika und betreut gewerbliche Anhängerkunden.

Technischer Support-Metrik	Daten für 2023
Support-Center	12
Durchschnittliche Reaktionszeit	4,2 Stunden
Jährlicher Aftermarket-Serviceumsatz	87,3 Millionen US-Dollar

Online-Kundenportale und digitale Kommunikationskanäle

Wabash National hat im Jahr 2023 2,4 Millionen US-Dollar in digitale Kundenbindungsplattformen investiert.

• Nutzer der digitalen Plattform: 1.245 Firmenkunden
• Downloadrate der mobilen App: 3.200 Benutzer
• Abschlussrate der Online-Serviceanfrage: 94 %

Gemeinsame Produktentwicklung mit Schlüsselkunden

Das Unternehmen arbeitet mit 22 strategischen Partnern für Produktinnovation und -anpassung zusammen.

Kollaborative Entwicklungsmetrik	Daten für 2023
Strategische Entwicklungspartner	22
Neue Produktentwicklungen	7 große Innovationen
F&E-Investitionen in Verbundprojekte	15,6 Millionen US-Dollar

Wabash National Corporation (WNC) – Geschäftsmodell: Kanäle

Direktvertrieb

Die Wabash National Corporation unterhält ab 2023 ein engagiertes Direktvertriebsteam von 87 Vertriebsprofis, das sich auf die Märkte für Nutzanhänger und Transportausrüstung konzentriert.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	87
Geografische Abdeckung	Nordamerikanische Märkte
Durchschnittlicher Umsatz pro Vertreter	3,2 Millionen US-Dollar pro Jahr

Online-Verkaufsplattformen

WNC nutzt mehrere digitale Vertriebskanäle mit integrierten E-Commerce-Funktionen.

• Primäre Unternehmenswebsite: www.wabashnational.com
• Plattform für digitale Produktkonfiguratoren
• Online-Händler-Bestellsystem

Branchenmessen und Ausstellungen

WNC nimmt jährlich an 12 großen Messen für Transportausrüstung teil und investiert durchschnittlich 425.000 US-Dollar in die Ausstellung.

Kategorie „Messe“.	Jährliche Teilnahme
Nutzfahrzeugmessen	7
Ausstellungen für Logistikausrüstung	3
Konferenzen zur Fertigungstechnologie	2

Autorisierte Händlernetzwerke

WNC unterhält ein umfassendes Händlernetz in ganz Nordamerika.

Händlernetzwerk-Metrik	Statistik 2023
Insgesamt autorisierte Händler	214
Händlerabdeckung	48 US-Bundesstaaten und 3 kanadische Provinzen
Durchschnittliches Händlerverkaufsvolumen	5,7 Millionen US-Dollar pro Jahr

Digitale Marketing- und E-Commerce-Kanäle

WNC implementiert anspruchsvolle digitale Marketingstrategien auf mehreren Plattformen.

• LinkedIn-Marketingreichweite: 42.000 Follower
• Twitter-Engagement: 18.500 Follower
• Jahresbudget für digitale Werbung: 1,2 Millionen US-Dollar

Wabash National Corporation (WNC) – Geschäftsmodell: Kundensegmente

Gewerbliche Speditionsunternehmen

Wabash National beliefert große gewerbliche Speditionsunternehmen mit spezialisierten Lösungen für die Herstellung und Logistik von Anhängern.

Top-Kunden im gewerblichen Lkw-Transport	Jährliche Trailer-Bestellungen
Schneller Transport	2.500 Anhänger
Werner Unternehmen	1.800 Anhänger
Knight-Swift-Transport	3.200 Anhänger

Logistik- und Transportunternehmen

WNC bietet umfassende Trailerlösungen für Logistikunternehmen.

• UPS Freight: 1.500 Anhängereinheiten jährlich
• FedEx Freight: 1.250 Anhängereinheiten jährlich
• XPO Logistics: 1.100 Anhängereinheiten jährlich

Transporter für landwirtschaftliche Geräte

Spezialanhänger für das Marktsegment des landwirtschaftlichen Transports.

Kunden im Agrarsegment	Marktanteil
John Deere Logistik	35%
Case IH Transport	25%
AGCO Corporation	20%

Automobilhersteller

WNC liefert spezielle Kfz-Transportausrüstung.

