Winnebago President and CEO Mike Happe said the RV retail market showed signs in the spring of rebounding. Through the end of June, however, he said retail sales have not yet rebounded.
In a conference call with analysts, Happe said Winnebago’s shipment levels are closely aligned with retail activity. He said he does not expect dealers to add much to their total inventory levels the rest of the year.
“I think it is apparent to all of you that all of us in the RV industry have been hoping for a stronger 2025 year,” he said, “and that there would be an inflection point from a recovery standpoint at some point during this year. For a variety of reasons, many of them outside of the control of those of us in the industry, that inflection point does not appear to be happening.”
Happe said dealers on average are selling RVs at approximately 1.8 turns annually. He said travel trailers might sell faster than motorhomes, and Winnebago is seeking a two-turn ratio in all its businesses.
Although Winnebago’s motorized shipments are lower, Happe touted the manufacturer’s market share gains in the motorized market.
He said Winnebago gained market share in Type A gas and Type A diesel sales over the past three months, six months and 12 months, leading up to April 30. The company’s Type C motorhome share increased over the past six and 12 months, leading up to April 30.
Grand Design’s motorized market share totaled 1.6% from February 2025 through April 2025. Happe said the achievement was impressive for a young brand.
To accommodate lower shipments during the fiscal third quarter, Happe said Winnebago significantly reduced production. He said motorhomes the manufacturer would have made would have needed higher sales allowances or discounts than Winnebago planned.
“It is taking a higher than historical level of discounting to move product to the market today,” he said. “I think that will likely continue for some time from a competitive standpoint.”
