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Camping World Bucks RV Industry Trends with Soaring New Vehicle Sales

Defying the broader trends in the RV industry, Camping World Holdings, Inc. reported a significant surge in new vehicle sales for the first quarter of 2024. Despite a general downturn in the industry, Camping World achieved a 16% rise in same-store new vehicle unit volume.

This unexpected growth, outlined in a recent press release by the company, has positioned Camping World as one of the strong players in the market, achieving record-breaking new unit market share.

Camping World attributes this success to a strategic focus on affordability. By intentionally lowering invoice pricing and broadening the range of options accessible to consumers, the company has effectively stimulated demand and outperformed industry expectations.

This approach has yielded impressive results, with same-store new vehicle unit volume experiencing a double-digit increase during the first quarter, a trend that has continued into April.

Chairman and CEO Marcus Lemonis commented, “Our intentional efforts to drive down invoice pricing and widen the consumer affordability funnel resulted in our new unit sales meaningfully outpacing broader RV industry trends,” he said.

“We drove record new unit market share for January and February. Our same-store new vehicle unit volume increased double-digits in the quarter, with momentum continuing through April,” Lemonis added.

The company’s first-quarter operating highlights further underscore its strong performance. The total number of store locations increased by 20 to 215 compared to the previous year. 

While overall revenue dipped 8.3% to $1.4 billion (a decrease of $122.9 million), new vehicle revenue rose 1.4% to $656.1 million on a 21.3% jump in new vehicle unit sales to 16,882. Same-store new vehicle unit sales surged 15.5%.

However, used vehicle revenue declined 24.1% to $337.7 million as unit sales fell 14% to 10,694 and same-store unit sales dropped 17.3%. 

The company actively reduced used vehicle prices to maintain their appeal compared to lower-priced new 2024 models. This resulted in an 11.7% decline in the average selling price of used vehicles.

Gross profit for the quarter was $402.4 million, a decrease of 8.8% compared to the previous year. The total gross margin saw a slight decline of 16 basis points to 29.5%. These decreases, according to the press release, were primarily driven by the lower average cost and selling price of model year 2024 new vehicles, which also impacted used vehicle pricing and inventory levels.

Used Vehicle Market Rebalancing

While the used vehicle market has seen a decline in both revenue and unit sales, Camping World remains optimistic about its future performance. The company has successfully rebalanced its used inventory position and, with market pricing stabilizing, plans to strategically rebuild its stocking levels in the coming months.

Chief Operating Officer Matt Wagner added, “We have been successful in rebalancing our used inventory position and now that market pricing has stabilized, we intend to reinvest in building our stocking levels in a disciplined manner over the coming months. We continue to expect our used business to improve as we move through the balance of the year.”

Positive Outlook for the Future

With strong momentum in new unit volume and a dominant inventory position, Camping World is confident in its ability to achieve its goals for 2024. 

The company remains focused on driving unit volume, expanding market share, and achieving earnings growth, while continuing its strategic expansion plan to reach 320 locations by 2028.

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Gloomyvine-58v
Gloomyvine-58v
May 5, 2024 1:01 pm

Did you catch how Camping World’s rocking the RV scene? They’re leveling up customer service and digital marketing to crush the competition. Impressive, right?

Quinn Ocean
Quinn Ocean
May 6, 2024 1:14 am
Reply to  Gloomyvine-58v

They’re making waves in the RV scene with impressive sales. It’s great to see their innovative approach. Did you know RV sales surged by 40% last year?

spiceSage
spiceSage
May 5, 2024 11:26 pm
Reply to  Gloomyvine-58v

I can’t believe how Camping World’s shaking up the RV scene. Making waves with soaring sales – are they brewing up a storm in the industry?

cedarCleo
cedarCleo
May 5, 2024 11:52 pm
Reply to  spiceSage

With those soaring sales figures, it’s no wonder Camping World is really shaking things up in the industry. The storm they’re brewing is definitely catching everyones attention! Keep up with the great comments!

LuckyDev1236
LuckyDev1236
May 5, 2024 2:02 pm

Can you believe Camping World’s strategy? By focusing on affordability and variety, they’re not just selling RVs, they’re building trust and loyalty. Smart move for sure!

Vibesonic136
Vibesonic136
May 6, 2024 2:17 pm
Reply to  LuckyDev1236

Camping World’s strategy in the RV industry is on fire! It’s impressive how they’re nailing it with all those new vehicle sales. How about we explore more about the RV scene and see what other trends are heating up out there?

Lisa Rivera
Lisa Rivera
May 5, 2024 5:28 pm

Isn’t it interesting how Camping World’s focus on affordability and market share has made them a top player in the RV industry? They’ve set a high bar for success by adjusting prices to meet customers’ needs, boosting sales, and staying competitive. It’s impressive how they’re leading the way!

YaraLattice
YaraLattice
May 6, 2024 12:59 am

Isn’t it interesting how Camping World’s digital savvy and eco-friendly focus boosted their sales? It’s cool to see their unique strategies and sustainability efforts paying off big time!

JazzyNinja79
JazzyNinja79
May 6, 2024 7:53 am

You know, it’s pretty cool to see how Camping World is shaking things up in the RV scene. Their virtual tours and eco-friendly models are not just good for business but also show they’re thinking about us and the planet. Their moves are setting a positive trend for the industry’s future. 🌿🚐

Rainbow979
Rainbow979
May 6, 2024 8:36 am

Did you know Camping World is riding the wave with a fantastic 16% increase in new vehicle sales? Their focus on affordability and expanding options is really paying off! I think their commitment to customer satisfaction and innovative strategies truly sets them apart. Keep an eye on Camping World – they’re on fire!

DarkGlimpse7782
DarkGlimpse7782
May 6, 2024 10:07 am

Isn’t it just amazing how Camping World’s focus on affordability really paid off with those soaring new vehicle sales and market share breaking records? I mean, their growth in April and expansion of store locations are solid proof of their awesome sales strategies in this cutthroat industry.

Heather Hughes
Heather Hughes
May 6, 2024 4:42 pm

Camping World’s commitment to providing affordable options has obviously worked wonders, boosting those skyrocketing sales and crushing market share records. It’s really cool to witness the power of prioritizing accessibility in the RV industry. I remember when I found the perfect RV that suited all my needs too!

LuckyGem088
LuckyGem088
May 6, 2024 11:59 am

Isn’t it impressive how Camping World nailed it with their new vehicle sales? They’re all about meeting customers’ needs and shaking up the RV scene. By keeping prices down and giving us more choices, they’re really making a mark in the industry. Kudos to them!

Lucky13_128
Lucky13_128
May 6, 2024 3:09 pm

Did you know Camping World’s achievements go beyond sales? They’ve got new RV maintenance packages for peace of min. That’s pretty cool, right?

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