RecPro today (April 1), introduced the new space-saving RV Basement Expansion Kit.
From RecPro: Experience the eeriness of a basement everywhere you go! This revolutionary new product from RecPro essentially doubles the overall size of your RV by adding a new basement expansion. No building permits required.* Simply cut a small entrance hole in the floor or wall of your RV. Line the hole with butyl tape, then place the basement door into the hole you’ve cut. Allow to cure for 1-2 hours before attempting to enter your new basement.
FAIRFAX, Va. – The National RV Dealers Association (RVDA) announced in a press release that partnership, sponsorship and exhibitor opportunities are now available for the premier industry event, the 2025 RV Dealers Convention/Expo, taking place at Paris Las Vegas, November 10-14. Click here for more information.
The prospectus includes a full listing of sponsorships, partnerships, and Vendor Training +Plus opportunities, plus booth pricing, for the 2025 event.
Vendors can choose among unique sponsorship and partnership opportunities that allow companies to connect with top RV dealers in the U.S. and Canada and spotlight their brand. Partners and sponsors will be granted exclusive access to prime exhibit space, ensuring high visibility and direct engagement with attendees
In 2024, the Convention/Expo brought together more than 1,700 industry representatives and attendees representing nearly 900 dealership locations. For more information on exhibiting and to view the 2025 exhibitor prospectus, click here.
Vendors also have the option of conducting popular live and virtual Vendor Training +Plus (VTP) sessions. VTP sessions allow companies to present their own content and provide attendees with in-depth product or service information, educational demos, or case studies, for an additional charge.
“The RVDA Convention/Expo provides partners, sponsors, and exhibitors with outstanding opportunities to place their products and services in front the leading RV dealers throughout North America,” said RVDA President Phil Ingrassia.
In addition to promotional and networking opportunities available throughout the week at Paris, a virtual booth component offers an affordable way for exhibitors to digitally connect with RV dealers. The flexible design includes video, email, appointment scheduling, and live chat, and offers brochures and other promotional materials for direct download. Exhibiting companies will be searchable by company name, product/service category, and keywords.
Analytics available through the virtual platform can help grow a company’s leads database, easily follow up with individuals through appointments, monitor booth activity, and track visitor information outside of designated expo hours. To access the exhibitor prospectus,click here. For more information contact Julie Newhouse at [email protected].
The RV Dealers Convention/Expo is presented by RVDA, RVDA of Canada, and the Mike Molino RV Learning Center. Follow the convention on social media using #RVDAConEx and visit www.rvda.org/convention to register and for regular updates.
CASTLE HAYNE, N.C. – Longtime Wilmington RV dealer Rex & Sons RV hosted a Great Grand Opening Celebration on March 22 at its new location in Castle Hayne, N.C., filled with family, friends, colleagues, customers and community supporters, according to a release. The family-owned and operated business moved from its former location on South College Road in Wilmington, N.C., to a new, larger facility in Castle Hayne in August 2024.
The lively event featured a ribbon-cutting ceremony, attended by distinguished guests Congressman David Rouzer, Wilmington Mayor Bill Saffo, New Hanover Sheriff Edward McMahon, New Hanover County Commissioner LeAnn Pierce, and North Brunswick County Chamber of Commerce President Dana Fisher.
Operations Manager Travis Creech said the new 17,000-square-foot facility at 5625 Barbados Blvd., just off of Interstate 40, has allowed Rex & Sons RV to grow its offerings across the board.
“We were able to expand in all the areas, not just sales, new and used, but also in service and in parts,” Travis Creech said.
The new facility is more than double the size of the former 8,000-square-foot dealership, which was located on just over an acre of land at 1546 S. College Road. The new Castle Hayne facility sits on 7 acres. Creech said the additional space has allowed the dealership to operate more efficiently.
Rex & Sons RV was founded in 1997 by Travis’ dad, Rex, and operated at the South College Road location for 18 years. Travis Creech said they identified the property, located just off Interstate 40, for the new facility in 2020. Property records show that Rex and Peggy Creech purchased the site in June 2023 for $852,000. Today, Rex & Sons RV employs 15 people. Travis’ brother, Jonathan, serves as the dealership’s general manager.
