Month: February 2025

LINCOLNSHIRE, Ill. – Camping World Holdings, Inc. (NYSE: CWH), the “World’s Largest Recreational Vehicle Dealer,” reported results for the fourth quarter and full year ended Dec. 31, 2024.

Click here for the full report.

“Our combined new and used same store unit sales grew for the second quarter in a row, with increased revenue, increased gross profit and improved adjusted EBITDA, a testament to our unwavering focus on product development, affordability, and used inventory procurement. We see green shoots unfolding across the broader RV landscape, supporting our expectation for more stable industry trends throughout 2025,” Marcus Lemonis, chairman and chief executive officer of CWH stated in the report.

“We are very pleased with our momentum to start 2025. Our same store used unit trends increased high-teens percentages year-over-year in January, and same store new units increased low-singles, in line with our expectations. This early season performance gives us confidence in achieving the 2025 guideposts that we provided on our last call,” stated Matthew Wagner, president of CWH.

“The organization is positioned exceptionally well for organic and inorganic growth in 2025. Our focus rests solely on selling more RVs, cost discipline, and driving significantly improved profitability across our enterprise,” Lemonis concluded.

Fourth Quarter-over-Quarter Operating Highlights

Revenue was $1.2 billion for the fourth quarter, an increase of $95.1 million, or 8.6%.

New vehicle revenue was $497.5 million for the fourth quarter, an increase of $48.1 million, or 10.7%, and new vehicle unit sales were 11,575 units, an increase of 858 units, or 8.0%. Used vehicle revenue was $348.1 million for the fourth quarter, an increase of $26.5 million, or 8.2%, and used vehicle unit sales were 10,573 units, an increase of 1,081 units, or 11.4%. Combined new and used vehicle unit sales were 22,148, an increase of 1,939 units, or 9.6%.

Average selling price of new vehicles sold increased 2.5% and average selling price of used vehicles sold decreased 2.8%.

Same store new vehicle unit sales increased 4.5% for the fourth quarter and same store used vehicle unit sales increased 4.0%. Combined same store new and used vehicle unit sales increased 4.2%.

Products, services and other revenue was $181.4 million, an increase of $2.4 million, or 1.4%, driven largely by the increase in used vehicles sold leading to an increase in retail product attachment to vehicle sales as used vehicles experience higher retail product attachment than new vehicles, which was partially offset by the divestiture of our RV furniture business in May 2024.

New vehicle gross margin was 15.2%, a decrease of 372 basis points, driven primarily by a slightly higher mix of class B and C motorized units in 2024, lower manufacturer promotional incentives, and slightly higher cost of 2025 model year new vehicles, partially offset by the 2.5% higher average selling price. Used vehicle gross margin was 18.7%, an increase of 368 basis points, as a result of the discounting of higher-cost used vehicles in the fourth quarter of 2023, partially offset by the 2.8% lower average selling price.

Gross profit was $376.9 million, an increase of $33.5 million, or 9.7%, and total gross margin was 31.3%, an increase of 33 basis points. The gross profit increase was mainly driven by $17.1 million higher finance and insurance, net (“F&I”) gross profit largely from the 9.6% increase in combined new and used vehicle unit sales and new F&I offerings, $16.8 million higher used vehicle gross profit from the increase in used vehicle unit sales and gross margin as discussed above, and $11.1 million higher products, service and other gross profit as a byproduct of the higher used vehicle sales and higher gross margins from the divestiture of our RV furniture business in May 2024. These gross profit increases were partially offset by lower gross margins from new vehicles as discussed above.

Selling, general and administrative expenses (SG&A) were $367.8 million, an increase of $30.7 million, or 9.1%. This increase was primarily driven by $26.2 million of increased employee compensation costs excluding equity-based compensation and including commissions, due in part to an over $6.0 million increase in health insurance claim costs, and $6.3 million of additional advertising expenses. SG&A Excluding Stock-Based

Compensation(1) (SBC) was $362.4 million, an increase of $30.7 million, or 9.3%.

Floor plan interest expense was $17.1 million, a decrease of $4.7 million, or 21.6%, and other interest expense, net was $32.3 million, a decrease of $3.1 million, or 8.7%. These decreases were primarily as a result of lower interest rates, and, to a lesser extent, lower principal balances.

Net loss(2) was $(59.5) million for the fourth quarter of 2024, a decrease of $12.0 million, or 25.1%. Adjusted EBITDA(1) was $(2.5) million, an increase of $6.4 million, or 72.1%.

Diluted loss per share of Class A common stock(2)was $(0.56), a decrease of $0.10, or 21.7%. Adjusted loss per share – diluted(1) (2) of Class A common stock was $(0.47), a decrease of $0.03, or 6.8%.

The total number of our store locations was 206 as of December 31, 2024, a net increase of four store locations from December 31, 2023, or 2.0%.

