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Peterson packed a lot of function into one housing here — this red lamp handles stop, turn, tail, rear clearance, rear reflex, side marker, side reflex, and license plate lighting, which simplifies wiring on a trailer that needs all of it in one spot.
Gaskets on both the rear and side lenses help keep water out where it mounts, and it grounds through the mounting studs for a clean electrical connection.
A practical option for consolidating multiple rear lighting functions into a single trailer light replacement.