Lazydays CEO Says Demand Still Outpacing Supply

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RVIA’s monthly RV wholesale shipment reports indicate manufacturers have delivered record RV amounts each of the past six months.

Lazydays CEO Bill Murnane told analysts on a conference call it still is not enough.

RVIA reported wholesale shipments reached 51,813 units in April, the most in any April in industry history. In March, RVIA reported wholesale shipments totaling 54,291 units, the most in any month in industry history.

Still, Murnane said Lazydays’ 13 dealerships reported inventory decreases in the past two months.

“In Q1 it decreased over Q4, and it has decreased in the last couple of months,” Murnance said of inventory. “So that would indicate that demand is stronger than shipments in right now. We are not seeing our pending really come down at this point. So we are selling it as fast as they can ship it in, and it appears we are selling it a little faster than they can get it.”

Lazydays scheduled the call to discuss a Securities and Exchange Commission decision requiring the company to restate historical financial records. The work will delay current financial quarter reporting.

The dealership conglomerate discussed results to date, describing information as preliminary and subject to change. Overall first-quarter revenues rose 42% from 2020’s first quarter. New RV unit sales rose 55.4%, used RV unit sales rose 2.2% and F&I revenue rose 29.6%.

Murnane said margins rose in the quarter. April was among Lazydays’ strongest months in history, he said, and May looks to be as strong.

“We expect this strong demand to continue in the foreseeable future,” he said.

Inventory is well below historical levels, he said, despite manufacturing production improving and expecting to improve throughout 2021.

“We do not expect our inventory levels to improve much, if at all, unit later this year after the summer season begins to wind down,” he said. “We believe that dealer inventories will not normalize until the second half of 2022 at the earliest.”

Murnane also said mergers and acquisition work continues. The company expects to field 20 fully operational dealerships by 2022’s end.

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