EDITOR’S NOTE: The RV Industry Association has been updating its members on various regulations enacted by the California Air Resources Board (CARB) at this link. On Monday (Feb. 120), RVIA issued the following update regarding CARB’s Advanced Clean Truck (ACT) rule.
The latest: The California Air Resources Board’sAdvanced Clean Truck rule has been adopted by 10 other states across the country. Rules in Massachusetts, New Jersey, New York, Oregon, and Washington will take effect with the 2025 model year. Meanwhile, rules in Vermont will take effect with the 2026 model year, and those in Colorado, Maryland, New Mexico, and Rhode Island will begin the 2027 model year.
So far, legislation has been introduced in three of the five 2025 states – Massachusetts, New Jersey and Oregon – to delay the implementation of the Advanced Clean Truck rule until at least Jan. 1, 2027. The bill in New Jersey had a hearing in early December before the Assembly Transportation Committee, which unanimously reported out the bill to the full Assembly. State legislators in New York, particularly in the State Senate, are also looking to introduce similar legislation.
The next steps: RVIA staff have contacted the state trucking associations in Massachusetts, New Jersey, New York, Oregon and Washington— the five states with a 2025 model year. The RVIA is willing to participate in coalitions with these states to advocate for an RV exemption or delay in implementation.
RVIA Statement:
Because there are no certified zero emissions chassis rated for motorhomes, the California Air Resources Board’s (CARB) ACT regulation could impact the availability of motorhomes in California beginning January 1. Motorhomes can still be sold either through utilizing the credit market or generating a carry forward deficit that will have to be offset by the chassis manufacturer credits within three years.
The RV Industry Association is in active discussions with CARB, along with our manufacturers and dealer partners, to identify and implement practical solutions that will ensure consumers and RVers can purchase and enjoy all types of RVs in California. We remain committed to working toward a sustainable path forward that supports both CARB’s goals and the RV and active outdoor lifestyle. We are also exploring all options to ensure all Americans will continue to be able to purchase new motorhomes.
WASHINGTON — The odds of further interest rate cuts this year by the Federal Reserve dwindled last week as unemployment fell and more officials say they want to see how new policies from the White House affect the economy, according to an Associated Press report.
While Fed officials penciled in two rate cuts this year at their December meeting, economists and Wall Street investors are increasingly skeptical, with some predicting no reductions at all this year. On Friday, economists at Morgan Stanley said they now expect just one rate cut in 2025, and investors also expect just one — in July — according to pricing in futures markets.
Fewer cuts could translate into a longer period of elevated mortgage rates and high costs to borrow money for everything from autos to credit cards. Still, mortgage rates are closely tied to the yield on the 10-year Treasury note, which can move independently of the Fed’s actions.
The shifting expectations come as Chair Jerome Powell heads to Capitol Hill for two days of testimony this week, beginning Tuesday, before House and Senate committees that oversee the central bank and the financial industry. Fed chairs are required by law to appear before Congress twice a year.
PORTLAND, Ore. – The Dyrt, the only camping app with all of the public and private campgrounds, RV parks and free camping locations in the U.S., has found that of the 81.1 million Americans who went camping in 2024, four out of five (79.6%) either camped the same amount or more despite high inflation.
These statistics are from the newly released 2025 Camping Report Presented by Toyota Trucks, the most comprehensive look at the latest trends, topics and figures for the U.S. camping industry. The latest version of The Dyrt’s annual report is compiled from the results of surveys conducted with three groups — thousands of members of The Dyrt camper community, a representative sample of U.S. residents, and camping property managers across all 50 states.
“For years, I’ve been saying that camping is an inflation-proof activity,” The Dyrt founder Sarah Smith wrote in the report. “Last year, that was really put to the test. While some campers saved money by camping less, others increasingly turned to camping as a more affordable travel option. To see that 80% of campers either camped more or the same amount shows how resilient our industry and community really are!”
Campground rate hikes dropped last year as well. The percentage of campgrounds that increased their rates fell from 45.3% in 2023 to 38.9% in 2024. Among those who did increase rates last year, inflation was the No. 1 reason given, cited by 78.7% of property owners and managers surveyed.
“Inflation at the beginning of the camping season threatened to restrict our plans thanks to cost increases in two primary areas: fuel and food,” says The Dyrt camper Bob R. of Ohio. “We wanted to travel to the western U.S. but finding inexpensive campgrounds that fit our needs and wants (and camping budget) was going to be a challenge. So we decided to give serious boondocking a try to see if we could make it work with our rig and if we liked the no-reservations-required style of camping. We loved it!”