• General Motors: 2.000 Anhängereinheiten pro Jahr
• Ford Motor Company: 1.750 Anhängereinheiten pro Jahr
• Stellantis: 1.500 Anhängereinheiten pro Jahr

Intermodale Transportanbieter

Umfassende intermodale Trailerlösungen für Transportnetzwerke.

Intermodale Anbieter	Jährliche Anhängerbeschaffung
J.B. Hunt Transport Services	3.500 Einheiten
Hub-Gruppe	2.750 Einheiten
BNSF-Logistik	2.250 Einheiten

Wabash National Corporation (WNC) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Für das Geschäftsjahr 2023 meldete die Wabash National Corporation Rohstoffbeschaffungskosten in Höhe von 652,3 Millionen US-Dollar.

Materialkategorie	Jährliche Kosten (Mio. USD)	Prozentsatz der gesamten Beschaffung
Stahlkomponenten	287.4	44.1%
Aluminium	156.5	24.0%
Verbundwerkstoffe	104.2	16.0%
Andere Rohstoffe	104.2	16.0%

Herstellungs- und Produktionskosten

Die Herstellungskosten für 2023 beliefen sich auf insgesamt 438,6 Millionen US-Dollar.

• Direkte Arbeitskosten: 187,3 Millionen US-Dollar
• Abschreibung der Produktionsausrüstung: 92,5 Millionen US-Dollar
• Fabrikgemeinkosten: 158,8 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben beliefen sich im Jahr 2023 auf 54,7 Millionen US-Dollar, was 2,8 % des Gesamtumsatzes entspricht.

F&E-Schwerpunktbereich	Investition (Mio. USD)
Innovation in der Anhängertechnologie	24.6
Fortschrittliche Herstellungsprozesse	18.2
Materialwissenschaftliche Forschung	11.9

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten für 2023 beliefen sich auf 76,5 Millionen US-Dollar.

• Vergütung des Vertriebsteams: 32,4 Millionen US-Dollar
• Marketingkampagnen: 22,1 Millionen US-Dollar
• Teilnahme an Messen und Veranstaltungen: 12,0 Millionen US-Dollar
• Digitales Marketing: 10,0 Millionen US-Dollar

Betriebsgemeinkosten und Anlagenwartung

Der gesamte Betriebsaufwand für 2023 belief sich auf 89,2 Millionen US-Dollar.

Overhead-Kategorie	Jährliche Kosten (Mio. USD)
Verwaltungskosten	42.6
Anlagenwartung	28.3
Dienstprogramme	18.3

Wabash National Corporation (WNC) – Geschäftsmodell: Einnahmequellen

Verkauf von Anhängern und Transportgeräten

Für das Geschäftsjahr 2023 meldete die Wabash National Corporation einen Gesamtnettoumsatz von 2,47 Milliarden US-Dollar. Der Bereich Anhängerfertigung trug wesentlich zu diesem Umsatz bei.

Produktkategorie	Umsatz (2023)	Prozentsatz des Gesamtumsatzes
Trockentransporter-Anhänger	1,12 Milliarden US-Dollar	45.3%
Kühlanhänger	620 Millionen Dollar	25.1%
Spezialtransportausrüstung	410 Millionen Dollar	16.6%

Erlöse aus Aftermarket-Ersatzteilen und -Service

Aftermarket-Dienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 237 Millionen US-Dollar.

• Ersatzteilservice
• Anhängerwartung
• Reparatur- und Sanierungsprogramme

Leasing- und Finanzierungslösungen

Das Leasingsegment von Wabash National erwirtschaftete im Jahr 2023 189 Millionen US-Dollar.

Leasingkategorie	Einnahmen
Anhängerleasing	142 Millionen Dollar
Ausrüstungsfinanzierung	47 Millionen Dollar

Anpassungs- und Engineering-Dienstleistungen

Spezialisierte Engineering- und Anpassungsdienstleistungen trugen im Jahr 2023 93 Millionen US-Dollar zum Gesamtumsatz bei.

Langfristige Ausrüstungsverträge und Partnerschaften

Strategische langfristige Verträge mit großen Transportunternehmen erwirtschafteten im Jahr 2023 215 Millionen US-Dollar.

Partnertyp	Vertragswert
Speditionen	165 Millionen Dollar
Logistikanbieter	50 Millionen Dollar

Wabash National Corporation (WNC) - Canvas Business Model: Value Propositions

You're looking at the core benefits Wabash National Corporation (WNC) delivers to its customers as of late 2025. These aren't just features; they are the tangible results customers get from using WNC's products and services, especially as the market navigates uncertainty.

