It's the piece that carries the hub for the wheel and attaches to the upper and lower control arms. Basically it just moves the positioning of the hub and effectively lowers your car. When you drop the car with a lowering spring it messes up your geometry and alters the travel of your suspension so this is a really proper piece. I'd imagine it's also lighter, reducing unsprung weight, and stronger as well giving a really nice feeling of control over the front end of the car. Adjustability of camber, caster and all that good stuff is also a really nice feature.
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