Camping World Holdings, Inc.
Camping World Holdings, Inc. is a U.S.-based retailer built around the RV lifestyle, combining vehicle sales, service, parts, protection plans and customer support under the Camping World and Good Sam brands. The company describes itself as America’s largest retailer of RVs and related products and services, with a national network of dealerships and service centers that serve customers both at home and while traveling. Its business model is designed to capture the full RV ownership cycle, from new and used RV sales to financing, insurance, roadside assistance and maintenance. As of year-end 2025, it operated 196 locations, all of which sold and/or serviced RVs, and it also supports customers through call centers and digital channels.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRetail sales of new recreational vehicles through Camping World dealerships and factory-direct channels.
Sales of pre-owned RVs, including reconditioning and trade-in activity.
Parts, accessories, repair, maintenance and related dealership services.
Commission and fee income from financing, insurance and related customer protection products.
Membership, roadside assistance, protection plans and other subscription-like customer services.
Membership-based benefits and customer engagement offerings tied to the RV lifestyle.
Customers
Camping World sells primarily to individual RV buyers and owners who want a one-stop shop for purchasing, maintaining and protecting their vehicles. New and used RV buyers are typically discretionary consumers making a high-ticket lifestyle purchase, while existing owners return for parts, service, accessories and reconditioning. Good Sam products appeal to customers who want roadside assistance, protection plans, insurance and membership benefits that reduce the complexity and risk of RV travel. The company also serves RV enthusiasts who shop online or use its call centers for support, product advice and technician assistance. Its customer base is broad geographically but concentrated in U.S. RV markets and along major travel corridors.
Customers purchasing new motorhomes, travel trailers and other RVs through dealerships and factory-direct locations, often with financing and insurance add-ons.
Price-sensitive buyers seeking pre-owned RVs, where Camping World uses reconditioning and trade-in capabilities to improve inventory economics.
Existing owners who return for maintenance, repairs, accessories and replacement parts to keep vehicles road-ready.
Owners buying roadside assistance, protection plans, insurance and membership benefits to reduce travel risk and ownership complexity.
Customers who research, buy or seek support through direct.campingworld.com and the company’s call centers.
Strategy
Camping World’s strategy centers on offering the broadest RV product and service bundle in the market so customers can buy, protect and maintain RVs in one ecosystem. The company is emphasizing its used RV reconditioning capability, exclusive brand offerings and digital retail platform as differentiators that can improve margins and customer retention. It is also using its national dealership and service network, plus call centers and CRM tools, to deepen customer relationships and cross-sell Good Sam services and finance/insurance products. Management has also been consolidating the dealership footprint to better align fixed costs with post-pandemic RV demand, suggesting a focus on operating leverage and market share rather than pure store count growth.
Bundling vehicles, service, protection plans and financing increases customer lifetime value and reduces reliance on any single revenue stream.
Used inventory can improve affordability for customers and support better gross margin economics than new vehicle sales.
Digital tools and customer data help the company reach buyers earlier, improve conversion and support repeat purchases and service visits.
Consolidating underperforming locations can improve fixed-cost absorption and protect profitability in a softer RV market.
Geography
Camping World’s business is overwhelmingly U.S.-centric, with its dealership, service and support footprint spread across key RV markets and major interstate corridors. The company operated 196 locations at year-end 2025, and all of them sold and/or serviced RVs, which makes local market density and route access important to sales and service traffic. It also operates call centers in Denver, Bowling Green, Greenville and Island Lake to support customers nationwide. Because the company serves a discretionary consumer category, regional demand trends, travel patterns and local economic conditions can materially affect store performance.
Risks
Camping World is exposed to discretionary consumer demand, so inflation, interest rates and broader economic weakness can quickly reduce RV purchases and service traffic. The company’s heavy reliance on vehicle sales also creates exposure to inventory management, used-unit pricing and manufacturer relationships, while its exclusive brand strategy adds product recall, licensing and intellectual property risk. Cybersecurity and IT disruption are meaningful operational risks because the business depends on customer data, online retail, call centers and vendor-connected systems. The RV industry is cyclical, so a slowdown in travel sentiment or financing availability can pressure volumes, margins and dealership productivity. Consolidation of the store base can help costs, but it also creates execution risk if demand recovery is uneven across markets.
- Discretionary demand sensitivityImpact: HighLikelihood: High
RV purchases are optional and can be delayed when inflation, interest rates or consumer confidence weaken.
Exposure - Inventory and used-unit pricing volatilityImpact: HighLikelihood: Medium
A large share of revenue comes from vehicle sales, so changes in wholesale pricing, turn rates and reconditioning economics can affect margins.
Exposure: New and used RV inventory
- Cybersecurity and IT disruptionImpact: HighLikelihood: Medium
The company relies on customer data, e-commerce, call centers and vendor-connected systems that are vulnerable to breaches and outages.
Exposure - Exclusive brand and licensing riskImpact: MediumLikelihood: Low
Private-label and licensed products can face recalls, infringement claims or loss of licensing rights if obligations are not met.
Exposure: Exclusive brand offerings and contract manufacturing
Accounting
Judgemental itemsSome products are billed before the service or benefit is delivered, so revenue is recognized later and affects period comparability.
Impact: Reported revenue and working capital
The company sells vehicles, service, finance/insurance and membership products, each with different timing and recognition patterns.
Impact: Revenue mix and margin profile
Used RV reconditioning and inventory valuation influence cost of sales and gross profit timing.
Impact: Gross margin and working capital
Management excludes long-lived asset impairment, lease termination costs and restructuring from adjusted earnings, indicating these items can be material.
Impact: GAAP earnings versus adjusted earnings
Tax-related remeasurements and valuation allowances have been significant enough to affect reported tax expense and net income.
Impact: Income tax expense and net earnings
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Last updated: 24/09/2026