Camping World Holdings, Inc. (CWH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Camping World Holdings, Inc. (CWH) emerge como una potencia en el paisaje de recreación al aire libre, transformando la forma en que los estadounidenses experimentan aventuras y viajes. Con un modelo de negocio dinámico que combina sin problemas, el servicio, el servicio y las soluciones de estilo de vida, esta compañía ha revolucionado el mercado de vehículos recreativos al ofrecer un ecosistema integral para entusiastas y viajeros. Desde vehículos recreativos de vanguardia hasta opciones de financiamiento innovadoras y servicios de mantenimiento de expertos, CWH se ha posicionado estratégicamente como el último destino para aquellos que buscan libertad, movilidad y experiencias inolvidables al aire libre.

Camping World Holdings, Inc. (CWH) - Modelo de negocios: asociaciones clave

Fabricantes de vehículos recreativos, remolques y vehículos de recreación al aire libre

Camping World mantiene asociaciones estratégicas con fabricantes de vehículos recreativos clave:

Fabricante	Detalles de la asociación	Volumen de suministro anual
Industrias Thor	Proveedor de RV primario	Aproximadamente 45,000 unidades anualmente
Winnebago Industries	Socio del fabricante de RV secundario	Alrededor de 15,000 unidades anualmente
Río bosque	Proveedor complementario de RV	Aproximadamente 20,000 unidades anualmente

Equipo de campamento y proveedores accesorios

El equipo clave y las asociaciones de accesorios incluyen:

• Coleman Company - proveedor de equipos al aire libre
• Dometic Group: electrodomésticos y accesorios para vehículos recreativos
• Garmin - Equipo de navegación y tecnología al aire libre
• Yeti Coolers - Accesorios al aire libre premium

Servicios financieros y proveedores de seguros

Camping World colabora con instituciones financieras:

Socio financiero	Servicio proporcionado	Volumen de financiamiento anual
Sincronía financiera	Financiación de RV y equipos	$ 1.2 mil millones en préstamos anuales
Good Sam Financial	Seguro especializado para vehículos recreativos	Más de 500,000 titulares de políticas

Redes de concesionario y socios de franquicias

Detalles de la red de concesionario extensas:

• Ubicaciones totales de concesionario: 173 a partir de 2023
• Cobertura geográfica: 42 estados
• Membresía de Good Sam Club: más de 2 millones de miembros

Proveedores de tecnología digital y plataforma de comercio electrónico

Ecosistema de asociación tecnológica:

Socio tecnológico	Servicio	Ingresos digitales anuales
Shop	Plataforma de comercio electrónico	$ 125 millones de ventas en línea
Google Cloud	Infraestructura en la nube	$ 8,5 millones de inversión anual

Camping World Holdings, Inc. (CWH) - Modelo de negocio: actividades clave

Ventas de equipos para llevar y equipos para exteriores

A partir del tercer trimestre de 2023, Camping World reportó $ 1.63 mil millones en ingresos totales. La compañía opera 185 ubicaciones minoristas en 41 estados. El desglose de ventas incluye:

Categoría de productos	Ingresos anuales (2022)
Nuevas ventas de RV	$ 1.05 mil millones
Ventas de RV usadas	$ 612 millones
Equipo al aire libre	$ 380 millones

Servicio y mantenimiento de vehículos recreativos

Camping World opera 185 centros de servicio con aproximadamente 1,200 bahías de servicio. Las métricas de servicio clave incluyen:

• Ingresos de servicio anuales: $ 436 millones
• Valor promedio de boletos de servicio: $ 687
• Técnicos de servicio: más de 1.500 profesionales certificados

Operaciones minoristas en línea y en la tienda

Rendimiento del canal de ventas digitales:

Métrica de ventas en línea	Valor 2022
Ingresos por comercio electrónico	$ 492 millones
Tráfico en línea	45.6 millones de visitas al sitio web
Usuarios de aplicaciones móviles	1.2 millones de usuarios activos

Servicios de financiamiento y seguros del cliente

Rendimiento del segmento de servicios financieros:

• Cartera de préstamos totales: $ 2.9 mil millones
• Monto promedio del préstamo: $ 38,500
• Políticas de seguro escritas: 127,000 anuales

Gestión de marketing y experiencia del cliente

Métricas de marketing y compromiso del cliente:

Métrico de marketing	Rendimiento 2022
Gasto de marketing	$ 124 millones
Miembros del programa de fidelización del cliente	1.8 millones
Seguidores de redes sociales	2.3 millones

Camping World Holdings, Inc. (CWH) - Modelo de negocios: recursos clave

Concesionario extenso y red minorista

A partir del tercer trimestre de 2023, Camping World opera 182 ubicaciones minoristas en los Estados Unidos. La compañía mantiene una huella nacional con un tamaño de tienda promedio de aproximadamente 25,000 pies cuadrados.

