Camping World Holdings, Inc., together with its subsidiaries, operates as a retailer of recreational vehicles (RVs) and related products and services.
As of December 31, 2024, the company operated a total of various store locations, with all locations selling and/or servicing RVs.
In May 2024, the company closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (‘CWDS’) and, in connection with the sale, entered into an approximately ten-year supply agre...
Camping World Holdings, Inc., together with its subsidiaries, operates as a retailer of recreational vehicles (RVs) and related products and services.
As of December 31, 2024, the company operated a total of various store locations, with all locations selling and/or servicing RVs.
In May 2024, the company closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (‘CWDS’) and, in connection with the sale, entered into an approximately ten-year supply agreement with the buyer, as well as a sublease of certain properties and equipment to the buyer.
Business Strategy
Key elements of the company’s business strategy are to offer a unique and comprehensive assortment of RV products and services; operate a national network of RV dealerships and service centers; focus on customer service; and leverage its resources and synergies.
Segments and Offerings
The company operates two reportable segments: Good Sam Services and Plans, and RV and Outdoor Retail.
Good Sam Services and Plans
Good Sam Services and Plans segment consists of programs, plans, and services that are geared towards protecting, insuring, and promoting the RV & travel lifestyles, and includes services, such as extended vehicle service contracts, vehicle roadside assistance, property and casualty insurance, travel protection, travel planning and directories, and publications. Because the company’s Good Sam protection plans and programs are often purchased to cover a multiple-year period and are renewable, this area of its business tends to generate high-margin, recurring revenue that is driven both by new and used RV purchases, as well as the installed base of RV owners in the United States.
The company’s Good Sam Services and Plans segment offerings include:
Protection Programs
Ensuring travelers’ safety and financial security with comprehensive assistance and protection plans.
Emergency Programs: Provide immediate aid in critical situations, including Roadside Assistance and Tire Rescue for on-the-road issues, and TravelAssist for medical emergencies during travel.
Financial Protection Programs: Offer financial security against unexpected events, encompassing Extended Service Plans for RV maintenance, Good Sam Insurance Agency for tailored insurance solutions, GAP Insurance, Windshield Protection, and Product Protection Plans for various assets.
Tire & Maintenance Programs: Focus on preventative maintenance and tire care, featuring Paint & Fab to maintain the visual aesthetic, and Tire & Wheel Protection to safeguard against tire-related mishaps, as well as tire sales for replacement needs.
Campgrounds & Destinations
Dedicated to enhancing the RV and outdoor experience by providing access to an extensive network of campgrounds and unique destinations.
Good Sam Campgrounds: Offers access to North America's largest network of campgrounds and RV parks, promoting a community-driven travel experience.
Coast to Coast Resorts: Provides exclusive access to a selection of premium resort destinations, catering to diverse traveler preferences.
RV and Outdoor Retail
RV and Outdoor Retail segment consists of all aspects of its RV dealership operations, which include selling new and used RVs, assisting with the financing of new and used RVs, selling protection and insurance-related services and plans for RVs, servicing and repairing new and used RVs, installing RV parts and accessories, as well as selling RV and outdoor-related products, parts, and accessories. Within the company’s RV and Outdoor Retail business, it also operated the Good Sam Club, which was the largest membership-based RV organization in the world, with approximately 1.8 million members as of December 31, 2024, excluding the free basic tier members. Membership benefits include, among other benefits, a loyalty program where points can be redeemed for Camping World products and RV service, a variety of discounts at Camping World and Good Sam, in addition to partner campgrounds, fuel stations, and more, all of which enhance the RV experience, drive customer engagement and loyalty, and provide cross-selling opportunities for its other products and services.
RV and Outdoor Retail segment offerings include:
New and Used Vehicles: A wide selection of new and used RVs across a range of price points, classes, and floor plans.
Vehicle Financing: Through arrangements with third-party lenders, the company is able to facilitate financing for most of the new and used RVs it sells through its store locations. Generally, the company’s financing transactions are structured through long-term retail installment sales contracts with terms of up to 20 years, which it enters into with its customers on behalf of its third-party lenders. The retail installment sales contracts are then assigned on a non-recourse basis, with the third-party lender assuming underwriting and credit risk. In 2024, the company facilitated financing transactions for approximately 80.9% of its total new units sold and 71.7% of its total used units sold, for which it earns a commission from the third-party lender.
Protection Plans: The company offers and sells a variety of protection plans and services to the purchasers of its RVs as part of the delivery process, as well as gap, tire and wheel, roof, extended service, and paint and fabric protection plans. These products are primarily underwritten and administered by independent third parties, and the company is primarily compensated on a commission basis.
Repair and Maintenance: The company offers RV repair and maintenance services at the majority of its store locations. With over 2,800 RV service bays across its national footprint, it is equipped to offer comprehensive repair and maintenance services for most RV components. The company also offers its Good Sam RV ProCare mobile RV service.
RV Parts, Accessories, and Installation Services: The company offers a wide range of RV parts, equipment, supplies, and accessories at its store locations and through its e-commerce business. These products include towing and hitching products, satellite and GPS systems, electrical and lighting products, appliances and furniture, and other products for inside the RV, at the campsite, and around the campground. The company’s full-service repair facilities enable it to install all parts and accessories that it sells in its store locations. The company’s ability to both sell and install parts and accessories affords it a competitive advantage over online and big box retailers that do not have service centers designed to accommodate RVs, as well as over RV dealerships that do not offer a comprehensive selection of parts and accessories. While the company does continue to offer some non-RV outdoor products and accessories, its focus is on providing products and services that are targeted toward RV enthusiasts and owners.