Others turned to camping simply to get more bang for their stretched buck.
“I realized at the start of 2024 that I hadn’t left my home state in over a decade, and decided it was time to do something about that,” says The Dyrt camper Kris A. of Colorado. “The biggest obstacle was how expensive travel can be, especially when you’re staying in hotels. Inflation has obviously made that problem even worse. By camping I was able to afford trips to Moab, the Black Hills and Ouray over the span of six months.”
In this episode of RVBusiness Capitol Talk, Chris Smith joins RVB’s Rick Kessler ands Sherm Goldenberg to talk about his new role as the Senior Director of Community & Events for the Harvest Hosts and its recently acquired Escapees RV Club.
The RVBusiness Capitol Talk video series is sponsored by Airxcel.
BURLINGTON, Ont. – The Canadian Recreational Vehicle Association (CRVA) marks its 50th anniversary in 2025, celebrating five decades of advocacy, innovation, and dedication to the Canadian RV industry, according to a release.
CRVA was formed in 1975 by a group of dedicated industry leaders who recognized the need for a unified voice to represent Canadian RV manufacturers and suppliers.
In its early years, the association focused on establishing quality standards, advocating for fair industry regulations, and fostering collaboration between manufacturers and dealers.
As the RV industry grew, so did CRVA’s role, expanding its efforts to include consumer education, government advocacy and strategic partnerships that would strengthen and promote the RV lifestyle across Canada.
In 1997, the CRVA and the RVDA of Canada established Go RVing Canada, a national marketing initiative created to promote the RV lifestyle and inspire more Canadians to explore the freedom of RV travel.
In 2013, CRVA, along with RVDA of Canada and several Provincial Campground Owners Associations across the country, worked to establish the Canadian Camping and RV Association (formerly Canadian Camping and RV Council) to help foster stronger collaboration between RV manufacturers, dealers, and campgrounds, further supporting the growth of Canada’s outdoor hospitality industry.
To help celebrate CRVA’s 50th anniversary in a truly meaningful way, General Coach Canada, a longtime CRVA member, generously donated a brand-new 2025 25’ Citation Reward Travel Trailer. This incredible gift will not only be used to mark CRVA’s 50th-year milestone but will also provide the association an opportunity to give back to the broader community.
CRVA’s Board of Directors came together in a decision to wrap the RV in a custom design and use it as a platform to support a cause close to their hearts — Care Camps Foundation, a charitable organization that provides children with cancer the opportunity to experience the healing power of the outdoors by funding specialized oncology camps across North America.
The RV will showcase a QR Code on its exterior sides that will direct potential donors to a landing page on Care Camp’s website, a portal for selling raffle tickets to win the RV and facilitate corporate sponsorships.
The Canadian Recreational Vehicle Association has assured the charity that 100% of the proceeds will go directly to Care Camps for the entire year-long fundraising period.
Gwynn Sullivan
“We are incredibly grateful for the generosity of General Coach Canada and the Canadian Recreational Vehicle Association,” said Gwynn Sullivan, Executive Director of Care Camps Foundation. “This initiative will make it possible for more kids to find joy, connection, and adventure at camp, giving them a chance to just be kids while receiving the care they need. We applaud CRVA for using their milestone celebration to give back in such a meaningful way.”
The wrapped RV will be unveiled at CRVA’s The Toronto Spring Camping and RV Show, February 27 – March 2, 2025, for the first time with tickets available for purchase.
Roger Faulkner
“General Coach Canada has been a proud member of CRVA for decades, and we couldn’t think of a better way to support the Association’s 50th anniversary than by donating this special travel trailer,” said Roger Faulkner, President of General Coach Canada and an RV/MH Hall of Fame Member. “CRVA has played a vital role in strengthening the Canadian RV industry, and we’re honored to be part of this incredible milestone and help raise funds for Care Camps, an organization that makes a real difference in the lives of children with cancer.”
After the Toronto RV Show, the RV will embark on a cross-country journey, beginning with the Moncton RV Show scheduled for March 13th-16th, before appearing at festivals and events in the year, that will serve to celebrate CRVA’s rich history, the joy of the RV Lifestyle and the RV Giveaway.
In addition to the RV, CRVA has planned a variety of other special acknowledgments throughout 2025, including:
Special 50th Anniversary Logo – Honoring legacy and its commitment to the industry, CRVA has designed a special, commemorative new logo that will be utilized throughout the year.
Historical Retrospectives – Digitally recognizing key figures who have contributed to CRVA’s past success and memorization of key events that helped form the history of the CRVA.
