FREMONT, Calif. – Pebble, a California-based startup defining a new way to work, live, and explore from anywhere, announced the appointment of Chi Miller as Chief Financial Officer. With over three decades of experience in financial leadership and a proven track record with tech industry giants, Miller will lead Pebble’s financial strategy as the company pioneers a new standard for sustainable, tech-enabled RV travel with the Pebble Flow, according to a release.
Miller brings extensive experience from Apple, Intel, Ampere Computing, and most recently as CFO at Merlin Solar, where he drove topline growth and led a Series B funding round. As a founder of Ampere, he served as both CFO and COO, raising foundational capital and establishing scalable infrastructure. During his over two-decade tenure at Intel, Miller provided financial leadership for large-scale manufacturing, scaled a software business, supported dozens of Intel Capital investments, and ultimately oversaw finance of the Platform Engineering Group, which develops cutting-edge semiconductors. At Apple, he served as Senior Director of Finance for product development.
“Chi’s exceptional track record of scaling operations and driving strategic growth in the technology sector makes him the ideal financial leader for Pebble as we continue to scale,” said Bingrui Yang, CEO and Founder of Pebble. “His experience in managing complex supply chains combined with his deep understanding of hardware development cycles will be essential as to the next phase of our business.”
In his new role, Miller will drive financial strategy and capital initiatives to support Pebble’s continued expansion. He will oversee all aspects of the company’s financial operations, including fundraising, investor relations, financial planning and analysis, and other business functions to accelerate Pebble’s growth in the electric RV market.
“The RV industry is at an inflection point, and Pebble is perfectly positioned to lead its transformation,” Miller said. “What excites me most about Pebble is its potential to open up the outdoors to a broader audience through a combination of advanced technology, refined design, and sustainable living solutions. Having scaled multiple hardware companies, I’m excited to help build Pebble into the defining company for modern RV travel.”
About Pebble
Pebble is a California-based startup defining a new way to live, work, and explore with a 100% electric, hassle-free RV. Built by a team of experts from Apple, Tesla, Rivian, and Zoox, Pebble combines electrification with cutting-edge automotive technology for an RV experience that removes the hassles RV owners have struggled with for decades. Learn more at pebblelife.com.
ELKHART, Ind. – Patrick Industries, Inc. (NASDAQ: PATK), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, will participate in Baird’s 2024 Global Industrial Conference on Nov. 12, according to a company release.
CEO Andy Nemeth and Kip Ellis, President – Powersports, Technology and Housing, will participate in a fireside chat as well as engage in one-on-one meetings with institutional investors and analysts. The conference will be held at the Ritz-Carlton in Chicago.
Please contact Baird for attendance information and additional details.
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.
GENEVA – SGS, the world’s leading testing, inspection and certification company, has awarded EcoFlow, a clean energy solutions provider, with an SGS Performance Tested Mark for its new DELTA 3 Plus mobile energy storage unit in recognition of the safety and speed of its charging capability.
The breakthrough product, which offers consumers a green alternative to diesel generators, is designed to provide users with a robust energy solution for any scenario, from backup emergencies to outdoor leisure use.
Through its third-party independent product testing, evaluation and verification certification, SGS awarded five-star certification in validation of EcoFlow’s product claim to offer the fastest charging time for a 1 kWh mobile battery energy storage system (mobile BESS). Utilizing EcoFlow’s X-Stream lightning-fast charging technology, the unit requires only 56 minutes to fully charge with AC power. In addition, the product’s built in battery intelligent management solution for comprehensive safety control was recognized as ensuring the health of the battery.
Mark Lohmann, Global Chief Certification Manager at SGS, said: “Congratulations to EcoFlow on becoming the world’s first company to receive SGS Performance Tested Mark five-star certification for fast and safe charging for a mobile energy storage product. For those bringing new products to market or wanting to differentiate existing goods, the SGS Performance Tested Mark ensures products stand out from the competition and provides peace of mind to consumers.”