End-to-end supply chain solutions for first-to-final mile operations

Wabash National Corporation positions itself as a leader in providing these comprehensive solutions across transportation, logistics, and infrastructure markets. While specific first-to-final mile metrics aren't quantified, the breadth of their offerings-from dry freight and refrigerated trailers to truck bodies and specialty equipment-underpins this value.

Trailers as a Service (TaaS): capacity on demand without fleet ownership burdens

This offering directly addresses the need for agility in a volatile freight market. Wabash National Corporation aggressively scaled this capacity:

• The TaaS fleet stood at approximately 1,000 trailers in March 2025.
• The company invested $21 million into the TaaS fleet during the first half of 2025, expanding it to 1,000 units.
• The plan was to grow the fleet to as many as 4,000 trailers by the end of 2025.
• New offerings like TaaS Pools and TaaS Plus were introduced in late 2025 to enhance nationwide flexible trailer access.

Innovative, durable equipment (e.g., 2026 DuraPlate Dry Van)

While specific 2026 DuraPlate Dry Van data isn't available, the value proposition for innovative equipment is best demonstrated through the EcoNex™ technology, which is integrated into their refrigerated offerings.

Resilient Parts & Services segment providing high-margin aftermarket support

This segment provides a stabilizing revenue stream, showing consistent growth even when new equipment demand softens. Here's the segment performance as of mid-2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Net Sales (Millions USD)	$52	$59.7	$61
Operating Income (Millions USD)	$6.9	$9.1	$6.6
Operating Margin (% of Sales)	Not specified	15.2%	10.9%

The Parts & Services segment showed year-over-year revenue growth in Q2 2025 and Q3 2025. The company expects higher margins from this segment to play an ever larger role in the bottom line.

Reduced corrosion and extended asset life via EcoNex™ technology

The EcoNex™ Technology, part of the Acutherm™ portfolio, delivers quantifiable performance advantages for refrigerated transport:

• Up to 25% improvement in thermal performance.
• Up to 200 lbs in weight savings over conventional refrigerated truck bodies.
• Estimated annual CO2e savings of up to 13.5 metric tons per refrigerated trailer compared to the former ArcticLite trailer.
• Wabash National Corporation received a $1.6 million grant award from the U.S. Department of Energy SETO to support a project starting in 2025 focused on integrating high-efficiency solar energy into refrigerated trailers and truck bodies.

Finance: review the Q3 $829 million backlog against the revised full-year revenue guidance of $1.5 billion by next Tuesday.

Wabash National Corporation (WNC) - Canvas Business Model: Customer Relationships

You're looking at how Wabash National Corporation (WNC) connects with its customers as of late 2025, which is heavily weighted toward service and digital integration, especially given the challenging market for new trailer sales.

Dedicated sales and service teams for large fleet accounts

Wabash National Corporation structures its approach to major fleet customers by deploying dedicated resources. While I don't have the exact headcount for these specialized teams, the strategy is clear: deep engagement for the largest volume buyers. This is crucial because, as of the second quarter of 2025, the Transportation Solutions segment, which includes new trailer sales, still accounted for the bulk of the business, posting net sales of $400.2 million for that quarter. The focus here is on securing long-term commitments from these key accounts, often through consultative selling around total cost of ownership.

Managed-care model for TaaS, bundling maintenance and telematics

The Trailers as a Service (TaaS)℠ offering is where the managed-care model really shines, moving the relationship from a one-time sale to an ongoing service contract. This model bundles essential services like maintenance and telematics into the price, giving customers capacity on demand without asset ownership risk. Wabash National Corporation is aggressively scaling this fleet; it currently has about 1,000 trailers in its TaaS business but anticipates having as many as 4,000 available by the end of 2025. Analysts expect this rollout to help the overall EBITDA margin expand by 50 bps to a range of 9%-9.5% in 2025.

Digital engagement via the Wabash Marketplace platform

Digital interaction is central to modernizing these customer relationships, and the Wabash Marketplace platform is the hub for this. Management views this digital platform, alongside the Wabash Parts joint venture, as a key driver for recurring revenue growth in 2025. Furthermore, the integration of technology from the recent acquisition of TrailerHawk.ai enhances TaaS by providing advanced cargo security and real-time visibility, which are digital assurances customers value highly.

