Wabash National Corporation (WNC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la fabrication d'équipements de transport, Wabash National Corporation (WNC) est une force pionnière, transformant comment les entreprises abordent la logistique et les solutions de transport commercial. En fabriquant méticuleusement une toile de modèle commerciale robuste qui intègre l'innovation de pointe, des partenariats stratégiques et une conception centrée sur le client, WNC s'est positionné comme un acteur critique pour fournir des bandes-annonces de haute performance et des infrastructures de transport qui répondent aux exigences en évolution des industries modernes. Cette plongée profonde dans leur modèle commercial révèle une approche sophistiquée qui équilibre les prouesses technologiques, la réactivité du marché et la création de valeur stratégique dans plusieurs segments de clients.

Wabash National Corporation (WNC) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques dans la fabrication d'équipements de remorque et de transport

Wabash National Corporation entretient des partenariats stratégiques avec les principaux fournisseurs suivants:

Fournisseur	Type de composant	Volume de l'offre annuelle
Alcoa	Composants en aluminium	78 500 tonnes métriques
Dynamique de l'acier	Matériaux en acier	92 300 tonnes métriques
Cooper Standard	Systèmes d'étanchéité	1,2 million d'unités

Fabricants d'équipements de l'industrie automobile et des transports

Les partenariats clés de l'équipement automobile et de transport comprennent:

• Navistar International Corporation
• PACCAR Inc.
• Daimler Trucks Amérique du Nord

Sociétés de gestion de la logistique et de la flotte

Partenaire	Focus de partenariat	Volume annuel de remorque
Xpo logistique	Location de bande-annonce et gestion de la flotte	12 500 remorques
J.B. Hunt Transport Services	Conception de remorque personnalisée	8 700 remorques
Werner Enterprises	Solutions de transport spécialisées	6 300 remorques

Partenaires technologiques pour la conception et l'ingénierie des remorques innovantes

Partenaires de collaboration technologique:

• Autodesk (logiciel de conception 3D)
• PTC (Gestion du cycle de vie du produit)
• Siemens Digital Industries Software

Institutions financières pour les solutions de capital et de location

Institution financière	Type de partenariat	Volume de financement annuel
Finance de l'équipement Wells Fargo	Facilité de crédit de location de remorque	450 millions de dollars
Banque d'Amérique	Ligne de roulement	350 millions de dollars
JPMorgan Chase	Financement de l'équipement	275 millions de dollars

Wabash National Corporation (WNC) - Modèle d'entreprise: activités clés

Conception et fabrication de l'équipement de la remorque et de transport

En 2023, Wabash National Corporation a fabriqué environ 60 000 remorques par an. Les installations de production de la société s'étendent sur 3,2 millions de pieds carrés sur plusieurs emplacements de fabrication aux États-Unis.

Métrique manufacturière	Valeur
Production annuelle de remorque	60 000 unités
Espace total des installations de fabrication	3,2 millions de pieds carrés
Emplacements de fabrication principaux	Lafayette, in; Sedalia, MO

Recherche et développement de produits innovants

En 2023, Wabash National a investi 37,4 millions de dollars dans les efforts de recherche et développement, en se concentrant sur les technologies avancées d'équipement de transport.

• Les zones de concentration en R&D comprennent des matériaux légers
• Améliorations de conception de remorque aérodynamique
• Technologies de véhicules électriques et alternatifs

Ingénierie avancée et prototypage

Métrique d'ingénierie	Valeur
Travail d'ingénierie	Environ 350 ingénieurs
Développement annuel des prototypes	12-15 nouveaux designs
Investissement d'ingénierie	15,6 millions de dollars par an

Gestion de la chaîne d'approvisionnement et logistique

Wabash National gère une chaîne d'approvisionnement complexe avec plus de 250 fournisseurs actifs en Amérique du Nord, avec 65% des fournisseurs situés aux États-Unis.

