Camping World Holdings, a recreational vehicle dealer, reported record new unit market share for the second quarter of 2024. The company sold over 22,000 new RVs during this period, representing an 17% increase compared to the previous year.
In the second quarter, new vehicle revenue reached $847.1 million, marking a $46.2 million increase, or 5.8%. The number of new vehicle units sold also rose to 22,084, representing an increase of 3,187 units, or 16.9%.
Conversely, used vehicle revenue declined to $480.8 million, a drop of $142.2 million, or 22.8%, with used vehicle unit sales falling to 15,700 units, a decrease of 2,074 units. Overall, the total combined sales of new and used vehicles amounted to 37,784 units, which is an increase of 1,113 units, or 3.0%.
According to a press release, the average selling price of new vehicles declined by 9.5% during the second quarter, primarily due to lower costs of 2024 model year travel trailers and discounting of pre-2024 model year vehicles. This pricing strategy contributed to the increase in new vehicle unit sales. Similarly, the average selling price of used vehicles decreased by 12.6%.
Marcus Lemonis, chairman and CEO of Camping World Holdings, emphasized the company’s success in meeting consumer demands for affordability. He stated, “Our record new unit market share was a direct result of listening to the consumer and their mandate for affordability. We saw year-over-year same store new vehicle unit growth accelerate into the mid-teens in June and into the low-twenties in July, positioning our company for a strong 2025.”
While new vehicle sales showed growth, the used vehicle market presented challenges. Matt Wagner, president of Camping World Holdings, commented, “As we prepare for an improved 2025, our unwavering philosophy is to remain disciplined around used aging and stocking levels, regardless of the macro environment.”
Wagner noted that in the past 30 days, the company has started to gradually increase its used stocking levels, marking year-over-year growth for the first time in over 10 months and achieving a record volume of consignments.
“We have proceeded judiciously on mitigating used inventory risk which will keep pressure on used vehicle margins and volume in the second half,” he said.
Despite challenges, Camping World maintained a gross profit of $547.7 million, with a gross margin of 30.3%.
Lemonis concluded, “We are unbelievably encouraged by our new vehicle performance over the last several months, but especially the last 60 days. However, we are not naive about the macroeconomic environment around us, and we are taking a more aggressive position around our cost structure and the optimization of underperforming locations.”
For more information about the report, visit campingworld.com.
