Revenues for the third quarter of 2024 under U.S. generally accepted accounting principles (GAAP) were $1.2 billion, increasing $118 million, or 11.0%, compared to the third quarter of the prior year, with commissions and fees increasing by 10.1% and Organic Revenue increasing by 9.5%. Income before income taxes was $317 million, increasing 31.0% from the third quarter of the prior year with Income Before Income Taxes Margin increasing to 26.7% from 22.7%. EBITDAC – Adjusted was $414 million, increasing 11.9% from the third quarter of the prior year with EBITDAC Margin – Adjusted increasing to 34.9% from 34.6%. Net income attributable to the Company was $234 million, increasing $58 million, or 33.0%, and diluted net income per share increased to $0.81, or 30.6%, with Diluted Net Income Per Share – Adjusted increasing to $0.91, or 12.3%, each as compared to the third quarter of the prior year.
Revenues for the nine months ended Sept. 30, 2024 under GAAP were $3.6 billion, increasing $391 million, or 12.1%, as compared to the same period in 2023, with commissions and fees increasing by 11.0%, and Organic Revenue increasing by 9.4%. Income before income taxes was $1.0 billion, increasing 30.0% with Income Before Income Taxes Margin increasing to 28.4% from 24.5% as compared to the same period in 2023. EBITDAC – Adjusted was $1.3 billion, which was an increase of 15.4% and EBITDAC Margin – Adjusted increased to 35.9% from 34.9% as compared to the same period in 2023. Net income attributable to the Company was $783 million, increasing $181 million, or 30.1%, with diluted net income per share increasing to $2.73, or 29.4%, and Diluted Net Income Per Share – Adjusted increasing to $2.98, or 16.4%, each as compared to the same period in 2023.
J. Powell Brown, president and chief executive officer of the company, noted, “Our teammates delivered another outstanding quarter, and we have great momentum as we leverage our collective capabilities.”
FAIRFAX, Va. – “Is Your Online Destination Fully Reflecting Your Business as a Whole?” is set for 9:30 a.m., Nov. 12, during the 2024 RV Dealers Convention/Expo and is part of the business innovation education track.
Aubrey Amborn, director of sales at Interact RV, and Jennet Lewis, director of sales for the West Zone at NTP-STAG, will demonstrate to attendees how service and aftermarket support can have their day in the sun during a workshop at the 2024 RV Dealers Convention/Expo.
Dealers will better understand how to utilize commonly overlooked website components to meet shoppers where they are and make it easier to browse inventory the way they want to.
Learning objectives for this session include:
Why a dealership website needs to accurately reflect the physical storefront and services.
Why service and aftermarket opportunities deserve as much focus as inventory.
What components of dealer websites are often underutilized.
About the RV Dealers Convention/Expo
The convention allows North America’s top dealership personnel to forge valuable connections with peers, industry leaders, and potential business partners in the Expo. Dealership professionals can expand their network and gain insights from the best in the RV industry.
The dealer-organized RVDA Convention will provide an in-depth look into the current sales landscape. Attendees will have access to valuable resources to optimize all departments within a dealership, including fixed operations.
To register for the 2024 RV Dealers Convention/Expo click here. Regular updates will be posted on the convention website, Facebook, Instagram, LinkedIn, and X.
The event is sponsored by RVDA of the U.S., RVDA of Canada, and the Mike Molino RV Learning Center.
Companies interested in partnership or sponsorship opportunities can contact Julie Newhouse at (703) 364-5518 or email [email protected].
The Canadian RV Association (CRVA) and the RV Industry Association (RVIA) issued the following announcement on Canadian Reporting Requirements of Per- and Polyfluoroalkyl Substances (PFAS):
What is PFAS?
Per- and Polyfluoroalkyl Substances (PFAS), also known as ‘forever chemicals,’ are man-made chemicals found in various products due to their resistance to water, oil, and heat.
PFAS are used in items relevant to the RV industry, such as textiles, carpets, and fabric treatments. However, their environmental persistence and health risks have led to increasingly strict regulations across several countries, including Canada.
The reporting process aims to gather information on the types and quantities of PFAS being used or imported, allowing Canadian authorities to better understand the scope of PFAS usage and make informed decisions about further regulatory actions.