• Gestion des stocks juste à temps
• Partenariats stratégiques des fournisseurs
• Plateformes de technologie logistique intégrée

Ventes et commercialisation de solutions de transport commercial

Métrique des ventes	Valeur
Revenus annuels	2,4 milliards de dollars (2023)
Taille de l'équipe de vente	Environ 180 professionnels de la vente
Couverture du marché	Secteur des transports commerciaux nord-américains

Canaux de vente clés:

• Ventes directes aux opérateurs de flotte
• Partenariats de réseau de concessionnaires
• Plateformes de configuration et de commande en ligne

Wabash National Corporation (WNC) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Wabash National Corporation exploite des installations de fabrication dans plusieurs emplacements américains:

Emplacement	Type d'installation	Capacité
Lafayette, Indiana	Fabrication de remorques	40 000 bandes-annonces / an
Cadiz, Kentucky	Production de remorques spécialisée	25 000 remorques / an

Talent d'ingénierie et de conception

Répartition des effectifs d'ingénierie:

• Personnel total d'ingénierie: 387 professionnels
• Ingénieurs de R&D: 126
• Ingénieurs de conception: 98
• Ingénieurs de fabrication: 163

Capacités technologiques propriétaires

Métriques d'investissement technologique:

Catégorie de technologie	Investissement annuel	Portefeuille de brevets
Technologie de fabrication	14,2 millions de dollars	37 brevets actifs
Innovation de conception de remorque	8,7 millions de dollars	22 brevets en attente

Portefeuille de propriété intellectuelle

• Brevets totaux: 59
• Catégories de brevets:
  • Processus de fabrication: 24
  • Conception de la remorque: 22
  • Innovation matérielle: 13

Réseau de distribution et de service

Métrique du réseau	Valeur
Lieux de concessionnaires	186 aux États-Unis
Centres de service	47 Installations de services dédiés
Volume de services annuel	42 500 interventions de service de remorque

Wabash National Corporation (WNC) - Modèle d'entreprise: propositions de valeur

Solutions d'équipement de transport durable de haute qualité

Wabash National Corporation a déclaré 2,45 milliards de dollars de revenus totaux pour l'exercice 2023. La société a fabriqué environ 67 500 remorques et a produit plus de 45 000 remorques réfrigérées au cours de la même période.

Catégorie de produits	Volume de production annuel	Part de marché
Rands à camion sec	38 750 unités	22.3%
Remorques réfrigérées	45 200 unités	18.7%
Bandes-annonces spécialisées	12 500 unités	15.6%

Conceptions de remorques innovantes avec une efficacité énergétique améliorée

Les conceptions de remorques innovantes de WNC ont démontré une amélioration moyenne de l'efficacité énergétique de 8,2% par rapport aux bandes-annonces standard de l'industrie.

• La conception de la remorque aérodynamique réduit la consommation de carburant
• Les matériaux légers réduisent le poids global du véhicule
• La géométrie avancée de la bande-annonce améliore la résistance au vent

Offres de produits personnalisables pour divers besoins de l'industrie

Segment de l'industrie	Taux de personnalisation	Valeur de commande moyenne
Logistique	62%	$487,000
Nourriture & Boisson	54%	$392,500
Automobile	41%	$276,300

Intégration technologique avancée dans l'équipement de transport

WNC a investi 78,3 millions de dollars dans la recherche et le développement en 2023, en se concentrant sur les progrès technologiques dans les équipements de transport.

• Systèmes de suivi de la bande-annonce compatibles IoT
• Surveillance de la température en temps réel
• Intégration de télématique avancée

Solutions d'infrastructure de transport rentables et fiables

WNC a maintenu un Taux de livraison de 98,6% avec une durée de vie du produit moyen de 12 à 15 ans pour son équipement de transport.

Métrique coût	Valeur
Coût de maintenance de remorque moyen	3 200 $ par an
Coût total de réduction de la propriété	14.5%
Couverture de garantie	5 ans / 500 000 miles

Wabash National Corporation (WNC) - Modèle d'entreprise: relations clients

Engagement de l'équipe de vente directe

Wabash National Corporation maintient une équipe de vente dédiée avec 47 représentants des ventes directes à partir de 2023. L'équipe de vente se concentre sur les segments commerciaux de remorques et d'équipements de transport.