“My dad, Rex, and my brother, Jonathan, and myself, it’s kind of been a lifelong dream to have a professional, efficient RV dealership ever since we’ve been in the industry,” Travis Creech said.
Last year, Cape Fear Custom RV Service joined Rex & Sons RV, expanding its service offerings. The new Castle Hayne facility has eight service bays along with an indoor showroom and a parts and accessories department. The expanded building also gives them the space to hold seminars for RV enthusiasts and community events, Travis Creech said.
Travis Creech also expressed excitement for the future of Rex & Sons RV, sharing his appreciation for the overwhelming community support. The Grand Opening drew a remarkable crowd, providing a day of festivities that had something for everyone. Attendees enjoyed delicious food from local food trucks, live entertainment, and the opportunity to explore nearby campgrounds. Free seminars conducted by industry professionals offered valuable insights, and manufacturers’ representatives showcased innovative RV options.
Local vendors enriched the event with their unique displays, creating a vibrant atmosphere for RV enthusiasts and newcomers alike. “We are thrilled to see such overwhelming support from the community and industry professionals. This event marks an exciting chapter for Rex & Sons RV,” said Travis Creech.
Rex & Sons RV extends heartfelt gratitude to all the attendees, supporters, and participants who made the event an extraordinary success.
For more information on Rex & Sons RV’s new location and offerings, visit the new location just outside of Wilmington, NC on I-40 Exit 414 5625 Barbados Blvd. Castle Hayne, NC 28429 or visit their website www.rexandsonsrvs.com.
In a Tuesday (April 1) update to its members, the Canadian Recreational Vehicle Association (CRVA) took the bull by the horns, so to speak, in updating its members regarding the U.S.-imposed tariffs and corresponding Canadian counter-tariffs that are due to go into effect tomorrow morning.
“As you know, tariffs have already been imposed by President Trump’s administration on Canadian aluminum, steel, and other products, and a new and broader round of tariffs is scheduled for tomorrow on all goods entering the United States, including from Canada,” states CRVA’s bulletin to its membership. “As a result of this threat, the Government of Canada had previously announced it would implement retaliatory measures on approximately $125B on certain products imported into Canada from the United States at 25% to counter the tariffs on exported Canadian goods.
“As of this morning, Canada is still including Recreational Vehicles imported into Canada from the United States in the next phase of these counter-tariffs.”
And all things considered, the prospects for upcoming business aren’t particularly positive, the bulletin notes, with both CRVA and the RVDA of Canada having received indications that many dealers will choose to delay or cancel orders of U.S.-built RVs until the tariff is removed, creating economic and financial consequences for both Canadian and U.S. manufacturers and suppliers.
“The Canadian Recreational Vehicle Association has been actively engaging with the Canadian and United States governments to express our industry’s deep concerns over the inclusion of recreational vehicles in any tariff measures,” according to CRVA. “We have emphasized to both administrations that the RV industry is deeply integrated across North America, and that punitive trade measures will create unnecessary disruption to a sector that supports tens of thousands of jobs and contributes significantly to both economies.
“Our message has been clear and consistent: Recreational vehicles and their components must be protected under free trade and remain exempt from any tariffs. Imposing such measures would have a severe financial impact on manufacturers, dealers, and consumers in both the United States and Canada, disrupting a highly integrated and interdependent industry.”
CRVA reports that it has been working in “close coordination” with leading industry trade groups including the RV Industry Association (RVIA), RVDA of Canada and Indiana-based RV builders to advocate for a free and fair trade policy, a key component of which is an essential RV trade imbalance between the two countries with approximately 30,000 to 40,000 U.S.-made RVs imported annually into Canada while only about 1,750 to 2,000 Canadian-made RVs are exported to the U.S. each year.
EDITOR’S NOTE: As part of Elkhart, Ind.-based Lippert Components Inc.’s 2024 financial report – published March 28 – company President and CEO Jason Lippert offered the following address to shareholders under the heading “Consistent Execution, Operational Discipline and Diversified Growth Drove Strong Cash Generation.”
