The WM and WN series are the third and final generation of the Holden Caprice/Statesman, a range of full-size luxury cars produced by the Australian manufacturer Holden from August 2006 to October 2017, sold primarily in Australia and New Zealand. They were also exported in various guises to the United States, the Middle East, China and South Korea. The range debuted alongside the smaller Holden VE Commodore, which the Caprice shares its Zeta platform with, on 16 July 2006 at the Melbourne Convention and Exhibition Centre.

The WM Caprice and Statesman were an A$190 million investment, in combination with the $1.03 billion VE Commodore programme. The car's main target market was to senior Federal and State politicians, government officials, businesspeople and private buyers in Australia and overseas. In August 2010 the WM Series II was released, and the 'Statesman' variant was discontinued, leaving only the Caprice. The range was updated further to the WN in 2013, followed by the WN Series II in 2015. Holden discontinued production of the Caprice, retired the range and exited the large luxury sedan segment as of October 2017.

Starting in 2006, Holden offered the WM series in two trim levels:

Both trims featured common leather-wrapped steering wheels, 8-way power adjusting drivers seats, reversing sensors, built-in fog lights and LED taillights, as well as a Holden-developed MP3/CD/radio infotainment system with a 6.5-inch colour screen, 3.5 mm auxiliary audio input and Bluetooth connectivity for phone calls. Options across the range included a GPS navigation add-on for the infotainment system, sunroof, full-size spare wheel and a limited slip differential. The available V6 and V8 engines were optional for both trims. Automatic transmission is standard for all WM models, with no manual option available in any configuration.

The WM received upgraded engines in 2009. The Statesman's LY7 V6 was replaced with the new direct-injected LLT V6, while the Caprice received the L77 V8 with GM's Active Fuel Management cylinder deactivation technology. New badges were added to the cars advertising these technologies. The V6 variants also received the same 6L80 6-speed transmission as the V8, replacing the older 5-speed unit.

The front windscreen and the front doors are the only parts of the Caprice that are visually the same as the related VE Holden Commodore. Unlike previous Caprice models, the rear doors were not taken from the Commodore wagon; the WM has its own elongated rear door designs that enable easier entry and egress.

Compared to the previous generation, more sporting trim highlights are used in the cabin and the centre dash incorporates real aluminium. The already considerable rear leg-room has been increased over previous models. Holden's tri-zone climate control system was carried over from the WL Caprice, allowing regulation of the car's temperature at three separate places inside the cabin. Themes for the specialist interior design team were comfort, sophistication, harmony, luxury and attention to detail. The extroverted instrument pad features a wide binnacle, unique chrome-ringed instrument cluster and integrated centre stack with a high resolution colour screen, zoned audio and climate controls and satin chrome detailing.

The WM was updated to a Series II designation in mid-2010. The 'Statesman' nameplate and trim was discontinued, including its unique wheels, front and rear styling and woodgrain interior trim. To replace it, the remaining Caprice was split into two trim levels - a decontented base Caprice intended to replace the Statesman in both price and equipment, and a new flagship Caprice 'V' series. The Caprice V gained its own alloy wheel design, standard sunroof and rear seat entertainment system over the base Caprice, making it roughly equivalent to the original WM Series 1 Caprice in equipment. Drivetrain options were also standardised; the Caprice came standard with the 3.6L V6 with an optional LPG variant, while the 6.0L V8 became the sole engine choice on the Caprice V.