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Camping World Holdings, Inc. (CWH) is the world's largest retailer of recreational vehicles (RVs) and related products and services. The company operates through its well-known brands, Camping World and Good Sam, with a vision to make RVing and outdoor activities fun and easy. CWH offers a comprehensive assortment of RV products and services, supported by a national network of RV dealerships, service centers, and customer support centers, along with a strong online presence.
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RV and Outdoor Retail - Sells new and used recreational vehicles, RV parts, accessories, and supplies, and offers RV service and collision work. Provides finance and insurance contracts related to RV sales and sells outdoor products, equipment, gear, and supplies.
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Good Sam Services and Plans - Offers emergency roadside assistance plans, extended vehicle service contracts, and commissions on property and casualty insurance programs. Provides travel assist programs, vehicle financing and refinancing assistance, and consumer publications and directories.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Marcus A. Lemonis ExecutiveBoard | Chairman and Chief Executive Officer | Executive Chair of Beyond, Inc.; Principal Executive Officer of Beyond, Inc. | Marcus A. Lemonis has been the Chairman and CEO of Camping World Holdings, Inc. since March 2016, leading the company’s strategic growth. He has held various key leadership roles and contributed extensive expertise in retail, RV, and automotive industries. | View Report → |
Lindsey J. Christen Executive | Chief Administrative and Legal Officer | Lindsey J. Christen has served as the Chief Administrative and Legal Officer at Camping World Holdings, Inc. since July 2023. She has a long tenure with the company, holding various legal positions, including serving as Secretary since June 2020. | ||
Matthew D. Wagner Executive | President | Matthew D. Wagner is the President and principal operating officer of Camping World Holdings, Inc. since July 1, 2024. He previously served as Chief Operating Officer, Executive Vice President, and Vice President of Inventory Operations at CWH. | ||
Thomas E. Kirn Executive | Chief Financial Officer (CFO) | Thomas E. Kirn is the Chief Financial Officer at Camping World Holdings, Inc. since July 2024. He also serves as the Chief Accounting Officer since September 2020 and previously held roles including CFO for FreedomRoads, LLC and various positions at Ernst & Young. | ||
Andris A. Baltins Board | Director | Director at CWGS, LLC; Director at Good Sam Enterprises, LLC | Andris A. Baltins has served as a Board Director at Camping World Holdings, Inc. since March 2016. With over 40 years of legal expertise, he also holds directorship roles at CWGS, LLC and Good Sam Enterprises, LLC. | |
Brent L. Moody Board | Senior Advisor | Brent L. Moody transitioned from serving as President of CWH from September 2018 to June 2024 to his current role as Senior Advisor as of July 1, 2024. He has also served on the Board of Directors since May 2018, and his extensive experience in legal, operational, and business development roles underpins his contributions to the company's governance. | ||
Brian P. Cassidy Board | Board of Directors Member at Camping World Holdings, Inc. | Board of Directors Member at CWGS, LLC; President and Partner at Crestview Partners; Director at WideOpenWest, Inc.; Director at Pursuit Attractions and Hospitality Inc.; Director at Hornblower Holdings; Director at Congruex LLC; Director at FC3; Director at Digicomm; Director at Saber Interactive; Director at Journey Beyond | Brian P. Cassidy has served on the Board of Directors of Camping World Holdings, Inc. since March 2016 and has extensive expertise in private equity and strategic leadership from his roles at CWGS, LLC and Crestview Partners. | |
K. Dillon Schickli Board | Member of the Board of Directors | Board of Directors of CWGS, LLC | K. Dillon Schickli has served on the Board of Directors at CWH since March 2016. He brings extensive leadership experience from his active role on the Board of Directors of CWGS, LLC since August 2011 , underpinned by a solid educational background from Carleton College (BA, 1975). | |
Kathleen S. Lane Board | Director | Director at Hanover Insurance Group, Inc. | Kathleen S. Lane has served as Director at CWH since March 2024 and is a member of the Audit Committee effective post the 2024 Annual Meeting. Previously, she held executive IT roles including CIO positions at TJX Companies, National Grid, and Gillette. | |
Mary J. George Board | Director | Director at ASP Conair Holdings LP; Director at Hyduro, Inc.; Founding Partner at Morningstar Capital Investments, LLC | Mary J. George has served as Director at Camping World Holdings, Inc. since January 2017 and brings extensive leadership experience across diverse industries, having held multiple executive and board roles. | |
Michael W. Malone Board | Board of Directors | Board member of Don Stevens, LLC | Michael W. Malone serves on the Board of Directors of Camping World Holdings since May 2019 and chairs the Audit Committee. He brings extensive experience in finance and corporate governance from his previous executive roles at Polaris Industries and other companies. |
- Given your comments on the softness in ASPs—suggesting a potential $2,000 drop—how do you plan to counteract this trend without further compressing your margins, and what specific tactics will you employ to drive recovery in upcoming quarters?