Jason Lippert
“The market never stands still, and 2024 brought its share of surprises — but Lippert tackled them with agility and efficiency, enabling us to enter 2025 even stronger. Our RV and marine businesses showed resilience, and we continued to leverage our strengths in building products, international markets and the aftermarket to sustain revenues near prior-year levels despite a challenging environment, while effectively expanding margins. Our profitability improvement was bolstered by our increased focus on operational efficiency, which we believe has further positioned us to both organically reach our $5 billion revenue target in 2027 and reclaim double-digit margins.
“RV shipments remained below historical levels and consumers continued to favor smaller single axle trailers due, in part, to temporary macroeconomic conditions, including interest rate sensitivity and affordability trends. Despite this, Lippert increased market share and organic content across our top five RV OEM product categories — appliances, awnings, chassis, furniture, and windows — through our continued focus on innovation. From next-generation suspension systems to top- tier window innovations, we are redefining what it means to be an industry leader.
“Our CURT Touring Coil Suspension (TCS) is rapidly securing OEM adoption with those customers raving about its superior ride quality; our Lippert Anti-Lock Brake System (ABS) is helping to redefine safety standards in towables; and our Furrion Chill Cube, one of the quietest and most powerful air conditioners in its class, is attracting strong interest from OEMs and consumers.
“We also expanded our RV content offerings with premium 4K Windows and glass patio systems that certain OEMs, including Brinkley RV, have already integrated into high-end models.
“Marine volumes remained subdued as dealers worked through elevated inventory levels, and we felt that on the production side. Dealers, however, are increasingly optimistic that retail sales will rebound in the second half of 2025 as consumer confidence improves and inventory normalizes. With inventory levels more balanced and demand expected to rebound—historically a swift recovery — we believe we are well-positioned with the right products and a proven track record to capitalize on the recovery when it occurs.
“Beyond RV and Marine, innovations drove meaningful growth across our diverse end markets. In the automotive aftermarket, our CURT brand, acquired in 2019, delivered 7% organic growth during the year, highlighting our ability to execute meaningful acquisitions that ultimately contribute to long-term success. Building products also fueled stability during the year, supported by notable traction in residential windows that contributed $20 million in growth, as more residential distributors and builders recognize the value of our entry-level vinyl window products.
“Our transportation and utility trailer business also gained momentum, with industry leaders like PJ Trailers and Big Tex adopting our ABS and TCS systems. Additionally, we continue to capture new opportunities in the on-highway and off-highway transportation markets by providing glass and window solutions for school buses, transit, and off-road vehicles.
Collectively, these markets represent significant addressable opportunities and we are applying our proven OEM playbook to help drive growth in these high-potential areas.
“We have seen that our strength across adjacent markets boosts margins and provides counter- cyclical benefits that balance profitability across economic cycles. This augments the decisive actions we took in 2024 to improve our cost structure and drive efficiency. We increased our EBITDA margin by 250 basis points, as we delivered $28 million in non-material cost savings, with even more reductions planned for 2025. Factory consolidations, strategic sourcing initiatives, and investments in automation have also lowered fixed costs and strengthened our ability to scale efficiently as demand rebounds. At the same time, lower steel prices helped gross margins, and we expect further pricing levers to help us partially offset potential tariff headwinds in 2025. We believe these initiatives, combined with disciplined cost control, should drive 25% incremental margin on new revenue in 2025, accelerating our path back to double-digit operating margin.
“Our disciplined execution is not just strengthening margin, it is also driving long- term value creation for shareholders. Back in November, we announced a 10% increase in our quarterly dividend to $1.15 per share, reflecting our confidence in Lippert’s financial strength and our dedication to delivering shareholder value. Our strong execution and operational discipline produced $370 million in operating cash flow for the full year, reduced net debt by $89 million, and lowered our net debt to EBITDA ratio to less than 2.0x, increasing our flexibility to pursue strategic growth opportunities, including M&A. We have successfully completed 70+ acquisitions over the past two decades, each expanding our product portfolio.
