# Camping World Holdings, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Camping World Holdings, Inc.).

## Overview

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.

## Products & services

• New RV sales
• Used RV sales and reconditioning
• RV parts, service and accessories
• Good Sam services and plans
• Finance and insurance products
• Roadside assistance and protection plans
• Online RV retail and customer support

- **New RV Sales** (43.4%) — Retail sales of new recreational vehicles through Camping World dealerships and factory-direct channels.
- **Used RV Sales** (30.9%) — Sales of pre-owned RVs, including reconditioning and trade-in activity.
- **Products, Service and Other** (11.9%) — Parts, accessories, repair, maintenance and related dealership services.
- **Finance and Insurance** (10%) — Commission and fee income from financing, insurance and related customer protection products.
- **Good Sam Services and Plans** (3.1%) — Membership, roadside assistance, protection plans and other subscription-like customer services.
- **Good Sam Club** (0.7%) — Membership-based benefits and customer engagement offerings tied to the RV lifestyle.

- New RV sales
- Used RV sales and reconditioning
- RV parts, service and accessories
- Good Sam services and plans
- Finance and insurance products
- Roadside assistance and protection plans
- Online RV retail and customer support

## 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.

- **New RV buyers** (primary) — Customers purchasing new motorhomes, travel trailers and other RVs through dealerships and factory-direct locations, often with financing and insurance add-ons.
- **Used RV buyers** (primary) — 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 parts** (primary) — Existing owners who return for maintenance, repairs, accessories and replacement parts to keep vehicles road-ready.
- **Good Sam members and protection-plan customers** (secondary) — Owners buying roadside assistance, protection plans, insurance and membership benefits to reduce travel risk and ownership complexity.
- **Digital and call-center customers** (secondary) — Customers who research, buy or seek support through direct.campingworld.com and the company’s call centers.

- New RV buyers seeking a dealership network and financing support
- Used RV buyers looking for value and reconditioned inventory
- Existing RV owners needing parts, repairs and maintenance
- Good Sam members buying roadside assistance and protection plans
- Customers purchasing insurance and finance products at point of sale
- Online shoppers and callers seeking RV advice and service support

## 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.

- 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

## 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.

- **Build a comprehensive RV customer ecosystem** (medium-term) — Bundling vehicles, service, protection plans and financing increases customer lifetime value and reduces reliance on any single revenue stream.
- **Strengthen used RV and reconditioning capabilities** (medium-term) — Used inventory can improve affordability for customers and support better gross margin economics than new vehicle sales.
- **Increase digital and CRM-driven customer engagement** (short-term) — Digital tools and customer data help the company reach buyers earlier, improve conversion and support repeat purchases and service visits.
- **Right-size the store footprint to demand** (short-term) — Consolidating underperforming locations can improve fixed-cost absorption and protect profitability in a softer RV market.

- Bundle RV sales, service, protection and financing into one customer offering
- Grow used RV reconditioning as a margin and inventory advantage
- Expand exclusive brand offerings and private-label products
- Use digital retail and CRM tools to improve conversion and cross-sell
- Leverage Good Sam to deepen customer loyalty and recurring revenue
- Optimize the dealership footprint to match current RV demand

## 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 sensitivity** [high] — RV purchases are optional and can be delayed when inflation, interest rates or consumer confidence weaken.
- **Inventory and used-unit pricing volatility** [high] — A large share of revenue comes from vehicle sales, so changes in wholesale pricing, turn rates and reconditioning economics can affect margins.
- **Cybersecurity and IT disruption** [high] — The company relies on customer data, e-commerce, call centers and vendor-connected systems that are vulnerable to breaches and outages.
- **Exclusive brand and licensing risk** [medium] — Private-label and licensed products can face recalls, infringement claims or loss of licensing rights if obligations are not met.

- Consumer spending weakness can reduce RV purchases and service visits
- Higher interest rates can make RV financing less affordable
- Inventory risk is elevated because vehicle sales dominate revenue
- Exclusive brand expansion increases recall, licensing and IP exposure
- Cyberattacks could disrupt stores, call centers and customer data systems
- RV industry cyclicality can amplify swings in demand and margins
- Store consolidation can create execution risk if local demand is misread

## Accounting

Camping World’s revenue mix includes point-in-time vehicle sales, service revenue, finance and insurance income, and membership or protection-plan style offerings, so revenue recognition can vary by product line. Deferred revenue is important because some products are sold before the related revenue is recognized, and the company disclosed $160.1 million of deferred revenue at September 30, 2025. The business is also exposed to seasonal and cyclical swings in RV demand, which can create quarter-to-quarter volatility in inventory, gross margin and working capital. Management uses adjusted earnings measures that exclude items such as long-lived asset impairment, lease termination costs, asset sale gains and losses, restructuring, stock-based compensation and Tax Receivable Agreement adjustments, so investors should reconcile these non-GAAP figures carefully. Valuation allowances, deferred tax assets and impairment judgments can also materially affect reported earnings because the company has disclosed significant tax-related adjustments and asset impairment items.

- **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

- Revenue recognition differs across vehicle sales, service, finance and plans
- Deferred revenue reflects products sold before revenue is earned
- Seasonality and RV demand cycles can cause large quarterly swings
- Inventory and reconditioning economics affect gross margin timing
- Non-GAAP adjustments remove impairments, restructuring and lease items
- Tax valuation allowances and deferred tax assets can move earnings materially

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*Last updated: 2026-04-28T14:25:21.349637+00:00*