The increased scrutiny around PFAS highlights a growing commitment to mitigating their environmental impact and addressing potential health risks associated with their use.
Canada’s PFAS Reporting Requirements
In Canada, PFAS reporting requirements were introduced under the Canadian Environmental Protection Act (CEPA).
Any entity involved in Manufacturing in Canada, importing into Canada (Importers of Record) or using PFAS listed in Schedule 1 during the 2023 calendar year must submit a report by January 29, 2025.
Specifically, reporting is mandatory for those who in 2023 met the following thresholds:
Manufactured (in Canada) more than 1,000 grams of listed PFAS.
Imported into Canada more than 10 grams of certain listed PFAS in Part 1, or more than 100 kilograms in Part 2 or Part 3.
Used (in Canada) more than 10 grams of listed PFAS in a manufacturing process. The report must disclose quantities, uses, and safety measures related to the PFAS substances, including whether PFAS are present in products such as textiles, children’s goods, and food contact materials.
How to Report
Reports must be submitted through Environment and Climate Change Canada’s Single Window online system.
The required information includes the quantities of PFAS manufactured, imported, used, or exported, and details on their specific applications.
In cases where companies are unable to meet the deadline, they may request an extension from the Minister of the Environment before January 29, 2025.
If your company is a foreign supplier that manufactures products containing PFAS, you should inform your Canadian importer that they import a reportable substance and may meet the reporting criteria of the notice.
Penalties for Non-Compliance
Non-compliance with PFAS reporting requirements can result in substantial penalties of up to $500,000 for first offenses, and up to $1,000,000 for subsequent violations. Directors and officers of a company may also be personally liable if they were aware of the reporting obligation but failed to ensure compliance.
Impact on the RV Industry
For the RV industry, these regulations pose new challenges in terms of supply chain transparency and compliance.
RV manufacturers, importers (into Canada), and suppliers must assess whether their products contain PFAS, whether they are the importer or foreign supplier, and ensure proper reporting for any items imported or used in the Canadian market.
Failure to comply may result in fines, disruption of supply chains, and potential legal liabilities. Additionally, RV components such as textiles, carpets, and upholstery may be subject to these regulations if PFAS are present, further complicating compliance efforts.
GOSHEN, Ind. – For the 2025 model season, Bullet and Passport by Keystone RV Co. are once again “leaning into their heritage of being the leaders in innovation, value, and towability in lightweight travel trailers,” according to a release.
Carving their path since the mid 2000’s, Bullet and Passport remain steadfast in their pursuit to “Lead the Way” for lightweight brands, as they have for nearly two decades, the release continued.
Dealers review the new Bi-Fold Sundeck on a Keystone Bullet 336BBK. (Courtesy photo)
Debuting as 2025 models, Bullet’s 336BBK and Passport’s 2710BK models take that value and luxury experience to a new level. These models feature Lippert’s Bi-Fold Sundeck, adding huge panoramic views when open and closed.
Mike Auger, national sales manager for Bullet products, says “Offering a unique blend of outdoor living and luxury, this extended space transforms the rear of the RV. Until now, the only option for the consumer was to purchase a towable product with permanent exterior living space, which can only be used in optimal weather. This new balcony system allows the consumer to use their unit as a conventional travel trailer when closed, and to enjoy the patio living space when they choose to, without adding additional length to the unit.”
“This manual system is easy to open and close, and can be deployed in a matter of seconds,” stated Ronnie Harper, national sales manager for the Passport family of products. “This is just one of many exclusive features you will find on our brands for the 2025 season.”
For more information, reach out to Bullet National Sales Manager, Mike Auger, at [email protected] or Passport National Sales Manager, Ronnie Harper, at [email protected].
MIDDLEBURY, Ind. – Grand Design RV, announced the completion of its 100th Lineage Series M motorhome, an award-winning model. This marks a significant milestone just a few months after the company officially launched its innovative motorized division, according to a release.
This achievement underscores the company’s successful expansion into the motorized segment and demonstrates strong market acceptance of the Lineage series, the release continued.
“When we entered the motorized space, we didn’t just want to build another Class C – we wanted to revolutionize it,” said Tommy Hall, Motorized General Manager at Grand Design RV. “Hitting this milestone tells us we’re delivering exactly what the market has been waiting for.”
