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The part is an under car brace/air guide, that little bend in the middle doesn't matter really. Maybe you should cut down on the off-roading in the future.
That underbody brace is designed to aid in longitudinal chassis stiffness. You will notice it when cornering at the limit. It's bent so badly that I doubt straightening and welding will really restore it to any extent.
Glad somebody asked about this. The brace on mines isn't cracked like that, but the middle part of the "W" is rolled back about an inch from the girlfriend's driveway.
Is that brace something that isn't too big of a deal unless we track our cars?
^^^ It is usually the lowest part of the car (unless someone has certain aftermarket exhausts installed) so if there was an aftermarket option it would probably be thicker/different material so it would be even more prone to scraping than it already is.