Camping World Holdings' Q2 2025: Navigating Contradictions in Pricing Strategies and Growth Expectations

New Unit Pricing Strategy, Used Inventory and Pricing Strategy, Tariff Impact and Pricing Strategy, Growth Expectations for New RV Unit Volume, and Used Inventory Strategy and Gross Margin Improvement are the key contradictions discussed in Camping World Holdings' latest 2025Q2 earnings call.



Record Sales and Market Share:
- Camping World Holdings sold 45,000 units of RVs in Q2 2025, marking a record for the company in a single quarter.
- The company achieved over 14% market share of all new and used RVs registered in North America year-to-date.
- This growth was driven by effective inventory management, strategic pricing, and a focus on customer lifecycle value.

Profitability and SG&A Reduction:
- The company reported adjusted EBITDA of $142.2 million, reflecting improvements in SG&A as a percentage of gross profit, which decreased by 276 basis points year-over-year.
- This reduction was achieved through consolidating underperforming locations and optimizing costs.
- The improvements were despite lower ASPs on new vehicles due to market conditions.

Used Inventory and Revenue Growth:
- Camping World significantly increased its used inventory, purchasing a record number of used RVs in Q2.
- The used inventory increase was part of a strategic pivot back into the used market, driven by strong profitability in previous years.
- The strategy aims to maintain double-digit growth in used revenue despite challenging economic conditions.

ASP Recovery and Margin Expansion:
- Despite a 10% to 12% year-over-year decline in ASPs for new units, the company expects ASPs to rebound in the second half of the year.
- This rebound is driven by a seasonal improvement in pricing and an increase in inventory costs.
- The recovery is essential for Camping World to achieve its goal of improving gross margins by 100 basis points over the next 18 months.