Wabash Partners with FreightVana to Support the 3PL’s Power-Only Offering with Trailers as a Service Platform
LAFAYETTE, Ind. — July 21, 2022 — Wabash (NYSE: WNC), the visionary leader of connected solutions for the transportation, logistics and distribution industries, today announced its partnership with FreightVana, to support the 3PL’s fast-growing power-only offering: FreightVana X.
FreightVana X, a nationwide gray-pool trailer offering, is a key component of FreightVana’s varied transportation and technology products. FreightVana’s trailer pools are constructed to remove inefficiencies from the supply chain, delivering optimized movements and profit enhancement for its partner carriers, while introducing diversity, service consistency, and budget savings for its shippers across any freight cycle.
“We’re excited to see the growth in power-only models that use trailers in new and interesting ways to solve for persistent driver shortages, detention times at shippers’ docks, and an overall lack of network fluidity,” said Brent Yeagy, Wabash president and chief executive officer. “The transportation and logistics markets are changing, and Wabash intends to remain at the forefront of this change as a thought leader and technology partner. We’ve built a strong collaborative relationship with the team at FreightVana over the last year, and we believe, together, we can solve some of the transportation industry’s most meaningful challenges.”
FreightVana’s strategic trailer pools enable small trucking companies nationwide, who would otherwise be incapable of supporting many large shipper’s trailer requirements, an opportunity to build networks of consistent freight, typically dominated by only the largest for-hire carriers in the country. Trailer access allows these carriers to minimize costly dwell time at shipping locations and save on capital investment, earning more on each route, while charging less. Shippers, in turn, are able to put in place sizable, uniform trailer pools at their desired locations, unlocking the long-tail of carrier capacity nationwide, hence introducing more competition and optionality into their overall supply chains.
Wabash is supporting FreightVana with trailer availability and services through the company’s Trailers as a Service (TaaS) platform. TaaS provides access to trailers with worry-free maintenance and repair provided by Wabash’s national dealer network. Supported by Wabash’s recently announced parts distribution network, this rapidly evolving ecosystem is a key element of Wabash’s Parts and Services growth strategy and provides a new stream of recurring revenue.
“Trailers are a strategic linchpin to unlocking the efficiencies and capacity that shippers and small carriers covet. While nearly all traditional non-asset participants select to save their capital for other purposes, we have planted our flag in support of asset investment, clearly seeing its merits long-term,” said Shannon Breen, FreightVana Co-CEO & Founder. “Through this unique partnership with Wabash, we are better able to merge our 3PL vision for radical alignment and transparency with the prowess of America’s leader in commercial transportation manufacturing.”
The FreightVana X fleet is on track to have over 1,000 trailers deployed by the end of 2022 with plans to grow to over 3,000 units by the end of 2023. The teams at Wabash and FreightVana are excited to offer this new and innovative approach for carriers and shippers in the months and years ahead.
As the innovation leader of connected solutions for the transportation, logistics and distribution industries, Wabash (NYSE: WNC) is Changing How the World Reaches You®. Headquartered in Lafayette, Indiana, the company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment.