Wabash Partners with FreightVana to Support the 3PL’s Power-Only Offering with Trailers as a Service Platform
Wabash (NYSE: WNC) has partnered with FreightVana to support its FreightVana X power-only offering, which aims to enhance supply chain efficiency. This partnership focuses on optimizing trailer pools to benefit smaller trucking companies and large shippers. Wabash will provide trailers and services through its Trailers as a Service (TaaS) platform, promoting recurring revenue growth.
FreightVana X anticipates deploying over 1,000 trailers by the end of 2022 and scaling to 3,000 by the end of 2023, addressing driver shortages and improving operational fluidity within the logistics sector.
- Partnership with FreightVana enhances supply chain efficiency.
- Trailers as a Service (TaaS) platform potentially increases recurring revenue.
- FreightVana X plans to deploy over 3,000 trailers by the end of 2023.
- None.
LAFAYETTE, Ind., July 21, 2022 (GLOBE NEWSWIRE) -- 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.
Wabash: Changing How the World Reaches You
Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at
www.onewabash.com.
About FreightVana
FreightVana is a Digital Logistics Partner powered by technology and built on a foundation of trust and transparency. Founded in 2021 by a team of seasoned logistics and transportation professionals, FreightVana has quickly become a key partner to many Fortune 500 Shippers and is one of the nation’s fastest growing logistics providers. With an unrivaled commitment to delivering margin and sourcing transparency through their proprietary platform, T3, and deploying the first collaborative power only fleet, FreightVana x, they are setting a new standard in the way freight gets moved nationwide.
Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
dana.stelsel@onewabash.com
Investor Relations:
Ryan Reed
Sr. Director, Corporate Development & Investor Relations
(765) 490-5664
ryan.reed@onewabash.com
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