SGS based the DELTA 3 Plus Performance Tested Mark Product Certificationon analysis of the charging characteristics of mobile energy storage products and user charging needs. It undertook a customized testing plan and developed assessment standards, including rigorous assessment and evaluation of battery safety, energy efficiency, abuse, safe fast charging, and charge-discharge cycle electrical performance.
Products verified/certified under the scheme qualify to display the SGS Performance Tested Mark. This can be used on the product and in promotional materials and advertising to show end-users that performance has been verified and certified by experts.
With its mission to provide smart and eco-friendly energy solutions for individuals, families, and society at large, EcoFlow continues to lead the way with innovative portable power products, solar technology, and smart home energy solutions.
ST. PETERSBURG, Fla. – Priority One Financial Services, a full-service finance company for marine, RV, trailer and equipment dealers, returns to RVDA Dealer Week with a panel presentation about harnessing the purchasing power of customers with showroom technology.
The panel, taking place at 11:30 a.m. Nov. 11 highlights the expertise of Kara Sundar, a Senior Manager at Price Waterhouse Cooper and Certified Change Management Professional, with over 10 years of experience in driving adoption of new technology and processes.
“Kara is skilled at removing barriers to change in the workplace,” said Nicole Armstrong, Vice President of Corporate Initiatives at Priority One Financial Services. “She regularly consults on driving the bottom-line with ‘the people side of change,’ and brings a valuable, forward-thinking perspective implementing technology for RV dealerships.”
Other panelists will include Phil Imbery of MenuMetric, Trevor Allred of Kenect, and Markle Janner of Priority One Financial Services. The panel will be moderated by Nicole Armstrong, Vice President of Corporate Initiatives at Priority One Financial Services.
Priority One offers a toolbox of technology to elevate a dealer’s retail financing experience, including partnerships with Kenect, Rollick and DealerRock DMS, as well as proprietary portals for dealer communication, customer communication, credit applications and prequalification services.
European auto giant Stellantis said Thursday it would lay off 1,100 workers at its Jeep factory in Toledo, Ohio, in an effort to “regain its competitive edge” as it struggles with falling sales, according to a report at IndustryWeek.com.
Stellantis, a 14-brand group that includes Peugeot, Fiat and Chrysler, said it would move from a two-shift to a one-shift operation at the Toledo South Assembly Plant in 2025.
Another 400 employees will be transferred to a “third-party service provider,” it added in a statement.
“These are difficult actions to take, but they are necessary to enable the Company to regain its competitive edge and eventually return production to prior levels,” the statement said.
Stellantis sales sank in the third quarter, with a 42% drop in North America alone.
The group offered promotional deals as U.S. dealerships have struggled to reduce their inventories.
“As Stellantis navigates a transitional year, the focus is on realigning its U.S. operations to ensure a strong start to 2025, which includes taking the difficult but necessary action to reduce high inventory levels by managing production to meet sales,” it said.
Individuals from all 50 states and Puerto Rico visited RVTI’s booth to learn more about the program.
“The Future Farmers of America Convention is an incredible event and a great opportunity for us to connect with interested high school students and educate them on RV service technician opportunities,” says RVTI Account Specialist Halle Howard, who attended the event. “Many of these students are already very technically skilled, and some even mentioned they help work on their family RV as a hobby, so it is a great event for us to promote our program and hopefully gain some future skilled technicians.”
Future Farmers of America provides students with a path to achievement in premier leadership, personal growth, and career success through agricultural education. The Convention is an opportunity for students to learn about careers, network, and develop their skillsets.
The RV Technical Institute would like to thank Walnut Ridge RV, based in New Castle, Ind., for providing the unit that was displayed during the Convention. Walnut Ridge RV is an RV Technical Institute Location Subscriber.
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.
RV Trader draws more than 9 million visitors to its premier website connecting interested buyers with RV dealers, but the company is not resting on its laurels.
In fact, RV Trader is continually improving the website to make it even more valuable for consumers and dealers, says Erin Ruane, chief marketing officer for Virginia Beach, Virginia-based Trader Interactive, the parent company of RV Trader.
