I believe so. He (Gar Wood) also invented the hydraulic ram dump truck. That made him a millionaire and he was able to use some of his "walkin around money" to compete in speed boat racing. He was also partly responsible for the development of the Packard V12 engines used in US PT boats, although his design for PT boats was turned down by the US government in 1936. Ironically, the 3 companies that built PT boats all used a variant Wood's planing hull design.
His company, Garwood Industries, continued to build truck and (I think) bus bodies. He was a pretty interesting guy.