The night after Thor Industries released quarterly earnings, CEO Bob Martin made an appearance on CNBC’s “Mad Money” show to discuss the success.
On Tuesday, Thor reported its best quarter in company history.
Martin told CNBC the manufacturer is “pretty much sold out for the next year.”
“You look at our dealers’ inventory, which is virtually none, and a lot of what we had coming in were retails sold,” Martin said. “Customers have already bought them and they put them on order. We have backlogs that are full of retail orders, so those will hit the dealer’s lot and then leave, and so we are still not able to build inventory at our dealer’s lots.”
Martin said the company’s success has not been solely driven by the pandemic, but said the movement since 2020 brought younger buyers into the RV industry.
“Right now, we see this as a long-term trend, and if we get people in at an entry-level price and entry-level product, they grow throughout their lifetime,” he said. “People trade every three to five years, but right now we are seeing it a little bit quicker, and we see this for a long runway.”