Full Year-over-Year Operating Highlights

Revenue was $6.1 billion, a decrease of $126.5 million, or 2.0%.

New vehicle revenue was $2.8 billion, an increase of $249.4 million, or 9.7%, and new vehicle unit sales were 70,484 units, an increase of 11,753 units, or 20.0%. Used vehicle revenue was $1.6 billion, a decrease of $365.8 million, or 18.5%, and used vehicle unit sales were 51,032 units, a decrease of 5,791 units, or 10.2%. Combined new and used vehicle unit sales were 121,516, an increase of 5,962 units, or 5.2%.

Average selling price of new vehicles declined 8.6% driven primarily by the lower cost of 2024 model year travel trailers and discounting of pre-2024 model year new vehicles. Average selling price of used vehicles declined 9.2% due to discounting of used vehicles in response to declines in new vehicle prices.

Same store new vehicle unit sales increased 15.0% and same store used vehicle unit sales decreased 14.6%. Combined same store new and used vehicle unit sales were relatively flat at an increase of 0.3%.

Products, services and other revenue was $820.1 million, a decline of 49.9 million, or 5.7%, driven largely by a reduction in sales activity resulting from our Active Sports Restructuring, the divestiture of our RV furniture business in May 2024, and fewer used vehicles sold leading to a decline in retail product attachment to vehicle sales as used vehicles experience higher retail product attachment than new vehicles.

Gross profit was $1.8 billion, a decrease of $53.2 million, or 2.8%, and total gross margin was 29.9%, a decrease of 25 basis points. The gross profit decline was mainly driven by the lower average selling prices on new and used vehicles, which was partially offset by the lower average cost of new and used vehicles, and a nonrecurring $5.5 million in savings from finalizing contract negotiations to exit an arrangement with a service partner for Good Sam Services and Plans in 2023. These decreases were partially offset by improved gross margins for products, services and other driven largely by the divestiture of our RV furniture business in May 2024.

SG&A was $1.6 billion, an increase of $34.1 million, or 2.2%. This increase was primarily driven by $29.4 million of additional advertising expenses, and $7.3 million of additional employee compensation costs, consisting of a $9.3 million increase in employee cash compensation expenses, partially offset by a $2.0 million decrease in SBC expenses. SG&A Excluding SBC(1) was also $1.6 billion, an increase of $36.1 million, or 2.4%.

Floor plan interest expense was $95.1 million, an increase of $12.0 million, or 14.5%, and other interest expense, net was $140.4 million, an increase of $5.2 million, or 3.8%. These increases were primarily a result of higher principal balances and higher average interest rates.

Net loss(2) was $(78.9) million, a change of $131.8 million from net income of $52.9 million in 2023. Adjusted EBITDA(1) was $178.8 million, a decrease of $107.4 million, or 37.5%.

Diluted loss per share of Class A common stock was $(0.80), a change of $1.37 from $0.57 in diluted earnings per share of Class A common stock(2) in 2023. Adjusted loss per share – diluted(1)of Class A common stock was $(0.40), a change of $1.24 from $0.84 in adjusted earnings per share – diluted of Class A common stock(2)in 2023.

Click here for the full report.

Footnotes

(1) Adjusted (loss) earnings per share – diluted, Adjusted EBITDA, and SG&A Excluding SBC are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release

(2) Certain 2023 amounts, including income tax benefit and net (loss) income, reflect the correction of errors that were immaterial to previously-reported consolidated financial statements. For additional information, see below under “Revisions for Correction of Immaterial Errors”.

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Last week at the Discover Boating Miami International Boat Show Industry Breakfast, NMMA president and CEO, Frank Hugelmeyer, provided an update on the state of the recreational boating industry.

Hugelmeyer addressed current economic headwinds impacting the boating marketplace, NMMA’s multi-pronged policy approach and Discover Boating’s year-round marketing strategy.

“And we should never forget that the consumer appetite for boating remains strong. What we sell is special. Americans love time on the water, and our job is to help them get there through product innovation, water access and unforgettable and transformational experiences,” said Hugelmeyer as he closed out the update on February 13.

Click here to view the full video presentation.

Click here for the presentation slides.

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MIDDLEBURY, Ind. — Firefly Integrations hosts Firefly Multiplex Training & Troubleshooting sessions in Red Deer, Alberta, Canada, March 4-5; Charlotte, March 18; and Raleigh, March 20.

Classes run for six hours, providing technicians with deeper insights and more hands-on practice. Participants earn six hours toward RVTI Level 3 certification, advancing their professional qualifications.

Technicians will gain an in-depth understanding of communication protocols essential to modern RV systems; learn skills to test, diagnose, and resolve system issues effectively; as well as proven methods to tackle the most common issues faced by RV owners.