Métrico	Valor
Ubicaciones minoristas totales	182
Tamaño promedio de la tienda	25,000 pies cuadrados
Cobertura geográfica	50 estados de EE. UU.

Gran inventario de vehículos recreativos y equipos de campamento

Camping World mantiene un inventario sustancial valorado en $ 1.2 mil millones a partir del tercer trimestre de 2023. El inventario incluye:

• Nuevos RV en múltiples marcas y tipos
• RVS usados
• Accesorios para acampar
• Equipo de recreación al aire libre

Infraestructura digital y de comercio electrónico

La plataforma digital de la compañía genera aproximadamente $ 500 millones en ventas en línea anuales. Los activos digitales clave incluyen:

• Sitio web integral de comercio electrónico
• Aplicación móvil
• Sistema de gestión de inventario digital

Técnicos calificados de ventas y servicios

Camping World emplea a aproximadamente 8,700 empleados en total, con técnicos de servicio dedicados especializados en mantenimiento y reparación de vehículos recreativos.

Categoría de empleado	Número
Total de empleados	8,700
Técnicos de servicio	Aproximadamente 2.500

Reputación de marca en el mercado de recreación al aire libre

Camping World tiene un Cuota de mercado líder del 20% en el segmento minorista de RV. La membresía de Good Sam Club de la compañía supera los 2 millones de miembros activos, proporcionando una sólida plataforma de lealtad del cliente.

Métrico de marca	Valor
Cuota de mercado minorista de RV	20%
Good Sam Club Miembros	2,000,000+

Camping World Holdings, Inc. (CWH) - Modelo de negocio: propuestas de valor

Exparación única para RV y necesidades de recreación al aire libre

A partir del cuarto trimestre de 2023, Camping World Holdings opera 182 ubicaciones minoristas en 41 estados. La compañía ofrece una gama integral de productos con ingresos anuales de $ 6.65 mil millones en 2022.

Categoría de productos	Volumen de ventas anual
Vehículos recreativos	107,000 unidades vendidas en 2022
Piezas del mercado de accesorios	$ 1.2 mil millones en ventas anuales
Accesorios	$ 850 millones en ventas anuales

Gama integral de vehículos recreativos nuevos y utilizados

Camping World ofrece múltiples categorías de vehículos:

• Autocaravanas de clase A
• Motorhomes de clase B
• Autocaravanas de clase C
• Remolques de viaje
• Remolques de quinta rueda
• Transportista de juguetes

Opciones de financiamiento flexible y seguro

A través de Good Sam Finance, la compañía proporciona:

Métrico de financiamiento	Datos 2022
Cartera de préstamos totales	$ 2.3 mil millones
Monto promedio del préstamo	$45,000
Tasa de aprobación del préstamo	68%

Servicio de expertos y soporte de mantenimiento

Camping World mantiene 171 centros de servicio a nivel nacional con:

• Más de 1.200 técnicos certificados
• Valor de boletos de servicio promedio de $ 850
• Asistencia en la carretera 24/7 para los miembros

Experiencia del cliente centrada en el estilo de la comunidad y el estilo de vida

Good Sam Club Estadísticas de membresía:

Métrico de membresía	Datos 2022
Totales miembros	2.1 millones
Tarifa anual de membresía	$29
Tasa de renovación	73%

Camping World Holdings, Inc. (CWH) - Modelo de negocios: relaciones con los clientes

Soporte personalizado de ventas y servicios

A partir de 2024, Camping World mantiene 182 ubicaciones minoristas en los Estados Unidos. La compañía emplea a aproximadamente 17.500 miembros del equipo dedicados a interacciones personalizadas de los clientes.

Canal de servicio	Interacciones anuales del cliente	Tiempo de respuesta promedio
Soporte en la tienda	1.2 millones	15 minutos
Soporte telefónico	850,000	8 minutos
Soporte en línea	1.5 millones	4 horas

Programas de fidelización y beneficios de membresía

El Programa de Membresía del Good Sam Club tiene 2.1 millones de miembros activos a partir de 2024.

