A packaging system for protecting a wheel hub containing inboard and outboard bearings separated by a spacer. The packaging system comprises a shipping retainer having inboard and outboard elements that are reversibly locked together within the axial bore of the wheel hub to seal the ends of the axial bore and maintain the alignment of the bearings and spacer. The packaging system further includes a stackable shipping tray having first and second sides, the first side adapted to receive the inboard end of a wheel hub with the shipping retainer installed and the second side adapted to receive the outboard end of a wheel hub. The shipping tray cooperates with the shipping retainer to facilitate assembly and disassembly of the shipping retainer.