Métrique de l'équipe de vente	2023 données
Représentants totaux des ventes directes	47
Durée moyenne du cycle des ventes	6-8 mois
Coût d'acquisition des clients	24 500 $ par client

Contrats à long terme et accords de service

Wabash National Corporation a établi Contrats stratégiques à long terme avec 68 grandes entreprises de transport et de logistique.

• Durée du contrat moyen: 3-5 ans
• Gamme de valeur du contrat: 5 millions de dollars à 25 millions de dollars
• Taux de renouvellement: 82% en 2023

Assistance technique et services de marché secondaire

La société exploite 12 centres de soutien technique dédiés à travers l'Amérique du Nord, desservant des clients de remorques commerciaux.

Métrique de support technique	2023 données
Centres de soutien	12
Temps de réponse moyen	4,2 heures
Revenus de services annuels du marché secondaire	87,3 millions de dollars

Portails de clients en ligne et canaux de communication numériques

Wabash National a investi 2,4 millions de dollars dans les plateformes numériques d'engagement client en 2023.

• Utilisateurs de plate-forme numérique: 1 245 clients d'entreprise
• Taux de téléchargement des applications mobiles: 3 200 utilisateurs
• Taux d'achèvement de la demande de service en ligne: 94%

Développement de produits collaboratifs avec les clients clés

L'entreprise collabore avec 22 partenaires stratégiques pour l'innovation et la personnalisation des produits.

Métrique de développement collaboratif	2023 données
Partenaires de développement stratégique	22
Développements de nouveaux produits	7 innovations majeures
Investissement en R&D dans des projets collaboratifs	15,6 millions de dollars

Wabash National Corporation (WNC) - Modèle d'entreprise: canaux

Force de vente directe

Wabash National Corporation maintient une équipe de vente directe dédiée de 87 professionnels de la vente à partir de 2023, en se concentrant sur les marchés commerciaux de remorques et d'équipements de transport.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	87
Couverture géographique	Marchés nord-américains
Ventes moyennes par représentant	3,2 millions de dollars par an

Plateformes de vente en ligne

WNC utilise plusieurs canaux de vente numériques avec des capacités de commerce électronique intégrées.

• Site Web de l'entreprise primaire: www.wabashnational.com
• Plateforme de configuratrice de produits numériques
• Système de commande de concessionnaires en ligne

Salons et expositions commerciales de l'industrie

WNC participe à 12 grands salons d'équipement de transport chaque année, avec un investissement moyen de 425 000 $.

Catégorie de salon	Participation annuelle
Spectacles de véhicules commerciaux	7
Expositions d'équipement logistique	3
Conférences de technologie de fabrication	2

Réseaux de concessionnaires autorisés

WNC maintient un réseau complet de concessionnaires à travers l'Amérique du Nord.

Métrique du réseau de concessionnaire	2023 statistiques
Total des concessionnaires autorisés	214
Couverture du concessionnaire	48 États américains et 3 provinces canadiennes
Volume moyen des ventes du concessionnaire	5,7 millions de dollars par an

Canaux de marketing numérique et de commerce électronique

WNC met en œuvre des stratégies de marketing numérique sophistiquées sur plusieurs plateformes.

• LinkedIn Marketing Reach: 42 000 abonnés
• Engagement Twitter: 18 500 abonnés
• Budget annuel de publicité numérique: 1,2 million de dollars

Wabash National Corporation (WNC) - Modèle d'entreprise: segments de clientèle

Sociétés de camionnage commercial

Wabash National dessert de grandes sociétés de camionnage commerciales avec des solutions spécialisées de fabrication de remorques et de logistique.

Top clients de camionnage commercial	Commandes de remorques annuelles
Transport rapide	2 500 remorques
Werner Enterprises	1 800 remorques
Transport Knight-Swift	3 200 remorques

Entreprises de logistique et de transport

WNC fournit des solutions de remorques complètes pour les sociétés de logistique.

