Camping World (CWH) Baird 2024 Global Consumer, Technology & Services Conference summary

Business overview and recent performance

• Operates over 200 dealership locations and the Good Sam RV membership club, with 2 million+ members.

• Achieved significant market share gains, reaching over 25% in Q1 2024, up from the historical 15–18% range.

• May 2024 saw 13,100 units sold, the second-highest monthly volume in two years, though at lower ASPs and margins.

• Focused on both the installed base of 11 million RVers and first-time buyers.

• The business is navigating a temporary market soft spot post-COVID surge.

Market share strategy and pricing

• Market share gains driven by data analytics and a focus on customer payment elasticity, not just price.

• Targeted an average selling price (ASP) of $37,500, reaching this goal ahead of schedule in 2024.

• Lower ASPs have boosted volume but compressed margins.

• Margins are expected to improve sequentially in Q2, but remain below desired levels.

Industry outlook and inventory management

• Industry retail sales expected to be down 25,000–27,000 units from last year, with shipments likely around 340,000–350,000.

• Inventory is cleaner than a year ago, but some dealers still hold excess 2022 and 2023 units.

• Plans to keep $150–$200 million in floor plan capacity to acquire used inventory if a glut emerges in late 2024.

• Used business remains strong, though down 15% year-over-year, still the second-best year historically.