Waterloo Central Railway 2003 was built in 1954 by the Canadian Car and Foundry for the Canadian National Railway as coach numbered 5506. It worked on the CNR until 1978 when the newly founded VIA Rail Canada purchased the coach and relettered it to VIA 5506.
It was used on VIA Rail Canada until 1994 when VIA sold the coach to the British Columbia Railway for use on their Royal Hudson trains. The coach was then renumbered from 5506 to 155060 and was named Exeter, which is the name of a station along the route of the Royal Hudson.
The coach was used on the Royal Hudson trains until 2003 when CANDO Rail Services purchased the coach for their new Credit Valley Explorer rail tours on the Orangeville Brampton Railway. To commemorate the move, the coach was renumbered to 2003 (The year CANDO Rail Services opened the Credit Valley Explorer tour trains).
In 2018, the Waterloo Central Railway purchased 2003 from the Credit Valley Explorer. Along with 2003, the WCR purchased coaches 1978 and 6006.