The Lineage Series M, built on the robust Mercedes-Benz 4500 chassis with a custom steel upfit from MorRyde, represents a complete reimagining of Class C capabilities. Under the innovative direction of Product Manager, Mike Hums, whose vision for challenging traditional design constraints has reshaped the category, the Series M delivers unique features to the market. The design boasts the largest carrying capacity in its class, the first-ever king-size bed in a Class C RV, and the market’s deepest slides. The unit also showcases a patent-pending airflow system that delivers unmatched quietness and efficiency, further strengthening the Series M’s position as a category leader.
The rapid achievement of this milestone has positioned Grand Design RV to continue this production pace, with plans to exceed 200 units before the start of 2025. This growth trajectory aligns with the company’s desire and goal to meet increasing market demand while maintaining the exceptional quality standards that Grand Design RV is known for.
“The excitement around Lineage isn’t just about the numbers – it’s about what these coaches represent,” Hall added. “Every unit that comes off our line is proof of what happens when you combine innovative engineering with an obsession for the owner experience. And trust me, we’re just getting started.”
For more information about the Lineage product line and to explore the full range of Grand Design RV models, visit www.GrandDesignRV.com.
LINCOLNSHIRE, Ill. – Camping World Holdings Inc. (NYSE: CWH), after the market closed Monday (Oct. 28) reported results for the third quarter ended Sept. 30, 2024, according to a release.
Marcus Lemonis, chairman and chief executive officer of Camping World Holdings, stated, “Our combined new and used same store unit sales returned to positive growth for the first time in 10 quarters, with our record new unit market share(1) a direct result of our relentless focus on product development and affordability. I’m very encouraged by our October-to-date same store volume trends, with used units tracking to flat year-over-year, and new units remaining solidly up by a double-digit percentage, providing significant momentum as we focus on an improved 2025.”
Matt Wagner
Matt Wagner, president of Camping World Holdings, Inc. commented, “As we drive toward 2025, our calculated approach to inventory has yielded market leading results. We believe this rigor will lead to a meaningful recovery in used unit volume next year, in excess of low double digits, as we lap our deliberate conservatism around used inventory procurement from 2024, with modest growth in new units. We see average selling prices modestly increasing year-over-year, with vehicle gross margins within our historical range and SG&A as a percentage of gross profit improving by mid to high single digits.”
Lemonis concluded, “The strength and stability of our Good Sam and fixed operations businesses are proven differentiators throughout any cycle. As a growth company, we believe our standout momentum positions us exceptionally well for dealership M&A and organic growth in 2025 and beyond.”
Third Quarter-over-Quarter Operating Highlights
Revenue was $1.7 billion for the third quarter, a decrease of $4.6 million, or 0.3%.
New vehicle revenue was $824.9 million for the third quarter, an increase of $145.7 million, or 21.5%, and new vehicle unit sales were 19,943 units, an increase of 4,738 units, or 31.2%. Used vehicle revenue was $447.2 million for the third quarter, a decrease of $143.0 million, or 24.2%, and used vehicle unit sales were 14,065 units, a decrease of 3,060 units, or 17.9%. Combined new and used vehicle unit sales were 34,008, an increase of 1,678 units, or 5.2%.
Average selling price of new vehicles declined 7.4% during the third quarter driven primarily by lower cost of 2024 model year travel trailers and discounting of pre-2024 model year new vehicles. Average selling price of used vehicles declined 7.7% during the third quarter due to discounting of used vehicles in response to declines in new vehicle prices.
Same store new vehicle unit sales increased 28.8% for the third quarter and same store used vehicle unit sales decreased 20.5%. Combined same store new and used vehicle unit sales increased 2.3%.
Products, services and other revenue was $224.8 million, a decline of $10.8 million, or 4.6%, driven largely by the divestiture of our RV furniture business in May 2024 and fewer used vehicles sold led to a decline in retail product attachment to vehicle sales.
Gross profit was $498.5 million, a decrease of $24.6 million, or 4.7%, and total gross margin was 28.9%, a decrease of 134 basis points. The gross profit and gross margin 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 exit 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.