Collision Repair and Restoration: The company offers collision repair services, including fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions, and paint and body work, at many of its store locations, including numerous with full body paint booths. It performs collision repair services for a number of insurance carriers.
Good Sam Club: The Good Sam Club is a prepaid subscription membership organization that offers a points-based loyalty program, where points can be earned from purchases of the company’s products and services and redeemed for savings on future purchases of its products and services. The Good Sam Club also offers savings on a variety of products and services, including discounts on nightly rates at affiliated Good Sam RV parks and other benefits related to the RV lifestyle. As of December 31, 2024, there were approximately 1.8 million members in the Good Sam Club, excluding the free basic tier members. Additionally, a free basic tier of the Good Sam Club was introduced in 2024, which does not include most of the paid membership benefits, but allows these members to earn points at a lower rate compared to the paid membership.
Co-branded Credit Cards: The company contracts with Visa and Comenity Capital Bank to offer a Good Sam Rewards Visa branded credit card, as well as a Good Sam private label credit card. Cardholders receive enhanced rewards points, which are referred to as Good Sam Rewards, for money spent at the company’s retail locations, on its e-commerce platforms, at gas stations, and at campgrounds across the U.S. and Canada. As of December 31, 2024, the company had approximately 168,000 issued and open co-branded credit card accounts.
RV Rentals: The company facilitates an RV rental platform that connects travelers with RV owners, allowing for a flexible and personal RV experience.
Vehicle Sourcing and Dealer Agreements
The company acquires new RVs for retail sale directly from the original equipment manufacturer. Its strategy is to partner with financially sound manufacturers that make high-quality products, have adequate manufacturing capacity and distribution, and maintain an appropriate product mix. The company has strategic relationships with leading RV manufacturers, including Thor Industries, Inc., and Forest River, Inc. As of December 31, 2024, Thor Industries and Forest River accounted for approximately 61.4% and 30.2%, respectively, of the company’s new RV inventory. In certain instances, the company’s manufacturing partners produce private label products exclusively available at its RV dealerships and through its e-commerce platforms. In 2023, the company began opening manufacturer-exclusive RV dealership locations that are operated by it and provide its typical offerings of used vehicles, service, parts, and finance and insurance, but they bear the name of a particular RV manufacturer and sell that manufacturer’s new RV line.
The company’s supply arrangements with manufacturers are typically governed by dealer agreements, which are customary in the RV industry, made on a location-by-location basis, and each store location typically enters into multiple dealer agreements with multiple manufacturers. Dealer agreements generally give the company the right to sell certain RV makes and models within an exclusive designated area. The terms of these dealer agreements typically require the company to, among other things, meet all the requirements and conditions of the manufacturer’s applicable programs, maintain certain minimum inventory requirements and meet certain retail sales objectives, perform services and repairs for all owners of the manufacturer’s RVs (regardless of from whom the RV was purchased) that are still under warranty, stock certain of the manufacturer’s parts and accessories needed to service and repair the manufacturer’s RVs, actively advertise and promote the manufacturer’s RVs, and indemnify the manufacturer under certain circumstances.
The company primarily acquires used RVs through customer trade-ins, as well as private party purchases and consignments, and generally reconditions used RVs acquired for retail sale in its parts and service departments. In 2023, the company introduced its first CW Auction as another means to sell RVs to individuals or wholesale to other dealerships, and held 14 CW Auctions in 11 states in 2024.
The company finances the purchase of substantially all of its new RV inventory from manufacturers through its Floor Plan Facility. Used vehicles may also be financed from time to time through its Floor Plan Facility.
Marketing and Advertising
The lifestyle element of the RV industry and the multi-year nature of many of the company’s products and services provide the opportunity to build long-term relationships with its customers. The company’s marketing strategies are focused on developing awareness around its brands, products, and services, and driving traffic to its stores and websites, and it utilizes a combination of digital, social, email, direct mail, print materials, and traditional media, as well as online inventory listings to accomplish this. As part of the company’s marketing efforts, it maintains a proprietary database of individuals and customer purchasing data that it utilizes for direct mail, email, text messaging, and telemarketing campaigns. As of December 31, 2024, this database contained over 34 million unique contacts. In addition, the company enters into sporting event sponsorships, such as professional bull riders with the PBR Camping World Team Series, where there is a significant demographic overlap with RV and outdoor enthusiasts. The company’s Ultimate RV Show has evolved to be a multi-channel experience that is both online and in store locations. These shows provide a strategic opportunity to expose first-time buyers and existing RV and outdoor sports enthusiasts to its products and services.
Trademarks and Other Intellectual Property
The company owns a variety of registered trademarks and service marks related to its brands and its services, protection plans, products, and resources, including Good Sam, Camping World, and Overton’s. The company also owns the copyrights to certain articles in its publications and numerous domain names, including www.goodsamclub.com, www.campingworld.com, www.rv.com, www.rvs.com, www.rvrentals.com, www.rvprocare.com, and www.wildsam.com, among others.
Competition
The company competes directly or indirectly with multi-channel retailers and mass merchandisers, warehouse clubs, discount stores, department stores, and other retailers, such as Wal-Mart, Target, and Amazon.
Seasonality
Historically, the company’s business has been seasonal. Since RVs are primarily used by vacationers and campers during times of warmer weather, demand for its products and services tends to be highest in the spring and summer months, and lowest in the winter months. As a result, the company’s revenue and profitability have historically been higher in the second and third quarters than in the first and fourth quarters (year ended December 31, 2024).
History
Camping World Holdings, Inc. was founded in 1966. The company was incorporated in 2016 as a Delaware corporation.