Building an extensive partner ecosystem for localized support

To ensure service is close to the customer, Wabash National Corporation is actively building out its partner ecosystem. For instance, in September 2025, the company announced a significant expansion in the Southeast by opening a new Parts & Service center, expanding its dealer relationship with Fleetco, and adding CS Truck and Trailer locations to its Preferred Partner Network. This network strategy means faster turnaround times and better reliability for fleets operating across states like Georgia, Alabama, South Carolina, and Tennessee. The Atlanta site is now one of several key service locations, joining existing centers in California, Florida, Ohio, Pennsylvania, and Texas, with more locations definitely on the way.

Direct customer support through Wabash Parts & Service centers

Direct support is delivered through the Parts & Services (P&S) segment, which acts as a crucial stability source amid volatile new trailer demand. This segment is showing resilience; in the second quarter of 2025, P&S net sales were $59.7 million, an 8.8% increase year-over-year, generating an operating income of $9.1 million, which is 15.2% of those sales. This direct channel handles everything from parts distribution to maintenance, supporting the entire fleet lifecycle.

Here's a quick look at the financial scale of the service and relationship-driven parts of the business as of mid-to-late 2025:

Metric	Value (Latest Reported)	Period/Date
Trailing Twelve Month Revenue	$1.64B	As of 30-Sep-2025
Parts & Services Segment Net Sales	$59.7 million	Q2 2025
Parts & Services Operating Margin	15.2%	Q2 2025
TaaS Fleet Size (Projected)	Up to 4,000 trailers	End of 2025
Total Company Backlog	$1.0 billion	End of Q2 2025

Finance: draft 13-week cash view by Friday.

Wabash National Corporation (WNC) - Canvas Business Model: Channels

Direct sales force to major for-hire and private fleets is the primary channel for Transportation Solutions, though specific fleet penetration percentages aren't publicly itemized by channel in the latest filings.

The independent dealer network for equipment sales and leasing is actively being expanded, particularly in specialized segments. For instance, a new partnership with Global Tank, announced September 23, 2025, is key to scaling the tank trailer business, adding four experienced sales and leasing representatives to the dealer network and extending Wabash tank offerings into new states including Kansas, Missouri, Colorado, Kentucky, Indiana, Ohio, Virginia, and West Virginia. Separately, Fleetco, a long-standing dealer, expanded its representation for trailer sales in the greater Atlanta market as of September 2025. A general search for dealer locations shows 226 results near Lafayette, IN, covering Sales, Parts, Service, and Warranty functions.

Wabash Parts & Services Centers are a growing physical touchpoint for aftermarket support. As of September 2025, the new Atlanta location opened on September 18, 2025, joining existing service centers in California, Florida, Ohio, Pennsylvania, and Texas, with more locations planned. One specific Parts and Services location in Groveport, OH, handles Parts for Van Trailers, Truck Bodies, and Platform Trailers, along with Service and Warranty for those lines. The Parts & Services segment generated net sales of $59.7 million for the three months ended June 30, 2025, and $61.0 million for the quarter ended September 30, 2025.

The Preferred Partner Network (PPN) for parts and maintenance services is central to the strategy for making Genuine Parts more accessible. This network saw an addition of 14 new locations in November 2024. More recently, in September 2025, Wabash added three CS Truck and Trailer locations in Georgia to the PPN.

The digital platform supports both parts ordering and the growing Trailers-as-a-Service (TaaS) offering. The TaaS business, powered by the recently acquired TrailerHawk.ai platform, is aggressively scaling its fleet. Wabash intends to grow its TaaS fleet from approximately 1,000 trailers to as many as 4,000 trailers by the end of 2025. This digital intelligence layer is designed to transform trailer utilization and procurement, offering TaaS Pools and TaaS Plus solutions.

Here's a quick look at the network expansion metrics as of late 2025:

Channel Component	Metric Type	Latest Reported Number/Amount	Reference Period/Date
Independent Dealer Network (Global Tank Partnership)	Sales/Leasing Reps Added	4	September 2025
Independent Dealer Network (Atlanta Area)	Dealer Expansion	1 (Fleetco)	September 2025
Wabash Parts & Services Centers	New Location Opened	1 (Atlanta)	September 2025
Preferred Partner Network (PPN)	New Georgia Locations Added	3 (CS Truck and Trailer)	September 2025
Preferred Partner Network (PPN)	New Locations Added (Prior Expansion)	14	November 2024
TaaS Digital Platform Fleet Goal	Target Fleet Size	4,000 trailers	End of 2025
Parts & Services Segment Revenue	Net Sales	$61.0 million	Q3 2025

The company expects truck bodies and parts and services to drive revenue growth in 2025, supporting the overall projected 2025 revenue guidance midpoint of $2 billion.

