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.

4,3 %

29,5 %

−1,4 %

+4,4 %

1.20

0.23

— Camping World Holdings, Inc.
%
New RV Sales43.4% Retail sales of new recreational vehicles through Camping World dealerships and factory-direct channels.
Used RV Sales30.9% Sales of pre-owned RVs, including reconditioning and trade-in activity.
Products, Service and Other11.9% Parts, accessories, repair, maintenance and related dealership services.
Finance and Insurance10% Commission and fee income from financing, insurance and related customer protection products.
Good Sam Services and Plans3.1% Membership, roadside assistance, protection plans and other subscription-like customer services.
Good Sam Club0.7% Membership-based benefits and customer engagement offerings tied to the RV lifestyle.

Camping World sells primarily to individual RV buyers and owners who want a one-stop shop for purchasing, maintaining...

  • New RV buyersprimary

    Customers purchasing new motorhomes, travel trailers and other RVs through dealerships and factory-direct locations, often with financing and insurance add-ons.

  • Used RV buyersprimary

    Price-sensitive buyers seeking pre-owned RVs, where Camping World uses reconditioning and trade-in capabilities to improve inventory economics.

  • RV owners needing service and partsprimary

    Existing owners who return for maintenance, repairs, accessories and replacement parts to keep vehicles road-ready.

  • Good Sam members and protection-plan customerssecondary

    Owners buying roadside assistance, protection plans, insurance and membership benefits to reduce travel risk and ownership complexity.

  • Digital and call-center customerssecondary

    Customers who research, buy or seek support through direct.campingworld.com and the company’s call centers.

Camping World’s business is overwhelmingly U.S.-centric, with its dealership, service and support footprint spread...

  • •United States is the core market for sales, service and customer support
  • •196 locations at year-end 2025, all selling and/or servicing RVs
  • •Stores are concentrated near major interstates and highways in RV markets
  • •Call centers in Denver, Bowling Green, Greenville and Island Lake
  • •Digital retail extends reach beyond physical dealership locations
  • •Geographic demand depends on travel patterns and local consumer spending

Camping World’s strategy centers on offering the broadest RV product and service bundle in the market so customers can...

01
Build a comprehensive RV customer ecosystemmedium-term

Bundling vehicles, service, protection plans and financing increases customer lifetime value and reduces reliance on any single revenue stream.

02
Strengthen used RV and reconditioning capabilitiesmedium-term

Used inventory can improve affordability for customers and support better gross margin economics than new vehicle sales.

03
Increase digital and CRM-driven customer engagementshort-term

Digital tools and customer data help the company reach buyers earlier, improve conversion and support repeat purchases and service visits.

04
Right-size the store footprint to demandshort-term

Consolidating underperforming locations can improve fixed-cost absorption and protect profitability in a softer RV market.

Camping World is exposed to discretionary consumer demand, so inflation, interest rates and broader economic weakness...

high

Discretionary demand sensitivity

RV purchases are optional and can be delayed when inflation, interest rates or consumer confidence weaken.

Scope
New and used RV sales, financing and service traffic
Materiality
high
high

Inventory and used-unit pricing volatility

A large share of revenue comes from vehicle sales, so changes in wholesale pricing, turn rates and reconditioning economics can affect margins.

Scope
New and used RV inventory
Materiality
high
high

Cybersecurity and IT disruption

The company relies on customer data, e-commerce, call centers and vendor-connected systems that are vulnerable to breaches and outages.

Scope
Digital retail, customer support and internal operations
Materiality
medium
medium

Exclusive brand and licensing risk

Private-label and licensed products can face recalls, infringement claims or loss of licensing rights if obligations are not met.

Scope
Exclusive brand offerings and contract manufacturing
Materiality
medium
Deferred revenue
Reported revenue and working capital
Revenue recognition across mixed offerings
Revenue mix and margin profile
Inventory and reconditioning accounting
Gross margin and working capital
Impairment and restructuring adjustments
GAAP earnings versus adjusted earnings
Tax Receivable Agreement and valuation allowance
Income tax expense and net earnings

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: 28/04/2026