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Camping World (CWH) Earnings Call Presentation

Sales Performance - Camping World's combined new and used unit registration growth outperformed the US industry, showing a 5% increase compared to the industry's -8%[9] - The company's new unit registration growth significantly exceeded the industry, with a 22% increase versus the industry's -13%[12] - While used unit registrations declined by -11%, this was a strategic move to mitigate pricing risks, compared to the industry's -6%[15] Pricing and Affordability - Camping World focuses on affordability, offering towable RVs and motorized RVs at competitive average sales prices compared to the rest of the US industry[18, 20] - The company's travel trailer monthly payment as a percentage of real disposable personal income is lower than the industry average[23] Strategic Initiatives - Camping World plans to introduce targeted Model Year 2025 private label units, with some at price points not seen in over five years, aiming to capture additional market share[25] - The company expects used vehicle unit volume growth in excess of low-double digits for 2025, capitalizing on the significant white space in the used segment[28] - Camping World has a 20% trailing-twelve-month (TTM) market share in used vehicles compared to 7% in new vehicles, indicating a strategic focus on the used segment[29] M&A and Financial Strategy - The company anticipates a robust dealership M&A environment and expects the recent Lazydays transaction of 7 locations to close on a staggered basis throughout Q1 2025[32] - The company estimates that to gain 1% market share through M&A requires 20 dealerships, an estimated $73 million in total blue sky paid, and $11 million in non-floored inventory paid[33] - The Octane partnership reached a strategic milestone with the first RV & Marine Centric Securitization since early 2000, involving an aggregate principal balance of $1275 million[36]