Cavco Industries, Inc. (NASDAQ: CVCO)

Cavco Industries, Inc. designs and produces factory-built homes including manufactured homes, park model RVs, vacation cabins and factory-built commercial structures. The company distributes its products through a network of independent and Company-owned retailers, planned community operators and residential developers. It operates manufacturing facilities across the United States and in Mexico using an assembly-line process to accommodate customer customizations. Cavco Industries, Inc. is headquartered in Phoenix, Arizona and is one of the largest producers of manufactured homes in the United States based on reported wholesale shipments.

Cavco Industries, Inc. generates revenue primarily from the sale of factory-built homes through wholesale shipments to independent and Company-owned retailers, planned community operators and residential developers. The company also earns revenue from its financial services subsidiary, CountryPlace Acceptance Corp., which originates and services conforming and non-conforming mortgages and home-only loans for purchasers of factory-built homes. Additionally, its insurance subsidiary, Standard Casualty Company, provides property and casualty insurance primarily to owners of manufactured homes.

The company operates through the following segments: factory-built housing and financial services.

• The factory-built housing segment includes the design and production of manufactured homes, park model RVs, vacation cabins and factory-built commercial structures. These products are constructed in accordance with HUD code or other applicable standards and distributed through independent and Company-owned retail channels. The segment operates 31 homebuilding production lines across 29 facilities in the United States and two in Mexico.

• The financial services segment comprises CountryPlace Acceptance Corp. and Standard Casualty Company. CountryPlace originates and services conforming and non-conforming mortgages and home-only loans, is an approved seller/servicer for Fannie Mae and Freddie Mac, and issues Ginnie Mae mortgage-backed securities. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes, with a focus on Texas, Arizona, New Mexico and Nevada markets.

Cavco Industries, Inc. is one of the largest producers of manufactured homes in the United States based on reported wholesale shipments. It competes with more than 30 other manufacturers including Clayton Homes, Inc. and Champion Corporation. The company maintains a competitive advantage through its decentralized operations, in-house engineering capabilities, ability to offer customizable designs and a full product range from entry-level to large custom homes. Its financial and insurance subsidiaries provide integrated financing and insurance solutions that enhance customer accessibility and loyalty.

Cavco Industries, Inc. serves independent and Company-owned retailers, planned community operators and residential developers. Its financial services are available to purchasers of factory-built homes through various brands and distribution channels. The insurance products are primarily offered to owners of manufactured homes in the states where Standard Casualty is licensed.