• Tarifa anual de membresía: $ 29
• Rango de descuento de membresía: 5-10% en productos y servicios
• Ingresos totales de membresía: $ 61.3 millones en 2023

Plataformas de participación de clientes digitales

Las plataformas digitales de Camping World incluyen:

Plataforma	Usuarios activos mensuales	Transacciones por mes
Aplicación móvil	425,000	185,000
Sitio web de comercio electrónico	1.1 millones	350,000

Comunicación regular

Métricas de comunicación para 2024:

• Boletines de correo electrónico mensuales: 2.8 millones de suscriptores
• Presupuesto anual de marketing digital: $ 22.7 millones
• Seguidores de redes sociales: 1.6 millones en todas las plataformas

Servicio postventa y soporte técnico

Soporte técnico y estadísticas del centro de servicio:

Categoría de servicio	Volumen de servicio anual	Costo de servicio promedio
Reparaciones de RV	95,000 unidades	$ 1,250 por unidad
Llamadas de soporte técnico	420,000	$ 45 por interacción

Camping World Holdings, Inc. (CWH) - Modelo de negocios: canales

Concesionario físico y ubicaciones minoristas

A partir de 2023, Camping World opera 182 ubicaciones minoristas en 40 estados en los Estados Unidos. La compañía mantiene una red nacional de concesionarios especializados en vehículos recreativos, equipos de campamento y vehículos recreativos al aire libre.

Tipo de ubicación	Número de ubicaciones	Cobertura geográfica
Concesionarios minoristas	182	40 estados de EE. UU.
Centros de servicio	127	A escala nacional

Plataforma de comercio electrónico en línea

El canal de ventas digitales de Camping World generó $ 1.2 mil millones en ingresos en línea en 2022, lo que representa el 35% de las ventas totales de la compañía.

Métrica de ventas en línea	Rendimiento 2022
Ingresos en línea	$ 1.2 mil millones
Porcentaje de ventas totales	35%

Aplicación móvil para ventas y servicio

La aplicación Mobile Camping World es compatible:

• Navegación de inventario en tiempo real
• Compras en línea
• Programación de servicios
• Solicitudes de asistencia en la carretera

Ventas telefónicas y atención al cliente

La compañía mantiene un centro centralizado de atención al cliente que maneja aproximadamente 500,000 interacciones de clientes anualmente.

Canal de soporte	Volumen anual
Interacciones de atención al cliente	500,000
Tiempo de resolución de llamadas promedio	12 minutos

Redes sociales y canales de marketing digital

El alcance de marketing digital del mundo del campamento incluye:

• Facebook: 1.2 millones de seguidores
• Instagram: 450,000 seguidores
• YouTube: 180,000 suscriptores
• Presupuesto de publicidad digital: $ 22 millones en 2022

Camping World Holdings, Inc. (CWH) - Modelo de negocios: segmentos de clientes

Entusiastas de los vehículos recreativos y consumidores de recreación al aire libre

A partir del cuarto trimestre de 2023, Camping World atiende a aproximadamente 1.8 millones de clientes activos de RV. La base de clientes de la empresa incluye:

• Estimados de 11.2 millones de hogares propietarios de RV en los Estados Unidos
• Ingresos familiares anuales promedio de propietarios de vehículos recreativos: $ 68,500
• Distribución de edad de los propietarios de vehículos recreativos

Grupo de edad	Porcentaje
18-34	22%
35-54	38%
55-74	35%
75+	5%

Familias y viajeros de fin de semana

Los segmentos del mercado objetivo incluyen:

• Familias con ingresos familiares anuales promedio de $ 85,000
• Los viajeros de fin de semana que representan el 42% del mercado de RV
• Costo promedio de alquiler de RV: $ 150- $ 250 por noche

Campers retirados y de estilo de vida

Características demográficas clave:

• Aproximadamente 10.5 millones de propietarios de RV retirados
• Edad de jubilación promedio para compradores de RV: 55-65 años
• Precio promedio de compra de RV para jubilados: $ 45,000- $ 75,000

Atrenadas y entusiastas del deporte al aire libre

Característica de segmento	Datos estadísticos
Participantes de recreación al aire libre total	168.1 millones de estadounidenses
Gasto anual de recreación al aire libre	$ 689.4 mil millones
Tamaño del mercado de viajes de aventura	$ 683.5 mil millones

Usuarios comerciales y profesionales

Detalles del segmento de clientes comerciales:

• Mercado de RV comercial total: $ 12.3 mil millones
• Tamaño de la flota comercial servida: más de 3,500 empresas
• Valor de compra de RV comercial anual promedio: $ 85,000- $ 250,000

Camping World Holdings, Inc. (CWH) - Modelo de negocio: Estructura de costos

Adquisición y gestión de inventario

Camping World gastó $ 2.46 mil millones en inventario en 2022. La compañía mantiene una relación de facturación de inventario de 4.5x. Los costos de retención de inventario anual representan aproximadamente el 12-15% del valor total de inventario.