Advocacy and Awareness Campaigns – Reinforcing CRVA’s mission to support safety and the industry with all levels of Government and our RV Industry Partners
Shane Devenish, CRVA’s President commented that “CRVA’s 50th anniversary is a moment to celebrate not just the Association’s past achievements, but also to honor the many individuals and organizations that have contributed to our success in our 50 years”
Shane Devenish
“This milestone is a testament to everyone who has ever served on our Board, our dedicated members, and the industry stakeholders who have supported us along the way,” said Marty Bloemberg, CRVA’s Chairman. “We are truly grateful to General Coach Canada for their extraordinary generosity, and to everyone who has been part of CRVA’s journey. This year is about celebrating our past, embracing our future, and sharing the joy of RVing with Canadians coast to coast.”
As CRVA celebrates this milestone year, we invite everyone—industry partners, RV enthusiasts, and community supporters—to join us in making a difference. Whether by purchasing a raffle ticket, helping to spread the word, or exploring sponsorship opportunities for Care Camps, every contribution helps bring joy and healing to children with cancer.
For more information about CRVA’s 50th-anniversary celebrations, how to get involved, or to discuss sponsorship opportunities, please email our office at [email protected].
Those tariffs are on pause for at least a month. Both sides of the border are huge contributors to RV manufacturing in Michiana. Elkhart County produces nearly 80% of the global RV supply.
One of those manufacturers in Elkhart, Gulf Stream Coach, is the largest family owned RV business. They say if these tariffs are greenlit on March 1, the cost will fall on buyers and employees.
The President of Gulf Stream Coach, Phil Savari, says he has been making calls to partners in Canada because not only would a tariff impact demand for RVs, most of which are made in Elkhart, it would also leave Canada to reciprocate the tariff and raise the cost of supplies that are needed to build the RVs here at home.
“Probably, if the tariffs go through, not only the people in Canada but the people in the United States here are going to have to look at lowering prices and you know to balance the offset of costs, and margins won’t be as successful as we all would like,” said Savari.
WASHINGTON – U.S. President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday (Feb. 10) to a flat 25% “without exceptions or exemptions” in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war, according to a Reuters report.
Trump signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. A White House official confirmed the measures would take effect on March 4.
The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the U.S. duty free under the carve-outs.
The move will simplify tariffs on the metals “so that everyone can understand exactly what it means,” Trump told reporters. “It’s 25% without exceptions or exemptions. That’s all countries, no matter where it comes from, all countries.”
ELKHART, Ind. – LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported fourth quarter and full year 2024 results.
Jason Lippert
“Lippert demonstrated continued market leadership and resilience in 2024, leveraging cost savings and operational improvements to increase EBITDA by $89 million over 2023,” stated commented Jason Lippert, LCI Industries’ President and Chief Executive Officer. “This performance came despite a challenging RV and marine industry backdrop, as meaningful investments toward innovations like our Touring Coil Suspension, anti-lock braking systems, our Chill Cube revolutionary RV air conditioning system, and our new RV window series fueled content expansion and further market share gains. Our diversified end markets — particularly our Aftermarket segment — helped us navigate volatility by expanding growth opportunities and bolstering profitability. Our Aftermarket business also continues to benefit from a growing presence within Camping World stores, as we achieved revenue growth of $12 million within the 14 newly upfitted locations against an environment that was declining only a year ago.
“As we enter 2025, we are focused on continuing to expand profitability and remain committed to achieving further cost savings in addition to the significant strides made in 2024,” Lippert continued. “We’re also seeing modest improvement in the RV market, with consolidated January sales up 6% year-over-year along with growing optimism from customers.
“Overall, not only is Lippert well positioned to capitalize on an industry recovery due to our operational flexibility and agility, but we have the playbook required to further expand business in our other end markets, including aftermarket, building products, transportation, and utility trailers. We believe these factors, along with our experienced leadership team and numerous competitive advantages, will enable us to achieve our target of $5 billion in net sales organically by 2027 as well as a return to double digit operating margins,” Lippert said.
Ryan Smith
“Thanks to the dedication of our experienced leadership team and team members, along with our focus on safety, quality, and customer service, we strengthened our leadership position within the recreation space in 2024. As we enter 2025, we remain committed to creating value for all stakeholders through disciplined execution and strategic growth initiatives,” commented Ryan Smith, LCI Industries’ Group President-North America.