Selling, general and administrative expenses (“SG&A”) were $414.2 million, a decrease of $1.1 million, or 0.3% and SG&A Excluding Equity-based Compensation(2) was relatively unchanged at $408.7 million, a decrease of $1.2 million, or 0.3%. These decreases were driven by $5.4 million of reduced employee compensation costs excluding equity-based compensation, $1.3 million of reduced nonbillable service work, and $1.0 million of reduced rent expense, partially offset by $3.3 million of additional advertising expenses and $3.0 million of increased expenses from other outside service providers, such as professional fees, consultants, and software service providers.
Floor plan interest expense was $22.4 million, an increase of $2.6 million, or 12.9%, and other interest expense, net was $35.9 million, an increase of $0.6 million, or 1.8%. These increases were primarily as a result of higher principal balances, and, to a lesser extent an increase in the average floor plan borrowing rate.
Net income was $8.1 million for the third quarter of 2024, a decrease of $22.8 million, or 73.9%. Adjusted EBITDA(2) was $67.5 million, a decrease of $27.5 million, or 28.9%. These decreases were driven primarily by the $24.6 million decrease in gross profit.
Diluted earnings per share of Class A common stock was $0.09, a decrease of $0.23, or 71.9%. Adjusted earnings per share – diluted(2) of Class A common stock was $0.13, a decrease of $0.26, or 66.7%.
The total number of our store locations was 207 as of September 30, 2024, a net decrease of two store locations from September 30, 2023, or 1.0%.
(1) New unit market share is calculated as total volume of the Company’s new units sold during any specified time period divided by the total number of new registrations as reported by SSI Data, LLC, d/b/a Statistical Surveys for that same specified time period.
(2) Adjusted earnings per share – diluted, Adjusted EBITDA, and SG&A Excluding Equity-based Compensation 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
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s third quarter 2024 financial results is scheduled for October 29, 2024, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-844-826-3035 (international callers please dial 1-412-317-5195) and using conference ID# 10193590. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. The replay of the conference call webcast will be available on the investor relations website for approximately 90 days.
Presentation
This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company’s initial public offering (“IPO”) and related reorganization transactions (“Reorganization Transactions”) that occurred on October 6, 2016 resulted in the Company as the sole managing member of CWGS Enterprises, LLC (“CWGS, LLC”), with sole voting power in and control of the management of CWGS, LLC. The Company’s position as sole managing member of CWGS, LLC includes periods where the Company has held a minority economic interest in CWGS, LLC. As of September 30, 2024, the Company owned 53.1% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the third quarter ended September 30, 2024 to our financial results from the third quarter ended September 30, 2023.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the world’s largest retailer of RVs and related products and services. Through Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enables us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 43 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.
Gas prices are falling fast, dipping below $3 a gallon in many parts of the country just before the presidential election, although it may not provide the political boost Vice President Kamala Harris is hoping for, according to a report by The Washington Post.
Gas prices are averaging $3.14 per gallon nationwide, within 8 cents of a 3-year low. They range from $2.70 to $2.90 per gallon throughout much of the GOP-leaning Sun Belt, according to AAA, the motor club firm.
Americans have long used gas prices as a way to gauge the country’s economy. Falling fuel costs typically lift presidential approval rates – along with the standing of whoever’s in the White House – while rising costs have the opposite effect.
“Americans have a history of rewarding or punishing presidents based on how things are going at the pump,” said Jon Krosnick, a political science and psychology professor at Stanford University. “If prices are going down, people tend to say ‘If things are getting better, let’s not change horses midstream.’ They favor the incumbent.”
EDITOR’S NOTE: Now in its 14th year, the RVBusiness Top 50 program celebrates those North American RV dealerships that, in the eyes of an esteemed panel of independent judges, best exemplifies dealer excellence in customer and community service. Winning dealers will be recognized during a presentation Nov. 13 during the RV Dealers Convention/Expo at Paris Las Vegas.
RVBusiness will publish a profile of each Top 50 sponsor leading up to the RV Dealers Convention/Expo.
Northpoint Commercial Finance is a leading North American RV floorplan finance lender, but it’s also a business that remains extremely customer focused, according to Jeff Olander, Northpoint senior vice president for business development.
“Our dealers and manufacturer partners always come first. We answer calls and respond to emails as quickly as possible. You can get a hold of us,” he says. What’s more, Northpoint has built its industry reputation for service by offering flexible financing and by being understanding of dealers’ needs, he says.