“We’ve got a lot of new tools and programs that we’ve been rolling out to support our dealers,” she says. For example, RV Trader has launched Service First, which pairs a dedicated RV Trader sales consultant to work with individual dealers that they can contact anytime to discuss their performance metrics. Additionally, RV Trader this year debuted its Premium Select product, which elevates dealer ads from standard to premium listings, and its eMail Lead Amplifier program, which provides dealers with more consumer email leads.
RV Trader also ramped up a new generation of unbiased RV product reviews, which Ruane says consumers and dealers alike should appreciate. “I think it really underscores the commitment that we have to continually improve our platform for both dealers and consumers,” she says.
Other benefits RV Trader offers to dealers include its TraderTraxx web program and smartphone app for dealers, as well as its lead enrichment software. Those programs provide exclusive industry data, as well as insights on consumers shopping the website, such as the type of unit they are shopping for and how long they’ve been searching. TraderTraxx also lets dealers manage their online leads.
Meanwhile, RV Trader has a designated onboarding team that works with dealers when they first join to help them make the most of their membership. The company also offers in-person training at trade shows and customized webinars where dealers can learn how to make the most of RV Trader tools, as well as resources such as SEO best practices and trend reports.
Currently, RV Trader is beta testing a program that collects information from customers on the website about how responsive dealers are on following up with sales leads and it lets the dealers know how their prices compare with others on the website.
“We take our role in this amazing industry very seriously,” Ruane said. “We are here to provide leading advertising services to connect buyers to dealers and to provide dealers with the data only we have to make stronger, data-driven decisions in order to be more successful.”
As for why RV Trader is supporting the RVBusiness Top 50 Dealer Awards, Ruane says, “Supporting the RVBusiness Top 50 Dealer Awards is a testament to our commitment. We celebrate and recognize the outstanding achievements of dealers who drive our industry forward, showcasing the innovation and dedication that makes the RV community thrive.”
ELKHART, Ind. – Forest River Inc., a premier manufacturer of recreational vehicles, is announced in a press release its continue its sponsorship of the 2024 RVDA Dealer Convention/Expo in Las Vegas. This annual convention brings together RV industry professionals from across North America to share insights, connect with partners, and explore emerging trends and innovations in the recreational vehicle market.
Doug Gaeddert
The RVDA Dealer Convention serves as the industry’s leading event for RV dealers and manufacturers, creating a platform for learning, networking, and collaboration. As one of the event sponsors, Forest River, Inc. cements its commitment to supporting dealers and empowering industry members to better serve their customers across the nation, the release stated.
“We look forward each year to the RVDA Dealer Convention,” said Doug Gaeddert, president of the Forest River RV Division. “Our partnership with RVDA underscores our dedication to our dealers and gives us the opportunity to interact directly with so many of our friends and partners.”
Forest River Inc. is also honored to have received multiple Quality Circle Awards thanks to dealers who participated in the RVDA’s 30th Annual Dealer Satisfaction Index Survey and will be recognized for this achievement at the 2024 RVDA Dealer Convention.
GRAND RAPIDS, Mich. – There were 27,400 retail registrations recorded in September 2024, which is a 9% decline compared to the 29,898 total in September 2023, according to Statistical Surveys Inc., the Grand Rapids, Mich.-based sub subsidiary of Trader Interactive that monitors retail and consumer data for the RV industry.
Year to date, there have been 289,792 retail registrations in 2024, which is a 10.2% decrease versus the 319,588 total for the same period in 2023.
For comparison, the RV Industry Association (RVIA) reported 24,595 wholesale shipments in September 2024 and 256,412 units shipped year to date.
UNITED STATES
Travel Trailers – 16,858 in September 2024 (17,996 in September 2023; -6.3% year-over-year difference). Market share leaders: Forest River Inc. (41.3%), THOR Industries Inc. (36.8%), Grand Design RV Co. (8.3%).
Fifth-Wheels – 4,450 (5,129; -13.2%). Market share leaders: THOR Industries (39.7%), Forest River (25.9%), Grand Design (17.2%.)
