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Camping World (CWH) investor relations material
Camping World Stephens Annual Investment Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Stephens Annual Investment Conference summary19 Nov, 2025
Business overview and market position
Operates nearly 200 RV dealerships under two main brands, with a 13.5% market share in North America for new and used RVs and 25% share in new RVs.
Good Sam brand offers roadside assistance, finance, insurance, and a 1.6 million-member community, acting as a recurring revenue engine.
Private label RVs, manufactured via contract with major OEMs, account for 40% of new RV sales, enabling price and feature flexibility.
RV dealership model differs from auto dealers, with more control over inventory and less restrictive franchise laws.
Focus on satisfying all aspects of the RV consumer journey, from sales to service and lifestyle products.
Strategic initiatives and financial outlook
Refocused on cost discipline and right-sizing operations post-pandemic, targeting $310M adjusted EBITDA in 2026 with upside potential.
Four pillars for growth: SG&A savings, used RV sales, dealership M&A, and new RV sales, with SG&A and used RVs most controllable.
Used RV market is twice the size of new, and proprietary data tools provide a competitive edge in valuation and acquisition.
Private label strategy leverages scale for cost savings and margin protection, offering tailored products for diverse consumer needs.
Good Sam expansion into adjacent markets (marine, power sports) and in-housing of dispatch functions to improve margins and NPS.
Revenue streams and operational efficiency
F&I penetration rates in low double digits, with average $5,000 per vehicle split between finance and product sales.
Parts and service business narrowed to core RV products, exited non-core categories, and focused on supplier partnerships and Amazon.
Good Sam generates ~$100M EBITDA, with recurring revenue and potential for tuck-in acquisitions to enhance value.
Capital allocation prioritizes deleveraging, store consolidation, and maximizing fixed cost leverage, with over $200M in real estate owned.
Affordability analysis by segment ensures monthly payments align with consumer income, especially for entry-level travel trailers.
Used RV market: How do you maintain advantage?
What drives Good Sam's valuation upside?
What is the long-term outlook for RV affordability?
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Next Camping World earnings date
Raymond James TMT and Consumer Conference9 Dec, 2025
Next Camping World earnings date
Raymond James TMT and Consumer Conference9 Dec, 2025
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Frequently asked questions
Camping World Holdings, Inc. engages in the retail of RVs and related products and services provided by company-operated and franchised dealer locations in the United States, Canada, Mexico, and Chile. It offers products for purchasing and financing of RVs; as well as technical services that include parts and accessories, RV maintenance and repair, extended service contracts, and installation services; financing services; and refurbishment products. The company also provides warranties for parts purchased from its dealers to protect against defects in manufacturing or materials. It serves recreational vehicle (RV) customers who range from first-time buyers to experienced RV enthusiasts; individual families to large motor coaches used by vacation companies; and small motocross companies to large horse trailers.
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