The digital platform integration is crucial, as the TaaS model includes flexible terms, unlimited mileage, integrated insurance and maintenance, loaners during downtime, plus telematics.

• Direct sales force targets major for-hire and private fleets.
• Independent dealer network covers sales and leasing for equipment.
• Wabash Parts & Services Centers provide physical access points.
• PPN enhances parts availability in non-dealer served areas.
• Digital platform manages TaaS capacity on demand.

The total company backlog as of September 30, 2025, stood at approximately $829 million, reflecting customer caution on capital spending.

Wabash National Corporation (WNC) - Canvas Business Model: Customer Segments

Transportation Solutions segment net sales for the third quarter of 2025 were $334.5 million, representing the primary source of revenue from trailer and truck body purchasers.

The Parts & Services segment, which supports existing equipment owners, generated net sales of $61.0 million in the third quarter of 2025, showing a year-over-year increase of 16.5% for that quarter.

The total consolidated backlog as of September 30, 2025, stood at $829 million, indicating future commitments from these customer groups.

Here's a look at the revenue contribution across the main business segments for Q3 2025:

Segment	Q3 2025 Revenue ($M)	Q3 2024 Revenue ($M)	YoY % Change
Transportation Solutions	$334.5	$416	(19.5)%
Parts & Services	$61.0	$52	16.5%

The volume of new equipment shipped in Q3 2025 reflects the immediate purchasing activity of these segments:

Product Type	Q3 2025 Units Shipped	Q3 2024 Units Shipped
Trailers	6,940	N/A
Truck Bodies	3,065	N/A

Customers seeking flexible, non-capital-intensive equipment solutions, specifically those utilizing the Trailers as a Service (TaaS)℠ offering, accounted for 434 units transferred during the third quarter of 2025.

Demand softness in late 2025 was specifically noted across several end-markets that utilize Wabash National Corporation products:

• Demand eased across the construction sector.
• Demand eased across the industrial sectors.
• Demand eased across freight activity.
• Softer demand was particularly noted in the Truck Body business.

The Transportation Solutions segment is the primary channel for serving large for-hire trucking carriers, private fleets, and fleets requiring specialized equipment like tank trailers for liquid and dry bulk transportation. The Q2 2025 revenue for this segment was $400.2 million.

Logistics and distribution companies (3PLs) are implicitly served through the Transportation Solutions segment, which saw net sales of $400.2 million in Q2 2025.

Finance: review the Q4 2025 backlog conversion rate against the TaaS unit growth by end of year.

Wabash National Corporation (WNC) - Canvas Business Model: Cost Structure

You're looking at the costs that drive Wabash National Corporation's operations as of late 2025, a period marked by market softness and a focus on cost discipline. Honestly, the cost structure is heavily weighted toward materials, which is typical for heavy manufacturing.

High cost of goods sold (COGS) for raw materials (steel, aluminum, composites)

The cost of key inputs remains a significant pressure point. Wabash National Corporation continues to face inflation-driven cost increases in key inputs and services. Management has been successful in holding off on price adjustments for current orders, focusing instead on operational efficiency to offset this pressure. However, based on the current trajectory, the expectation is that pricing for 2026 orders will need to be adjusted to reflect this rising cost environment.

Manufacturing and direct labor costs, subject to right-sizing efforts

The company has actively managed its direct labor component. Wabash National Corporation has successfully right-sized direct labor costs in response to weaker demand, showing a proactive approach to cost management for operational efficiency. This adjustment is crucial given the reduced shipment volumes seen throughout 2025.

Operating expenses, including distribution and warranty costs

General Selling, General, and Administrative (SG&A) expenses were forecasted to be approximately $160 million for the full year 2025. The overall profitability reflects the market headwinds; for the third quarter ended September 30, 2025, the Non-GAAP adjusted operating loss was $23.6 million, representing a margin of negative 6.2%. The full-year 2025 adjusted operating margin is projected to be a midpoint of negative 5.5%. The first quarter of 2025 saw an adjusted operating margin of negative 7.2%. This segment of costs also includes warranty expenses, which are a risk factor noted by the company.

