Originally Rearwin Aircraft & Engines of Kansas City, the company was renamed in 1942 after it was purchased by a new owner.

[1]: 199  During World War II, Commonwealth primarily made combat gliders under contract to the Waco Aircraft Company.

[1]: 195 As the United States mobilized for World War II, a Wall Street investor named Frank Cohen had acquired several arms manufacturers, so he bought the Rearwin family's stock in Rearwin Aircraft & Engines to diversify his holdings.

[3][1]: 198 The Commonwealth Aircraft Company went on to produce Waco CG-3A and CG-4A gliders under contract during the war.

The Skyranger design hadn't been significantly updated from its pre-war origins, and it was forced to compete with both newer designs and cheap war surplus aircraft while the expected post-war sales boom for aircraft didn't live up to expectations.