- You mentioned executing $35 million in annualized SG&A cuts through headcount reductions and operational consolidations; can you detail how these cost-saving measures will continue to support top-line growth and maintain customer experience without sacrificing operational capacity?
- With record levels reported in used inventory procurement and a significant increase in consignments compared to historical numbers, what controls and performance metrics are you implementing to ensure that the rapid expansion does not adversely impact your overall margin profile and quality of inventory mix?
- Your strategy of consolidating dealer locations has been described as a key driver for improving sales per rooftop and EBITDA margins; can you provide further insight into how you balance market share expansion with the potential risks of reduced physical presence in certain regions?
- Face with anticipated mid-single digit price increases for model year '26 due to tariff pressures, how do you plan to sustain demand across both new and used segments while maintaining competitive pricing and ensuring a smooth transition during the pricing adjustments?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Lazydays Holdings, Inc. (Seven RV Dealerships) | 2025 | In November 2024, Camping World entered an agreement to acquire seven RV dealership locations from Lazydays with a $10.0 million deposit converting to 9.7 million shares, targeting a closing in Q1 2025 (with three locations already closed in February) to drive positive EBITDA and operational turnaround, including planned sale-leaseback arrangements for the real estate. |
Various RV Dealerships (9 locations, Sept 30 Report) | 2024 | The RV and Outdoor Retail segment acquired nine locations for an aggregate purchase price of $69.4 million, funded through cash and Floor Plan Facility borrowings, which generated $30.5 million in goodwill and contributed notable revenue and pre-tax income as part of a strategic expansion. |
Tire Rescue Roadside Assistance Business | 2024 | Acquired in June 2024 for $1.8 million in cash plus up to $0.5 million in milestone payments (recorded as $0.4 million in contingent consideration), this deal added a robust dispatch platform and network of service providers to help reduce costs and enhance customer service. |
Various RV Dealerships (9 locations, Jun 30 Report) | 2024 | This acquisition, also for nine locations at an aggregate purchase price of $69.4 million, detailed robust fair value allocations for tangible net assets and recorded significant goodwill, underlining the strategy of expanding the customer base via efficient independent dealership acquisitions. |
Various RV Dealerships (9 locations, Mar 31 Report) | 2024 | Acquired for approximately $67.7 million, this transaction involved tangible net assets valued at $40.6 million and generated $24.5 million in goodwill (with part of the purchase financed through floor plan arrangements), with revenue contributions expected to improve following adjustments over the measurement period. |
Consortium of 12 RV Dealerships | 2023 | Announced in October 2023 with an anticipated closing by December 2023, this acquisition of twelve dealerships is aimed at expanding retail operations and integrating dealership functions, aligning with previous deals though without specific financial details disclosed. |
30 Dealership Locations | 2023 | As part of an aggressive expansion strategy, Camping World acquired or secured LOIs for 30 locations in 2023—recording $74.4 million for eight locations and $150.5 million for 15 locations—with the deals financed via cash and floor plan borrowings and expected to drive revenue growth into 2024 and beyond. |
Consortium of 5 RV Dealerships & 1 RV Service Center | 2022 | Completed in October 2022, this acquisition of five dealerships and one service center followed the company’s consistent expansion strategy, though specific financial details and terms were not disclosed. |
