How was the Progressive Party important in the Progressive Era?

While the
Progressive Era was very important, most of the progressive actions were taken by the Democratic
and Republican Parties.  The Progressive Party (better known as the Bull Moose Party) was not
very important.  In fact, its main importance comes from the fact that its existence allowed
Woodrow Wilson to win the presidential election of 1912.

In 1912, Theodore
Roosevelt lost in his attempt to supplant President Taft as the Republican nominee for
president.  When this happened, he and others created the Progressive Party.   The presence of
Roosevelt and the Progressive Party split the Republican vote in the election and allowed Wilson
to win with 42% of the popular vote.