“We’re a very relationship-driven lender,” he adds. “Northpoint continually listens, evaluates and develops financing terms that are designed solely to help RV businesses prosper.”
And while the company serves some of the largest dealers and manufacturers in the RV market, Olander says it is just as focused on meeting the needs of its mid-sized and smaller dealer and OEM partners.
“We truly support the entire industry— not just the largest players,” he says. In fact, Northpoint’s founding principle when it began operations in 2012 was that it would grow as it helped its clients grow their businesses.
Today, Northpoint has more than 200 employees and is a diversified floorplan finance provider that offers its financial services to over a dozen different industries, including the RV, marine and trailer, manufactured housing and powersports markets. The company’s U.S. headquarters is based in Alpharetta, Georgia, and it has an office in Burlington Ontario, Canada, to serve its Canadian dealer customers .
Being a broadly diversified floorplan lender offers a number of benefits for both Northpoint and its customers, according to Olander.
“There is value in that, in that some dealers sells RV and marine, or RV and cargo trailers, so we can serve their inventory financing needs completely ,” he says. “Serving a diversity of industries also helps keep Northpoint balanced, because sometimes one industry might be down while others are up.”
Meanwhile, to better serve the needs of its dealer partners, Northpoint continues to support and market strategic partnerships with Bank OZK and IOA Insurance Services. The partnership OZK provides enhanced retail rewards for Northpoint’s RV and marine dealers, while the partnership with IOA offers insurance services that can include coverage for general liability, excess liability, workers compensation and much more.
Olander says Northpoint is proud to be a longtime sponsor of the RVBusiness Top 50 Dealer Awards, which reflects the company’s efforts to support the Industry.
“To see some of the top dealers being recognized, and to be associated with a group like that, is special, and a highlight for our company,” he says, adding that it’s a point of pride to see many of its dealer customers recognized each year. “We believe that this is the best event in the industry to be associated with.”
DAVENPORT, Iowa –American Power Systems, Inc. (APS) has been assessed and certified by Verisys Registrars as meeting the requirements of ISO 9001:2015 for Quality Management Systems. The scope of registration encompasses the design and manufacture of alternators, alternator brackets, regulators, and converters, according to a release.
ISO 9001:2015 is an internationally recognized standard that specifies requirements for a quality management system (QMS). Organizations use the standard to demonstrate the ability to consistently provide products and services that meet customer and regulatory requirements, and to enhance customer satisfaction through the effective application of the system.
The ISO 9001:2015 certification ensures that APS has robust, clearly defined procedures in place in all business areas such as production, supply chain management, engineering, quality, risk management, and customer service. The certification process involves onsite audits and extensive policy and documentation reviews by an independent third party to ensure compliance with the standard’s stringent requirements.
Benefits of ISO 9001:2015 Certification
Achieving ISO 9001:2015 certification brings numerous benefits to APS customers, including:
Enhanced Quality: Assurance of high-quality products and services that meet international standards.
Improved Customer Satisfaction: A focus on customer needs and expectations leading to higher satisfaction levels.
Increased Efficiency: Streamlined processes that enhance operational efficiency and reduce waste.
Continual Improvement: A commitment to ongoing improvement in products, services, and processes.
“Achieving ISO 9001:2015 registration is a testament to the hard work and dedication of our entire team. This prestigious certification underscores APS’s commitment to maintaining the highest standards of quality, efficiency, and customer satisfaction,” said APS President & CEO Amy Lank. “As APS continues to grow and expand its product offerings, the ISO 9001:2015 certification will serve as a cornerstone of our commitment to exceeding customer expectations and fostering a culture of continuous improvement.”
About American Power Systems, Inc.
Since 2006, APS has been designing and manufacturing advanced mobile power systems, alternators, converters, regulators and power generators for armored, security, commercial, marine and purpose-built specialty vehicles like RVs and luxury motor coaches. The Davenport, Iowa-based company specializes in the innovation and custom crafting of power conversion and distribution systems by staff with nearly 300 combined years of experience in the various fields of expertise it handles. To date, APS products have been used on more than 10,000 vehicles across multiple continents, including Africa, Asia, the Americas, Europe and Australia.
