Camping World Holdings, the nation’s largest recreational vehicle dealer, reported fourth-quarter 2024 financial results, showing an increase in new and used vehicle sales and a continuation of operational improvements into the first quarter of 2025.
The company sold 22,148 total units in the quarter, reflecting a 9.6% increase compared to the same period in 2023.
Same-store unit sales for both new and used vehicles rose for the second consecutive quarter, signaling potential industry stabilization.
“Our combined new and used same store unit sales grew for the second quarter in a row, with increased revenue, increased gross profit and improved adjusted EBITDA,” Marcus Lemonis, chairman and CEO of Camping World, said in a press release.
“We see green shoots unfolding across the broader RV landscape, supporting our expectation for more stable industry trends throughout 2025,” Lemonis added.
Revenue for the fourth quarter totaled $1.2 billion, up 8.6% from the previous year. New vehicle sales increased by 10.7% to $497.5 million, while used vehicle sales climbed 8.2% to $348.1 million. The company’s gross profit reached $376.9 million, a 9.7% rise over the prior-year quarter.
Same-store sales trends showed positive momentum, with new vehicle unit sales rising 4.5% and used vehicle unit sales increasing 4.0%.
“We are very pleased with our momentum to start 2025,” said Matthew Wagner, president of Camping World. “Our same store used unit trends increased high-teens percentages year-over-year in January, and same store new units increased low-singles, in line with our expectations.”
Camping World’s used vehicle gross margin improved by 368 basis points to 18.7%, attributed to discounting higher-cost used vehicles in the fourth quarter of 2023. However, the new vehicle gross margin declined by 372 basis points to 15.2%, driven by a higher mix of Class B and C motorized units and reduced manufacturer promotional incentives.
The company’s finance and insurance (F&I) segment contributed $17.1 million to the increase in gross profit, aided by higher unit sales and expanded F&I offerings.
Operating expenses increased, with selling, general, and administrative (SG&A) expenses rising 9.1% to $367.8 million. The increase was driven primarily by higher employee compensation costs and additional advertising expenditures.
Despite revenue growth, Camping World reported a net loss of $59.5 million for the quarter, a 25.1% improvement from the previous year.