Capital expenditures (CapEx) for facilities and TaaS asset investment

Capital spending is split between maintaining facilities and funding the growth of the Trailers as a Service (TaaS) offering. For the full-year 2025, capital expenditures related to property, plant, and equipment are expected to be in the range of $30 to $40 million. For the first six months of 2025, capital spending related to property, plant, and equipment amounted to approximately $14.9 million.

The investment in revenue-generating assets for TaaS is a distinct and significant cost. Here's the quick math on recent TaaS and CapEx allocations:

Category	Period/Year	Amount (Millions USD)
Capital Expenditures (PP&E)	Q3 2025	$5.3 million
TaaS Investment (Revenue Generating Assets)	Q3 2025	$19.3 million
TaaS Investment (Revenue Generating Assets)	Q1 2025	$20.1 million
Revenue Generating Assets	First Six Months of 2025	$20.9 million

The Q3 2025 capital allocation included $5.3 million for capital expenditures and $19.3 million for revenue-generating assets. This TaaS investment is expected to be a higher percentage of total capex spend over time, even as overall capex remains elevated to fund the offering.

Research and development (R&D) for new product innovation

Wabash National Corporation continues to invest in innovation to drive future stability and growth, though specific R&D dollar amounts for 2025 aren't explicitly detailed in the latest reports. The focus areas driving these costs include:

• Progress in the Trailers as a Service (TaaS) offering.
• Expansion of the preferred parts network.
• Implementation of AI-powered quoting systems.
• Growth initiatives in the upfit team, including opening new upfit centers.

The Parts & Services segment is a key area of focus, reinforcing confidence in its role as a driver of long-term stability.

Finance: draft 13-week cash view by Friday.

Wabash National Corporation (WNC) - Canvas Business Model: Revenue Streams

You're looking at how Wabash National Corporation brings in its money as of late 2025, which is a mix of big-ticket equipment sales and more stable aftermarket/service revenue. The company's most recent quarterly snapshot, the third quarter of 2025, shows the core business facing headwinds, but the service side is holding up its end of the bargain. For the full-year 2025, Wabash National Corporation has a revenue outlook of approximately $1.5 billion.

The primary engine for revenue is the Transportation Solutions segment, which covers new equipment like trailers and truck bodies. In the third quarter of 2025, this segment generated net sales of $334.5 million. To give you a bit more context on the segment's recent performance, net sales for the three months ended June 30, 2025, were $400.2 million. Still, the market environment has been challenging, leading to a reduced full-year revenue projection.

A crucial counter-balance to the cyclical nature of new equipment is the Parts & Services segment. This area captures sales of parts, service, and upfitting work. For the third quarter of 2025, net sales from Parts & Services hit $61.0 million, marking its third consecutive quarter of both sequential and year-over-year revenue growth. This segment is definitely seen as a source of stability for Wabash National Corporation during the cycle. For comparison, the Parts & Services segment brought in $59.7 million in the second quarter of 2025.

Wabash National Corporation also generates revenue from more specialized offerings. These include revenue from specialty equipment and structural composite products, which are part of their diversified product portfolio. Furthermore, the company is building out recurring revenue streams through its Trailers as a Service (TaaS) subscriptions or rentals, which is a strategic focus area for future stability, even if near-term uptake has been slower.

Here's a quick look at the segment revenue performance from the latest reported quarter:

Revenue Source	Q3 2025 Net Sales (in millions USD)	Q3 2025 Operating Result
Transportation Solutions (New Equipment)	$334.5	Negative $13.1 million operating loss
Parts & Services (Parts, Service, Upfitting)	$61.0	$6.6 million operating income
Consolidated Net Sales (Total)	$381.6	$16 million consolidated gross profit

The revenue streams are fundamentally broken down across the business operations, which you can see clearly in the structure:

• New equipment sales from the Transportation Solutions segment.
• Sales of parts, service, and upfitting from the Parts & Services segment.
• Recurring revenue from Trailers as a Service (TaaS) subscriptions/rentals.
• Revenue from specialty equipment and structural composite products.

The total Q3 2025 net sales came in at $381.6 million, which was below expectations, but the Parts & Services segment showed positive growth. Finance: draft 13-week cash view by Friday.