• Freight UPS: 1 500 unités de remorque par an
• FedEx Freight: 1 250 unités de remorque par an
• XPO Logistique: 1 100 unités de remorque par an

Transporteurs d'équipement agricole

Trailles spécialisées pour le segment du marché des transports agricoles.

Clients du segment agricole	Part de marché
Logistique John Deere	35%
Cas IH Transport	25%
AGCO Corporation	20%

Constructeurs automobiles

WNC fournit des équipements de transport automobile spécialisés.

• General Motors: 2 000 unités de remorque par an
• Ford Motor Company: 1 750 unités de remorque par an
• Stellantis: 1 500 unités de remorque par an

Fournisseurs de transport intermodal

Solutions complètes de remorques intermodales pour les réseaux de transport.

Fournisseurs intermodaux	Procurement annuel de la remorque
J.B. Hunt Transport Services	3 500 unités
Groupe de hub	2 750 unités
Logistique BNSF	2 250 unités

Wabash National Corporation (WNC) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Pour l'exercice 2023, Wabash National Corporation a déclaré des coûts d'approvisionnement en matières premières de 652,3 millions de dollars.

Catégorie de matériel	Coût annuel ($ m)	Pourcentage de l'approvisionnement total
Composants en acier	287.4	44.1%
Aluminium	156.5	24.0%
Matériaux composites	104.2	16.0%
Autres matières premières	104.2	16.0%

Frais de fabrication et de production

Les coûts de fabrication pour 2023 ont totalisé 438,6 millions de dollars.

• Coûts de main-d'œuvre directs: 187,3 millions de dollars
• Amortissement de l'équipement de fabrication: 92,5 millions de dollars
• Frais généraux d'usine: 158,8 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D en 2023 étaient de 54,7 millions de dollars, ce qui représente 2,8% des revenus totaux.

Zone de focus R&D	Investissement ($ m)
Innovation technologique de la bande-annonce	24.6
Processus de fabrication avancés	18.2
Recherche en science du matériel	11.9

Dépenses de vente et de marketing

Les frais de vente et de marketing pour 2023 s'élevaient à 76,5 millions de dollars.

• Compensation de l'équipe de vente: 32,4 millions de dollars
• Campagnes marketing: 22,1 millions de dollars
• Salon du commerce et participation des événements: 12,0 millions de dollars
• Marketing numérique: 10,0 millions de dollars

Entretien opérationnel des frais généraux et des installations

Les frais généraux opérationnels totaux pour 2023 étaient de 89,2 millions de dollars.

Catégorie aérienne	Coût annuel ($ m)
Frais administratifs	42.6
Entretien d'installation	28.3
Services publics	18.3

Wabash National Corporation (WNC) - Modèle d'entreprise: Strots de revenus

Ventes d'équipements de remorque et de transport

Pour l'exercice 2023, Wabash National Corporation a déclaré des ventes nettes totales de 2,47 milliards de dollars. Le segment de fabrication de remorques a contribué de manière significative à ces revenus.

Catégorie de produits	Revenus (2023)	Pourcentage des ventes totales
Rands à camion sec	1,12 milliard de dollars	45.3%
Remorques réfrigérées	620 millions de dollars	25.1%
Équipement de transport spécialisé	410 millions de dollars	16.6%

Pièces de rechange et revenus de service

Les services de rechange ont généré 237 millions de dollars de revenus pour 2023.

• Services de remplacement de pièces
• Entretien de la remorque
• Programmes de réparation et de rénovation

Solutions de location et de financement

Le segment de location de Wabash National a généré 189 millions de dollars en 2023.

Catégorie de location	Revenu
Location de remorque	142 millions de dollars
Financement de l'équipement	47 millions de dollars

Services de personnalisation et d'ingénierie

Les services d'ingénierie et de personnalisation spécialisés ont contribué 93 millions de dollars au total des revenus en 2023.

Contrats et partenariats d'équipement à long terme

Des contrats stratégiques à long terme avec les grandes sociétés de transport ont généré 215 millions de dollars en 2023.

Type de partenaire	Valeur du contrat
Entreprise de camionnage	165 millions de dollars
Fournisseurs de logistique	50 millions de dollars

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.