“Beyond financial performance, we are committed to operating responsibly and sustainably to benefit our shareholders, team members, customers, and communities.
“In 2024, we published our third year of Scope 1 and Scope 2 emissions data, expanded resource and waste monitoring, and invested in energy-efficient manufacturing. This focus on transparency and sustainable growth earned us a spot on Newsweek’s 2025 list of America’s Most Responsible Companies. We also continued to foster a purpose-driven culture that empowers team members and supports communities, as we surpassed our 100,000-hour volunteer goal and contributed to numerous local causes.
“Heading into 2025, we believe our resilient business model and unwavering focus on innovation put us in a great position to capitalize on the opportunities ahead.
“Historically, the RV industry rebounds quickly, often doubling shipments within 3 to 5 years following economic downturns. In the interim, we are confident in our ability to gain market share, return to 3-5% organic growth in content per towable unit, organically reach our $5 billion revenue target in 2027, and deliver sustainable value for shareholders.
“None of this progress would be possible without our incredible team members, whose passion and dedication power our success. As we continue to push boundaries, we remain grateful to our customers, partners, and shareholders for their trust and support—and we look forward to delivering even more in the years ahead.
Jason D. Lippert President and Chief Executive Officer
EDITOR’S NOTE: As part of Elkhart, Ind.-based Patrick Industries Inc.’s 2024 Annual Report – published April 1 – company Chairman and CEO Andy Nemeth offered the following address to shareholders.
Andy Nemeth
“Fiscal 2024 represented the continuation of our strategic investments in the future of Patrick and in our people. Our team, guided by our BETTER Together values and culture, performed admirably at all levels in the face of dynamic uncertainty and volatility in our end markets and our business. I am very proud of our team’s strength, resilience and ability to turn challenges into opportunities for future long-term value and growth.
“Our team’s focus, drive, and determination in pursuit of our goal of serving our customers and markets at the highest level were a reflection of their entrepreneurial spirit and proof of their tenacity and strength. Acquisitions continue to be a key part of our growth plan, strategically diversifying our business within our core end markets: RV, Marine, Powersports and Housing.
“We completed two significant acquisitions in 2024, defining Powersports as a new end market through our purchase of Sportech in January, and formalizing our direct-to-consumer foundation and strategy with the addition of RecPro in September. Within our Outdoor Enthusiast markets, which comprise RV, Marine, and Powersports, original equipment manufacturers (OEMs) remained disciplined in their production levels, working closely with dealers to carefully manage channel inventories.
“These efforts, while challenging in the near-term, help to ensure the long-term health of these markets. Separately, our Housing business outperformed expectations, further showcasing the value of our strategic diversification efforts. Through continued investment in our business and our people, Patrick remains well positioned for future growth.
New Product Development reflects our dedication to innovation and our full solutions model: Through the launch of our Advanced Product Group and our sales restructuring and focus, we have reinvigorated our customer engagement and commitment to long-term partnership on next generation product development.
Higher-Margin Businesses Diversify Patrick: We completed two key acquisitions last year. Sportech, our largest to date, solidified our Powersports platform, and RecPro significantly enhanced our aftermarket presence and ability to serve and leverage the direct-to-consumer market.
Financial Strength: We remain focused on generating profitable growth while maintaining the disciplined financial position necessary to remain steadfast in dynamic markets. In the third quarter, we strengthened our balance sheet by refinancing a portion of our debt, improving terms, increasing liquidity, and extending maturities while reducing our interest costs.
We are Enthusiasts: The heart of Patrick’s success is driven by the passion and entrepreneurial spirit of the people and brands who make up our team. Our people are enthusiasts who enjoy the outdoor lifestyle: RV’ing, camping, boating, fishing, riding and other pursuits that help refresh and energize the mind, body and spirit.
“Patrick’s future success lies in our ability to remain nimble and scalable to be able to pivot quickly and effectively, adjusting to our end markets and the evolving needs of our valued customers. We believe a strong team and solid financial foundation are necessary components to achieve our growth objectives, while maintaining our flexibility.
