Camping World’s 2024 new RV sales have grown over 2023 levels, the dealer chain reported Wednesday.
Camping World Chairman and CEO Marcus Lemonis said the trend began in December, when new vehicle same-store unit growth outpaced December 2022 sales. The change halted a trend of 2023 sales year-over-year not keeping pace with 2022 levels.
The trend continued through January and through Feb. 21. Lemonis reported the dealer chain has fewer than 7,500 new 2023 RVs and close to 80% of inventory as 2024 models.
Lemonis said, “We believe that successful negotiations in year-over-year pricing reductions on like-for-like new units has sparked early demand and new gross margin stabilization.”
Meanwhile, Chief Operating Officer Matt Wagner said new model pricing reductions slowed used RV purchases. He said the short-term pricing maneuver will boost used vehicle volumes and increase margins beginning in the second quarter of 2023.
Wagner said, “Positive demand trends, inventory discipline, strength in our Good Sam segment and the service and parts portion of our business, acquisitions, and cost reductions, give us confidence in delivering unit volume and strong earnings growth in 2024.”
Camping World revealed the news along with fourth-quarter and full-year 2023 financial results. For the year, the dealer chain recorded $6.2 billion in revenue, down 10.6% from 2022 levels. Used RV revenue totaled a record $2 billion, up 5.4% from 2022. Total used RV sales were up 10.7% from 2022 levels to 56,823 RVs.
The company pocketed $50.6 million in profits for the year, down 85.6% from $351 million in 2022 profits.