Go to www.fireflyint.com/services/training for a full list of locations, dates, and to secure your spot.

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On Thursday, Feb. 27, the RV Industry Association’s (RVIA) Director of State Government Affairs Michael Ochs will testify before the New Mexico Senate Committee on Tax, Business, and Transportation. Ochs will be advocating for the passage of Senate Bill 287, which would govern towable RV manufacturer-dealer agreements in the state, according to an RVIA News & Insights report.

Ochs will be testifying alongside Senator Linda Trujillo (D-NM), the sponsor of the bill, as well as Bob Scholl, Assistant General Manager of Rocky Mountain RV and Marine, an RV dealership located in Albuquerque, New Mexico. 

Similar to the RV-specific franchise legislation that was passed last year in Wisconsin, Washington, and Maryland, this bill creates a system that better reflects the relationship between RV manufacturers and dealers. Senate Bill 287 is based on the RV Industry Association-RV Dealers Association Model Manufacturer-Dealer Agreement Bill, which was approved by the two organizations in 2020.

Over the years, the RV industry has worked to establish exemptions from parts of the automobile franchise law because many provisions do not pertain to the RV industry or are handled differently by RV manufacturers and dealers than by the automobile industry. As an extension of these efforts, the RV Industry Association has advocated for an RV-specific franchise law to place the manufacturer-dealer relationship for RVs in a separate chapter of law, creating more clarity for RV business and consumers. 

This legislation is the product of negotiations last year between the RV Industry Association and the RV dealers in New Mexico, both of whom strongly support its approval. Passage of the legislation will strengthen the viability of the RV industry in New Mexico to the state’s benefit and that of consumers, manufacturers, and dealers.

Senate Bill 287 is designed to be fair, reciprocal and reasonable to all stakeholders – and in the RV industry, that includes not only the dealer and the manufacturer, but also suppliers to manufacturers who provide a written warranty on their products directly to those who purchase and enjoy RVs. These suppliers must also treat dealers fairly under SB 287 in warranty matters – a major difference from the automobile industry.

Read the full testimony.

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FAIRFAX, Va. – The Society of Certified RV Professionals, the RV Technical Institute (RVTI), and the Mike Molino RV Learning Center have designated March 2-8, 2025, as RV Fixed Operations Certification Week. Fixed operations professionals include employees working in RV service, parts, and warranty administration.

Fixed‐operations professionals can earn certifications as parts managers, parts specialists, service writers/advisors, service managers, and warranty administrators through the RV Learning Center’s parts and service management certification programs.

RVTI offers Level 1, Level 2, Level 3, and Level 4 training and certification programs for RV technicians online and through live classes at its Elkhart, IN, training center. Training and certification are also available through RVTI’s national network of Authorized Learning Partners.

Individuals who earn a new certification during RV Fixed Operations Certification Week receive a free one-year subscription to RV Fixed Operations Today website (a $39.95 value).

RVTI provides world-class training for RV maintenance and repair that will reduce the RV industry’s shortfall of trained RV technicians. RVTI seeks to improve the RV consumer experience, reduce repair event cycle time, and aggressively reduce the RV industry’s shortage of trained technicians. Visit www.rvti.org for more information.

The Society of Certified RV Professionals is aimed at individuals who currently or aspire to hold an RV industry credential. In conjunction with its commitment to encourage professional development and continuous training, the Society provides scholarships to long-certified professionals to attend and participate in the education sessions offered annually at the RV Dealers Convention/Expo.

For more information about the RV Learning Center, go to www.rvlearningcenter.com. The RV Learning Center is a tax-exempt organization as described in section 501(c)(3) of the Internal Revenue Code. Contributions may be tax deductible as charitable donations.

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The RV Dealers Association (RVDA) informed its membership that Kenneth (Kenny) Kafer, founder of Pontiac RV in Pontiac, Ill., has passed away at his Arizona home. Founded in 1980 by Ken & Gail Kafer, Pontiac RV now has three generations of the Kafer family on its staff.

Ken was an avid golfer, traveler, and entrepreneur. He loved to have a putter in his hands shooting for “birdie” at Indian Creek Country Club in Illinois and at Alta Mesa Golf Course in Arizona, his home courses. However, his faith and love for family trumped all other aspects in his life. He is survived by his wife Bernie; children Kent (Amy) Kafer, Kevin (April) Kafer, and Courtney (Mark) Farrell; seven grandchildren, two great grandchildren, several step children and step grandchildren.

A funeral service will be held 10:30 a.m. Thursday, February 27, 2025 at First Baptist Church of Fairbury IL, with a visitation on Wednesday, February 26 from 4-7 p.m. at Duffy-Pils Funeral Home, 100 W. Maple St., Fairbury, IL 61739. A Celebration of Life will be held later in Mesa AZ. Memorials will be donated to Boys & Girls Club of Livingston County and SELCAS. An online registry is available at www.duffypilsmemorialhome.com.