“We will continue to focus on prudent capital allocation centered on three key priorities: accretive acquisitions, reinvesting in our business, and returning value to our shareholders.
“Our team remains steadfast and ready to meet the future, serving our shareholders, our team, our customers and the end markets and communities we serve.”
EDITOR’S NOTE: The following is an excerpt of the prepared remarks by Lazydays executives – including Interim CEO Ron Fleming, COO Amber Dillard and CFO Jeff Needles– during the Tampa-based dealership’s conference call on March 31 with investment analysts. The call followed Lazydays’ Q4 and fiscal 2024 financial performance report issued earlier that same day.
Ron Fleming
Ron Fleming
2024 was a year of significant transformation for Lazydays. This began in the third quarter with our leadership transition, accelerated in the fourth quarter with a series of transactions designed to strengthen our balance sheet and streamline our operational footprint, and has continued into 2025 as we execute our turnaround plan to reshape Lazydays for the future. While the fourth quarter and full year 2024 were undoubtedly challenging, we believe the steps we have taken and continue to take will create a more durable, agile and higher-performing company and ultimately drive long-term shareholder value.
Reflecting on our progress to date, in the fourth quarter, we completed a comprehensive recapitalization inclusive of a $30 million common equity pipe from two of our investors, an exchange of all our outstanding convertible preferred stock for common stock, and an amendment of our credit facility led by M&T Bank. These transactions added immediate cash to our balance sheet, enhanced our capital structure through the elimination of our preferred stock liquidation preference and annual preferred dividend requirements and reduced our debt while providing financial covenant flexibility.
During the quarter, we also began the process of rightsizing our dealership portfolio to further de-lever our balance sheet, simplify our operational footprint and improve the underlying earnings power of the business. We completed the sale of one dealership asset for $8 million and agreed to sell seven additional dealerships to certain subsidiaries of Camping World for $65.5 million, $10 million of which was comprised of a non-refundable deposit. We completed the sale of five dealerships to Camping World in February and March 2025, with the buyer electing not to close on the remaining two, our locations in Portland, Oregon and Council Bluffs, Iowa. We remain well equipped to continue operating both stores. Importantly, due to the way in which our transaction with Camping World was structured, we retained the $10 million deposit and have exercised our remedy for their refusal to close on these two stores, which relieves us of any obligation to issue any common stock to the buyer and avoids diluting our stockholders. Taken together, these actions fortified our financial foundation and provided us with a more focused dealership footprint, allowing us to better navigate the evolving RV landscape to the benefit of our shareholders and other stakeholders.
As we look ahead, we remain laser-focused on ensuring we have the right dealership footprint and maximizing the operational performance of the stores within that footprint. To that end, this morning, we announced that we have signed a letter of intent with general RV center to divest three of our locations, our Fort Pierce, Florida; Longmont, Colorado; and Mesa, Arizona stores. If completed, this transaction will add meaningful cash to our balance sheet reduce our indebtedness and decrease geographical redundancy in our footprint. The letter of intent is generally nonbinding with the exception of a 75-day exclusivity provision for these three stores. With respect to maximizing the operational performance of the stores within our footprint, as Amber will discuss, we have made encouraging initial progress in this respect and we believe that continuing to improve our operations will unlock significant shareholder value in the quarters to come.
In closing, I want to thank our employees as well as our shareholders, lenders, customers and OEM partners for their support of Lazydays. As we continue to execute our turnaround plan, we are committed to acting in the best interest of all of our stakeholders and upholding Lazydays’ hard-earned reputation for delivering the best RV sales and service experience in the industry. While there remains much work to be done, we are confident Lazydays’ best days are ahead and we look forward to continuing to forge this new promising future for the business together.
Amber Dillard
Amber Dillard
Thanks, Ron, and good morning, everyone. On a same-store basis, we saw a decline in both new and used unit volume relative to the third quarter of 2024, partially offset by significantly improved gross profit per unit sold, reflecting the benefits of the inventory actions we took throughout 2024. Offsetting these improvements in the fourth quarter were inventory adjustments of preowned vehicles of $3 million and LIFO adjustments of $3.8 million. Our total gross margin was 19% in the fourth quarter compared to 21% in the third quarter of 2024. Excluding the impacts of the inventory adjustments and LIFO adjustments, our total gross margin was 23% in the fourth quarter compared to 21% in the third quarter.
