Financial Data and Key Metrics Changes - The company reported revenue of $2 billion for Q2 2025, an increase of over 9% driven by unit volume increases in both new and used RVs exceeding 20% [28] - Adjusted EBITDA for the quarter was $142.2 million compared to $105.6 million in the previous year [29] - SG&A as a percentage of gross profit improved by 276 basis points year over year [29] Business Line Data and Key Metrics Changes - The company set a record selling 45,000 RV units in the quarter, with finance and insurance revenue reaching $200 million, the highest ever [6][28] - Gross margins exceeded 30%, indicating growth was not driven by heavy discounting [11] - The company achieved over 14% market share of all new and used RVs registered in North America year to date [26] Market Data and Key Metrics Changes - Same store unit growth trends showed high teens growth in used RV sales and high single digits in new RV sales year over year as of July [25] - The company expects a small bump in the new RV market in 2026, projecting an increase of 15,000 to 20,000 units [13] Company Strategy and Development Direction - The company is focused on building a customer ecosystem through various services, including finance, insurance, and service offerings [7][12] - There is a commitment to continue selling affordable units to build customer lifetime value and increase transaction frequency [12] - The company is exploring acquisitions and investments to grow its Good Sam business, which reported record revenue [21] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in navigating a challenging macro environment, stating that 2025 is expected to be tougher than 2024 due to tariffs and interest rates [24] - The company anticipates double-digit growth in used RV sales moving forward [15] - Management is optimistic about the scalability of their used RV supply chain and expects continued growth in this segment [27] Other Important Information - The company ended the quarter with approximately $118 million in cash and has paid down $75 million of long-term debt since October [30] - The balance sheet is described as the strongest ever, with significant inventory and real estate holdings [20] Q&A Session Summary Question: ASPs and Competitor Pricing - Management views ASP weakness as an opportunity to grow the customer base rather than a problem, focusing on profitability rather than competitor pricing [33][34] Question: Used Gross Profit Margin Sustainability - Management expects used gross profit margins to remain in the range of 19% to 19.5% for the back half of the year [39] Question: Changes in Pricing Expectations - Management anticipates a continued decline in new RV pricing year over year, but expects seasonal improvements in ASPs [58][60] Question: Trade-in Cycle and Customer Retention - The company emphasizes multiple customer touchpoints post-purchase to enhance retention and upsell opportunities [94][96] Question: M&A Activity - Management clarified that they are not on pause for M&A but are being more thoughtful about capital allocation while looking for opportunities [73] Question: Impact of Tariffs on Pricing - Management indicated that any increase in new pricing could lead to margin expansion due to their contract manufacturing advantages [81]