Fourth Quarter 2024 Results
Consolidated net sales for the fourth quarter of 2024 were $803.1 million, a decrease of 4% from 2023 fourth quarter net sales of $837.5 million. Net income in the fourth quarter of 2024 was $9.5 million, or $0.37 per diluted share, compared to a net loss of $2.4 million, or $(0.09) per diluted share, in the fourth quarter of 2023. EBITDA in the fourth quarter of 2024 was $45.8 million, compared to EBITDA of $35.6 million in the fourth quarter of 2023. Additional information regarding EBITDA, as well as reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income (loss), is provided in the “Supplementary Information – Reconciliation of Non-GAAP Measures” section below.
The decrease in year-over-year net sales for the fourth quarter of 2024 was primarily driven by lower sales to North American marine and utility trailer OEMs, declines in wholesale shipments of motorhome RV units and an increased shift in unit mix towards lower content single axle travel trailers, partially offset by increased North American RV wholesale shipments of travel trailers and fifth-wheels and market share gains in the automotive aftermarket.
Full Year 2024 Results
Consolidated net sales for the full year 2024 were $3.7 billion, a decrease of 1% from full year 2023 net sales of $3.8 billion. Net income for the full year 2024 was $142.9 million, or $5.60 per diluted share, compared to net income of $64.2 million, or $2.52 per diluted share, for the full year 2023. EBITDA for the year ended December 31, 2024 was $343.9 million, compared to EBITDA of $255.2 million for the year ended December 31, 2023. Additional information regarding EBITDA, as well as reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income (loss), is provided in the “Supplementary Information – Reconciliation of Non-GAAP Measures” section below.
The decrease in year-over-year net sales was primarily driven by decreased industry production levels in the North American marine, utility trailer, and European RV markets and an increased shift in RV unit mix towards lower content single axle travel trailers, partially offset by a 7% increase in total North American RV wholesale shipments and sales from acquisitions. Net sales from acquisitions completed in 2023 and 2024 contributed approximately $21.4 million in 2024.
January 2025 Results
January 2025 consolidated net sales were approximately $328 million, up 6% from January 2024, primarily due to increases in RV OEM sales of 17% and aftermarket sales of 6%, partially offset by softness in international and other adjacent markets.
OEM Segment – Fourth Quarter Performance
OEM net sales for the fourth quarter of 2024 were $621.6 million, a decrease of $36.5 million compared to the same period of 2023. RV OEM net sales for the fourth quarter of 2024 were $376.1 million, down 3% compared to the same prior year period, primarily driven by a 21% decrease in motorhome wholesale shipments and a shift in RV unit mix towards lower content single axle travel trailers, partially offset by a 7% increase in North American travel trailer and fifth-wheel wholesale shipments and market share gains. Adjacent Industries OEM net sales for the fourth quarter of 2024 were $245.5 million, down 9% year-over-year, primarily due to lower sales to North American marine and utility trailers OEMs. This decline was driven by current dealer inventory levels, inflation, and elevated interest rates impacting retail consumers. North American marine OEM net sales in the fourth quarter of 2024 were $55.1 million, down 15% year-over-year.
Operating profit of the OEM Segment was $1.9 million in the fourth quarter of 2024, or 0.3% of net sales, compared to an operating loss of $11.7 million, or (1.8)% of net sales, in the same period in 2023. The operating profit expansion of the OEM Segment for the quarter was primarily driven by operational improvements, partially offset by the impact of fixed costs spread over decreased sales.
Aftermarket Segment – Fourth Quarter Performance
Aftermarket net sales for the fourth quarter of 2024 were $181.6 million, an increase of 1% compared to the same period of 2023. Resiliency in the Aftermarket Segment was primarily driven by market share gains in the automotive aftermarket, partially offset by lower volumes within the marine aftermarket. Operating profit of the Aftermarket Segment was $14.3 million in the fourth quarter of 2024, or 7.9% of net sales, in line with the same period of 2023. The operating profit margin of the Aftermarket Segment for the quarter was impacted by increased labor costs due to product mix and increased facility costs resulting from investments to expand capacity within the automotive aftermarket, partially offset by decreased material costs.
“Our automotive aftermarket business has consistently outperformed, achieving a 7% increase in sales in the full year 2024 that has helped offset softness in the RV and marine aftermarkets,” commented Jamie Schnur, LCI Industries’ Group President – Aftermarket. “This growth was further fueled by Lippert’s increasing content on RVs, which drives demand for our replacement and repair parts. By continuing to differentiate ourselves through high-quality product offerings and exceptional service, we are building further trust with both dealers and consumers. Moving forward, we remain focused on expanding our presence in premium markets to support Lippert’s long-term, profitable growth.”