We continue to see improvement in F&I, where our F&I revenue was over $6,000 per unit, up 3% relative to the third quarter of 2024. Notably, our finance penetration in the fourth quarter remained strong at approximately 73%. Our focus on maintaining a healthy inventory position while increasing our ability to procure more used units directly from consumers continued during the quarter with trade-ins on vehicle sales in 2024 and thus far in 2025, coming in significantly lower than our historical averages as consumer confidence and macroeconomic trends remain uncertain.
As of today, our new inventory is comprised of 75% model year 2025 units and 25% prior model year units. Over 77% of our new inventory is towable products, up from 73% at the same time last year. demonstrating current consumer demand towards more affordable inventory options, targeting first-time buyers and payment conscious customers. Our motorized inventory decreased 44% from the prior year’s period given aggressive inventory management and store divestitures, leaving the company poised to capitalize on a healthier inventory position as we head into model year change and spring selling season. We continue to evaluate our product mix on a store-by-store basis, refining product classes, brands and stocking levels based on market demand and competitive landscape at the local level.
In 2024, we launched our consignment program, which continues to generate healthy gross profit while giving consumers an option to recover some negative equity. Indeed, 76% of the units acquired from customers during the fourth quarter were consignment versus an outright purchase. From a macro perspective, our fourth quarter and full year 2024 results were certainly negatively impacted by economic and other demand headwinds as well as hurricane season in our Southeast locations. That said, we are optimistic that we are near the bottom of this prolonged market down cycle and we firmly believe future retail demand for RVs over the longer term will return to, at or near historical levels as consumers continue to value the benefits offered by the RV lifestyle.
Moreover, as Ron mentioned, we see a tremendous opportunity to continue to improve the operational performance of stores within our footprint without relying solely on market stabilization. We see substantial opportunities for improvement across all functional areas of our dealerships, including inventory, sales, service, F&I and marketing so that we are operating as efficiently and effectively as possible and serving as a true partner to our customers and OEMs across the full RV ownership value chain. We are working closely with our general managers to identify additional ways to increase volume, improve F&I and drive incremental service revenue, and we look forward to providing additional updates on these initiatives in future quarters.
Jeff Needles
Jeff Needles
Turning to the fourth quarter results. Unless otherwise stated, please note that all my comparisons are versus same period in 2023 and that our overall financial results reflect expenses incurred during — or due to previously discussed transactions and planned divestitures.
Starting with volumes. New unit sales declined 7% or approximately 92 units in the quarter. Despite this, average selling price for the new units grew 3% due to improved channel health and less competitive used inventory overhang. Pre-owned retail unit sales, including consigned vehicles were down 23% or 268 units during the quarter. To the positive, as Amber mentioned, we saw strength in towables, which on a year-over-year basis are 3% and 5% higher for new and pre-owned units, respectively. Focusing on the top line, net sales for the quarter were $160 million, a decrease of $38 million or 19%, which is in line with planned lower volumes for the company. Gross margins for the quarter, excluding LIFO adjustments, remained unchanged at 21%.
SG&A expenses were $53 million for the quarter compared to $46 million in the prior year period, primarily as a result of higher transaction and legal and professional expenses related to the restructuring. We anticipate overhead and SG&A expenses to decline as we continue to make adjustments to our cost structure and with the completion of our previously announced divestitures to Camping World. Excluding the previously mentioned costs related to transactions as well as restructuring and other non-operating expenses, we had an adjusted EBITDA loss of $24 million compared to a loss of $11 million in the prior year period.
During the quarter, we reduced floor plan debt by $11 million and reduced $6 million in term loan debt and exchange preferred stock with common stock. In sum and to echo Ron’s earlier comments, while there remains significant work to be done, we remain energized by the prospects of the business and our ability to drive improved results for the benefit of all stakeholders.
