Camping World’s Q1 2025: Discrepancies in ASPs, Inventory Strategies, and Growth Projections

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New and Used Sales Momentum:
- Camping World Holdings reported a 30% increase in used unit sales for Q1, contributing to a 4% increase in total revenue.
- The growth in used sales is attributed to aggressive inventory procurement and a shift in affordability towards entry-level single axle units.

Cost Reduction and Profitability Improvements:
- The company achieved EBITDA growth of nearly 4x the previous year, despite a softer ASP environment.
- This was driven by decisive actions taken to reduce SG&A and craft preservation, including headcount reductions and marketing cost reductions.

Market Share and Margin Expansion:
- Camping World Holdings reached record levels of combined new and used unit market share, exceeding 14% through February.
- The company's focus on improving profitability and consolidating dealerships has allowed it to outperform competitors and maintain strong market share growth.

Tariff Impact and Strategic Pricing:
- The company anticipates the direct tariff impact on the broader RV industry to be minimal, with new model year '26 pricing expected to increase in the mid-single digits range.
- Camping World is positioned to benefit from the used side of the business and is proactively managing SG&A to mitigate any ASP variability.