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The Consumer Confidence Index declined by 7.0 points in February to 98.3 (1985=100). The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — fell 3.4 points to 136.5, according to a release from The Conference Board, a member-driven, non-partisan, not-for-profit think tank.

The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions — dropped 9.3 points to 72.9. For the first time since June 2024, the Expectations Index was below the threshold of 80 that usually signals a recession ahead. The cutoff date for preliminary results was Feb. 19, 2025.

“In February, consumer confidence registered the largest monthly decline since August 2021,” said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board. “This is the third consecutive month on month decline, bringing the Index to the bottom of the range that has prevailed since 2022. Of the five components of the Index, only consumers’ assessment of present business conditions improved, albeit slightly. Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a ten-month high.”

February’s fall in confidence was shared across all age groups but was deepest for consumers between 35 and 55 years old. The decline was also broad-based among income groups, with the only exceptions among households earning less than $15,000 a year and between $100,000–125,000.

Guichard added: “Average 12-month inflation expectations surged from 5.2% to 6% in February. This increase likely reflected a mix of factors, including sticky inflation but also the recent jump in prices of key household staples like eggs and the expected impact of tariffs. References to inflation and prices in general continue to rank high in write-in responses, but the focus shifted towards other topics. There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current Administration and its policies dominated the responses.”

Consumers’ views of their Family’s Current and Future Financial Situation were less positive, retreating from the series highs reached in January. The proportion of consumers anticipating a recession over the next 12 months increased to a nine-month high. (These measures are not included in calculating the Consumer Confidence Index.) Consumers’ bullishness about the stock market also retreated: only 46.8% of consumers expected stock prices to increase over the year ahead—the smallest share since April 2024, and down from 54.2% in January. By contrast, 32.8% expected stock prices to decline, up from 24.8% in January. More than half (51.7%) of consumers expected higher interest rates over the next 12 months. The share of consumers expecting lower interest rates dropped further to 24.0% from 27.1% last month.

On a six-month moving average basis, purchasing plans for homes continued to recover, likely supported by the very recent decline in mortgage rates. On the other hand, buying plans for cars and big-ticket items were down, with notable declines for TVs and electronics. Consumers’ overall intentions to purchase additional services in the months ahead were changed little, but their priorities shifted slightly: personal and health care, as well as movies and live entertainment, moved up the priority list, at the expense of streaming and travel. Vacation plans continued to trend downward.

Click here to read the full Consumer Confidence Index by The Conference Board.

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BURLINGTON, Ont. – After a higher-than-normal winter of snow, outdoor enthusiasts are anxiously awaiting the Canadian Recreational Vehicle Association’s Toronto Spring Camping & RV Show scheduled to take place Feb. 27 to March 2 at The International Centre in Mississauga, Ontario.

The event will feature a number of special guests and speakers who will be appearing during the show to help celebrate CRVA’s 50th anniversary and the joys and freedom of the RV Lifestyle.

Shannon O’Callaghan, CRVA’s Show Director, on the significance of this year’s event: “As we mark the CRVA’s golden anniversary, we are excited to host an event that showcases the latest advancements and trends in the RV industry. This year’s show is not just about celebrating the past; it’s about embracing the future of RVing and providing our attendees with the tools and knowledge to enhance their RV lifestyle.”

With the rising cost and inconvenience of alternative travel for families, Canadians continue to look at the RV lifestyle when it comes to building memories with family and friends and exploring new experiences and adventures. In a 2023 IPSOS study conducted by Go RVing Canada, there are currently 2.1 million Canadian households who own an RV, taking 7.7 million RV trips annually.

This year’s Toronto Spring Camping and RV show promises an unmatched selection of RVs and exhibitors featuring over 450 recreation vehicles from the largest and most trusted retailers in Ontario, spread across five expansive halls.

Each hall will showcase an array of RVs from the most luxurious Class A motorhomes to small compact travel trailers and everything in between, making it the perfect time to purchase your new “Home Away from Home” at unbeatable prices.

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WASHINGTON — President Donald Trump said Monday that his tariffs on Canada and Mexico are starting next month, ending a monthlong suspension on the planned import taxes that could potentially hurt economic growth and worsen inflation, according to an Associated Press report.

“We’re on time with the tariffs, and it seems like that’s moving along very rapidly,” the U.S. president said at a White House news conference with French President Emmanuel Macron.

While Trump was answering a specific question about the taxes to be charged on America’s two largest trading partners, the U.S. president also stressed more broadly that his intended “reciprocal” tariffs were on schedule to begin as soon as April.

“The tariffs are going forward on time, on schedule,” Trump said.

Click here to read the full Associated Press report.

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