Income Taxes
The Company’s effective tax rate was 24.5% and 13.5% for the year and quarter ended December 31, 2024, respectively, compared to 22.7% and 65.2% for the year and quarter ended December 31, 2023, respectively. The increase in the effective tax rate for the full year 2024 compared to 2023 was primarily due to an increase in the state tax rate. Due to certain operating losses in the fourth quarter of 2023, discrete adjustments related to an increase in life insurance contract assets had a proportionately larger impact on the tax rate in that period.
Balance Sheet and Other Items
At December 31, 2024, the Company’s cash and cash equivalents balance was $165.8 million, compared to $66.2 million at December 31, 2023. The Company used $109.5 million for dividend payments to shareholders, $89.2 million for the repayment of debt (net of borrowings), $42.3 million for capital expenditures, and $20.0 million for an acquisition in the twelve months ended December 31, 2024.
The Company’s outstanding long-term indebtedness, including current maturities, was $757.3 million at December 31, 2024, and the Company was in compliance with its debt covenants. As of December 31, 2024, the Company had $452.5 million of borrowing availability under the revolving credit facility.
Conference Call & Webcast
LCI Industries will host a conference call to discuss its fourth quarter results at 8:30 a.m. Eastern time, Tuesday, Feb. 11, which may be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required conference ID 823178. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the Company’s website, www.investors.lci1.com.
A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for participants outside the U.S. and referencing access code 151640. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.
About LCI Industries
LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.
EDITOR’S NOTE: The following is the latest list of RV and RV-related recalls compiled by the National Highway Traffic Safety Administration (NHTSA). Per strict NHTSA protocols, manufacturers will next notify its dealer partners of the recall notice. Each notice will include details of the affected vehicles as well as the appropriate remedy.
Brinkley RV is recalling 1,723 2024-2025 Model G fifth wheel trailers. The solar charge controller may fail and overheat. Dealers will replace the controller, free of charge. Owner notification letters were expected to be mailed Feb. 5, 2025. Owners may contact Brinkley customer service at 1-574-501-4280. Brinkley’s number for this recall is REC-2501.
Jayco Inc. is recalling 412 2025 Jayco Jay Feather Micro trailers equipped with InVision Three Burner Cooktops. The aluminum burner tube may crack and cause a gas leak. Owners are advised not to use the cooktop until the remedy is completed. Dealers will replace the center burner tube, free of charge. Owner notification letters are expected to be mailed Feb. 28. Owners may contact Jayco customer service at 1-800-283-8267. Jayco’s number for this recall is 9901617.
Roadtrek Inc. is recalling 31 2023-2025 Westfalia Wave Pop Top vans. The Occupant and Cargo Carrying Capacity (OCCC) and Gross Vehicle Weight Rating (GVWR) labels list the incorrect weight. Dealers will replace the labels, free of charge. Owner notification letters are expected to be mailed Feb. 21. Owners may contact Roadtrek customer service at 1-888-762-3873. Roadtrek’s number for this recall is 2025-01.
Highland Ridge RV is recalling 89 2025 Highland Ridge Open Range 3X fifth-wheel travel trailers. The tire size listed on the vehicle certification label is incorrect. As such, these vehicles fail to comply with the requirements of 49 CFR Part 567, “Certification.” Dealers will install new labels, free of charge. Owner notification letters are expected to be mailed Feb. 28. Owners may contact Highland Ridge customer service at 1-800-283-8267. Highland Ridge’s number for this recall is 9904618.
LAMAR, Colo. – SCA, a global leader in campervan pop-top roofs, has renewed its partnership with RRE-Global LLC, reinforcing its presence in the North American market. This collaboration ensures camper van builders continue to have access to premium SCA products with dedicated support through RRE-Global, according to a press release
Based in Henderson, Nevada, RRE-Global specializes in overland vehicle components and van conversion parts, including SCA’s pop-top roofs. As SCA’s North American representative, RRE-Global remains committed to delivering innovative solutions for the camper van industry.
SCA is also introducing upgrades such as electric-opening pop-top roofs, the HEKI sky-window for better light and ventilation, and integrated LED lighting for enhanced ambiance.
“Renewing our agreement with RRE-Global highlights our commitment to working with a trusted partner who provides exceptional support to van builders,” said Pierce Fitz-Patrick, Sales Director at SCA.
RRE-Global shares this enthusiasm. “We are thrilled to continue our partnership with SCA,” said Andreas Bruckner at RRE-Global. “This agreement allows us to continue offering SCA products to North America, ensuring our van builders receive the premium van equipment and support RRE is known for.”
