Camping World Aims for 20% Market Share, Double-Digit Used RV Growth with SG&A Improvements

Camping World Holdings reported record RV sales of 45,000 units in Q2 2025, achieving a record in finance penetration as well. The company aims to reach 20% market share and double-digit used RV growth. Management emphasized SG&A improvements, which are accelerating.

Camping World Holdings (CWH) reported record RV sales of 45,000 units in Q2 2025, achieving a record in finance and insurance revenue. The company aims to reach 20% market share and double-digit used RV growth, while emphasizing significant improvements in SG&A (selling, general, and administrative expenses).

Financial Performance
- The company reported revenue of $2 billion for the quarter, an increase of over 9%, driven by unit volume increases in both new and used categories exceeding 20%.
- Adjusted EBITDA was $142.2 million, compared to $105.6 million last year, with SG&A as a percentage of gross profit improving by 276 basis points year-over-year.
- Management noted $118 million in cash on hand and $75 million of long-term debt paid down since October.

Strategic Initiatives
- Camping World is focusing on used RVs, with management expecting double-digit growth in this segment. CEO Marcus A. Lemonis stated, "the growth, both on the top line and on the bottom line is largely going to come from our recent pivot back into used."
- The company is also targeting a 20% market share of all new and used retail sales, up from 14% in the first quarter. President Matthew D. Wagner set this as a very realistic medium-term goal.
- Management is looking at possible acquisitions or investments for the Good Sam business to support growth, with a focus on capital allocation priorities.

Cost Control and Efficiency
- Camping World has reduced its employee count by 1,000 since January and is continuing to consolidate locations to improve efficiency and profitability.
- The company aims to achieve another $10 million to $15 million in SG&A cost reductions through the remainder of the year, with a goal of improving SG&A as a percentage of gross profit by 600 to 700 basis points.

Market Outlook
- While management maintains guidance for a 10% to 12% year-over-year decline in average selling price (ASP), early signs of ASP improvement were noted in July, with ASPs close to $1,000.
- The company expects to keep its gross margin above 30%, with a focus on leveraging scale and contract manufacturing to drive profitability.

Risks and Concerns
- Camping World faces risks from tariffs and interest rates, but management is confident in its ability to navigate these challenges and capitalize on growth opportunities.
- Management acknowledged potential over-inventory concerns on the used side but indicated they can quickly adjust procurement and marketing to manage inventory levels.

Conclusion
Camping World delivered record quarterly RV sales and finance penetration, while maintaining disciplined cost control and setting new medium-term goals for double-digit used RV growth and 20% total market share. Management's focus on margin expansion, SG&A reductions, and leveraging scale and contract manufacturing positions the company to navigate industry headwinds and capitalize on growth opportunities.

References:
[1] https://seekingalpha.com/news/4474728-camping-world-outlines-path-to-20-percent-market-share-and-double-digit-used-rv-growth-as-sg