Camping Trailers – 290 (425; -31.8). Market share leaders: Forest River (56.6%), Aliner (19.7%), Purple Line LLC (8.3%).
Park Model RVS – 268 (199; +34.7%). Market share leaders: Champion Homes (27.2%), Cavco Industries (28.4%), Elevation Park Models (9.0%).
Class A – 630 (850; -25.9%). Market share leaders: THOR Industries (53.7%), Forest River (14.4%), Newmar Corp. (14.0%).
Class C – 1,410 (1,517; -7.1%). Market share leaders: THOR Industries (51.0%), Forest River (25.8%), Winnebago Motorized (10.7%).
Class B – 702 (988; -28.9%). Market share leaders: THOR Industries (47.4%), Winnebago Motorized (19.4%), Forest River (8.1%).
CANADA
Travel Trailers – 2,051 in September 2024 (2,004 in September 2023; +2.3% year-over-year difference). Market share leaders: THOR Industries (39.2%), Forest River (38.0%), Gulf Stream Coach Mfg. (5.6%).
Fifth-Wheels – 379 (412; -8.0%). Market share leaders: THOR Industries (43.5%), Grand Design (24.8%), Forest River (19.8%).
Camping Trailers – 47 (54; -13.0%). Market share leaders: Forest River (87.2%), Aliner (8.5%), SylvanSport and Jumping Jack Trailers (tied at 2.1%).
Park Model RVs – 2 (4; -50.0%). Market share leaders: Elevation Park Models and Woodland Park (tied at 50%).
Class A – 47 (58; -19.0%). Market share leaders: THOR Industries (40.4%), Forest River (27.7%), REV Recreation Group (21.3%).
Class C – 105 (101; +4.0%). Market share leaders: THOR Industries (49.5%), Forest River (31.4%), Winnebago Motorized (7.6%).
Class B – 49 (42; +16.7%). Market share leaders: THOR Industries (46.9%), Pleasure Way Industries (24.5%), Roadtrek Inc. (14.3%).
Editor’s Note: Elkhart, Ind.-based THOR Industries Inc. – world’s largest manufacturer of recreational vehicles – on Wednesday released its 2024 annual report. Following is the letter to shareholders from company President and CEO Bob Martin that was included in the report.
Bob Martin
We are proud to have built a company that can perform in any market and across any economic cycle.
Fiscal Year 2024 demonstrated the value of our investment in geographic and product diversity and our ability to execute on our proven downturn playbook, advancing key initiatives and margin improvements while maintaining our focus on prudent alignment of our production with the retail environment, particularly within our North American market. While macroeconomic uncertainties persist, we remain committed to delivering value to our shareholders.
In fiscal year 2024, we delivered record results in Europe, improving both margin and market share and are now the European leader in total industry market share. Our North American operating companies produced strong margins relative to current market conditions through production optimization and strategic initiatives to drive margin improvements, validating our efforts to structurally enhance margins even under challenging conditions.
As an enterprise, we achieved over $10.0 billion in net sales. We generated net income attributable to THOR of $265.3 million, or $4.94 per diluted share. From a cash flow perspective, we continued to effectively manage inventory within the current environment, contributing to cash flows from operations of $545.5 million for the fiscal year. We utilized this cash to repay $224.2 million of our total debt and returned $170.5 million to shareholders in the form of cash dividends and repurchases of common stock.
Continued Leadership in Innovation
Our global innovation team continues to set the pace for new developments that will change not only the face of our products but how we produce them. We introduced several exciting innovations at our recent Dealer Open House, including a first of its kind, plug-in hybrid Class A motorhome prototype. We partnered with Harbinger Motors to develop a motorhome chassis capable of a combined 500-mile range, well ahead of the current range expectations of consumers. The prototype was on display at our Dealer Open House, offering dealers, media and investors the opportunity to experience first-hand the superior ride and handling of this coach ahead of our planned commercialization in calendar 2025.