Various RV Dealerships (5 locations) | 2022 | In Q3 2022, the company acquired five locations for about $79.8 million, including a $41.7 million real estate purchase component, with the excess purchase price recorded as goodwill, reinforcing a fast and capital‐efficient growth approach in the RV and outdoor retail market. |
Various RV Dealerships (2 locations, Q2) | 2022 | Acquired in Q2 2022 for an aggregate price of approximately $34.8 million along with $28.0 million for real estate, this deal was financed using cash and featured goodwill recognition on the excess purchase price, fitting into the overall strategy for rapid business expansion. |
Various RV Dealerships (2 locations, Q1) | 2022 | Completed in Q1 2022, this acquisition involved two locations for an aggregate cost of $34.8 million plus an additional $12.1 million for related real property, resulting in $23.3 million in goodwill from expected synergies and workforce value, with initial revenue contributions evident post-acquisition. |
Recent press releases and 8-K filings for CWH.
- Revenue increased 4% to $1.4 billion in Q1 2025, driven by a 30% surge in used unit sales and an improvement in used vehicle gross margins to 18.6%.
- The company implemented aggressive cost-saving measures, including headcount reductions, dealership consolidation, and an ongoing plan to improve SG&A as a percentage of gross by 600-700 basis points, contributing to an adjusted EBITDA growth nearly 4x compared to last year.
- Record levels of used inventory procurement and initiatives to boost sales per rooftop, including profitable performance at new Lazydays locations, underscore the company's focus on strengthening market share and operational efficiency.
- Revenue reached $1.4 billion in Q1 2025 with an increase of approximately 3.6%, driven by growth in used vehicles despite a decline in new vehicle revenue.
- Adjusted EBITDA improved nearly 4x compared to the prior year, reflecting strong profitability and operational momentum.
- Unit sales dynamics showed a slight decline in new vehicles (down 0.9%) and a robust increase in used vehicles (up 30.3%), contributing to an overall 11.2% increase in combined sales.
- Market share expansion: The company aims to grow its overall market share in 2025, targeting a breakthrough above 12% from an 11.2% level in 2024 by leveraging both new and used RV segments.
- Focused inventory and product strategy: Camping World is implementing an inventory strategy that includes early stocking, strategic pricing concessions, and launching lower priced motorized models to enhance competitiveness and customer affordability.
- Improved margin guidance: The firm projects maintaining new RV margins between 13% to 14% and used margins around 19%, alongside a targeted SG&A improvement of 600 to 700 basis points compared to 2024.
- Raised $330 million in growth capital and extended its RV floor plan facility by adding $300 million, strengthening the balance sheet and runway for future investments.
- Recorded Q4 revenue at $1.2 billion with record combined new and used market share of 11.2%, setting the stage to achieve a 12% market share in early 2025.
- Focused on aggressive used inventory procurement and strategic M&A, positioning the company to drive margin improvements and sustainable unit growth through planned dealership acquisitions.
- Reported 22,148 total vehicle units sold in Q4 2024, an increase of 9.6% from the previous quarter, driven by higher new and used unit sales.
- Achieved $1.2 billion in Q4 revenue with improvements in gross profit and adjusted EBITDA, reflecting stronger operational performance.
- Management highlighted ongoing operational improvements and early positive trends in same store sales leading into Q1 2025.
- Current Report Filed on February 19, 2025 for Q4 2024, detailing regulatory and financial disclosures.
- Includes Exhibit 10.1 featuring the Ninth Amended and Restated Credit Agreement dated February 18, 2025, with key parties such as FreedomRoads, LLC and Bank of America, and signed by CFO Thomas E. Kirn.