Continuing the electrification trend, we introduced the HV-1 towable chassis that includes battery packs and solar power generation to enable consumers to stay off grid for an extended duration. Off-grid camping has been one of the biggest trends among consumers for the past several years, but the challenge has been creating a way to power appliances, climate systems and technology without being connected to a power source. The HV-1 towable chassis will allow owners to camp off grid for weeks on end, without giving up the comforts of home.
In addition to these innovations, our team has also been working on automation and improved processes that will enhance the productivity of our workforce and the quality of our products. The team has developed new automation for laminated sidewall routing that enhances efficiency and alleviates pressure on one of the most physically demanding and highest turnover positions within our production process.
As a further enhancement, we also introduced printed sidewalls, which can be printed with a range of custom and standard designs, enhancing quality and reducing labor content on the manual design application process. Beyond their attractiveness, printed sidewalls also offer enhanced quality and the ability to easily repair damage from regular use.
Responsible Leadership
In fiscal year 2024, we released our sixth annual Corporate Sustainability Report outlining our ongoing efforts in environmental, social and governance matters. Our efforts encompass THOR’s four core values that also shape the way we approach sustainability: Adventurous (Environmental), Community, Compassionate (Social Responsibility) and Trustworthy (Effective Governance).
Our innovation work has been a key component of our environmental efforts, as we work to drive energy efficiency and reduce the environmental impact of our products, in alignment with what our core consumers are demanding. Social responsibility encompasses the work we do surrounding our great team members and how we positively impact our communities. We are focused on creating a culture where every member of our team can thrive.
In terms of effective governance, we are fortunate to have an incredibly talented and diverse Board of Directors. Our entire management team benefits from the oversight, perspective and depth of experience of our Board as we develop and implement long-term strategic plans. During fiscal 2024, we added a new director, Jeff Lorenger. Jeff is a proven leader in manufacturing and managing independent distribution networks, leading some of the best-known brands in the office furniture industry. We are looking forward to his contributions as we pursue our innovation strategy and employ continuous improvement initiatives in every aspect of our business.
A Conservative Approach to Fiscal 2025
As we look forward to the coming fiscal year, we are encouraged by the Federal Reserve’s recent first steps in the reduction of interest rates and other macroeconomic factors that will boost consumer confidence in the long term. Until those factors and additional interest rate reductions fully materialize, we still see challenges in the near term. As a result, our full-year fiscal 2025 guidance reflects our conservative outlook on the macroeconomic conditions.
For fiscal 2025 we expect:
Consolidated net sales in the range of $9.0 billion to $9.8 billion
Consolidated gross profit margin in the range of 14.7% to 15.2%
Diluted earnings per share in the range of $4.00 to $5.00
We remain confident in the strong return of our market as macroeconomic conditions improve and our optimism remains steadfast. We are already seeing early signs of improvement, starting with the recent retail shows this fall. The strong growth in interest in the RV lifestyle remains, and we see consumers who bought RVs in the past three years on the cusp of entering a renewed trade-in cycle.
In North America, our operating plan for fiscal 2025 reflects an industry wholesale shipment range of between 330,000 and 345,000 units with wholesale shipments matching retail demand in total, but we are expecting that dealers will hold off as long as possible on stocking for the spring selling season to keep inventory levels low over the winter months. In Europe, we face a tougher comparison to the record results posted in fiscal year 2024 as well as the conclusion of dealer restocking, resulting in our outlook for a modest reduction in European segment net sales.
In the meantime, we will continue to operate the Company as efficiently as possible in the current challenging environment. Our operating companies are well positioned to leverage the capacity of THOR to realize the financial benefits of the coming return of a robust retail environment where we expect to seize market share and meaningfully grow diluted EPS as we have after previous down cycles. We remain confident that our strong financial position and status as the global leader in the RV industry enables THOR to meet the challenges of the current market, positioning us for success in the long term.
Finally, I would like to express my gratitude to each member of our global team for their dedication and hard work to enhance the experiences of families of all types who enjoy the outdoors and for delivering on THOR’s promise to Go Everywhere, Stay Anywhere. I also want to thank our shareholders and other stakeholders for your continued confidence and dedication to our company as we work to achieve our long-term strategic vision.