Categoría de inventario	Costo anual	Porcentaje del inventario total
Inventario de RV	$ 1.8 mil millones	73%
Accesorios y piezas	$ 450 millones	18%
Equipo para acampar	$ 210 millones	9%

Operaciones de concesionario y ubicación minorista

Los gastos operativos para 363 ubicaciones minoristas totalizaron $ 567 millones en 2022. El costo promedio por ubicación es de aproximadamente $ 1.56 millones anuales.

• Gastos de alquiler y arrendamiento: $ 132 millones
• Utilidades y mantenimiento: $ 45 millones
• Costos operativos específicos de ubicación: $ 390 millones

Marketing y adquisición de clientes

El gasto de marketing en 2022 fue de $ 186 millones, lo que representa el 4.2% de los ingresos totales. El costo de adquisición de clientes promedia $ 275 por nuevo cliente.

Canal de marketing	Gastar	Porcentaje del presupuesto de marketing
Marketing digital	$ 82 millones	44%
Publicidad tradicional	$ 64 millones	34%
Marketing de eventos	$ 40 millones	22%

Salarios y capacitación de los empleados

La compensación total de los empleados en 2022 fue de $ 422 millones. El salario anual promedio por empleado es de $ 58,500.

• Compensación del personal de ventas: $ 189 millones
• Compensación del personal administrativo: $ 112 millones
• Compensación del técnico de servicio: $ 94 millones
• Capacitación y desarrollo: $ 27 millones

Tecnología y mantenimiento de infraestructura digital

La inversión en tecnología totalizó $ 43 millones en 2022, con costos de mantenimiento continuos de $ 12.5 millones anuales.

Categoría de tecnología	Inversión anual
Plataforma de comercio electrónico	$ 15 millones
Sistemas de gestión de clientes	$ 9 millones
Red e infraestructura	$ 19 millones

Camping World Holdings, Inc. (CWH) - Modelo de negocios: flujos de ingresos

Nuevas ventas de RV y remolques

Para el año fiscal 2022, Camping World reportó nuevos ingresos por ventas de RV de $ 5.9 mil millones.

Segmento RV	2022 Ingresos
RV rollos	$ 3.4 mil millones
RV motorizados	$ 2.5 mil millones

Ventas de RV usadas

Las ventas de RV usadas generaron $ 1.2 mil millones en ingresos para Camping World en 2022.

Tarifas de servicio y mantenimiento

Los ingresos por servicio y mantenimiento totalizaron $ 785 millones en 2022.

• Valor promedio de boletos de servicio: $ 487
• Centros de servicio totales: 172
• Técnicos de servicio empleados: 1.800

Ventas de piezas y accesorios

Las ventas de piezas y accesorios alcanzaron $ 925 millones en 2022.

Categoría de productos	2022 Ingresos
Piezas de RV	$ 612 millones
Accesorios para acampar	$ 313 millones

Comisiones de financiamiento y seguros

Las comisiones de financiamiento y seguros generaron $ 345 millones en 2022.

• Comisión de financiamiento promedio por unidad: $ 1,250
• Productos de seguro ofrecidos: 7 planes diferentes
• Unidades de RV totales financiadas: 276,000

Camping World Holdings, Inc. (CWH) - Canvas Business Model: Value Propositions

You're looking at how this company delivers value to its customers as of late 2025. It's all about scale, affordability, and wrapping everything up into one place for the RV owner.

The sheer size of the operation is a core proposition. You are looking at the World's Largest Recreational Vehicle Dealer, and that scale translates directly into market presence. Year-to-date through the third quarter of 2025, the company achieved a record 13.5% market share of new and used units combined. That's an over 200 basis point improvement year-over-year.

Affordability is a major driver right now, and the numbers show a clear pivot to meet that consumer need. The used unit segment is booming because of this focus. In the third quarter of 2025, used vehicle unit sales hit 18,694 units, which was a 32.9% surge year-over-year. Same store used vehicle unit sales were even stronger, increasing 33.4% for that quarter.

This isn't just about selling a vehicle; it's about the whole RV lifestyle. That comprehensive ecosystem supports the customer long after the sale. This includes sales, service, parts, and crucial financial products like insurance and protection plans through the Good Sam organization. The service and parts side, categorized as Products, Service and Other, generated $208.6 million in revenue in Q3 2025.

The delivery method is a blend of the physical and digital worlds. You see this in their network of physical SuperCenters combined with a comprehensive e-commerce platform designed to create a cohesive experience. As of September 30, 2025, the company operated 197 total store locations.

Where the real margin strength lies is in the high-margin add-ons. Finance and Insurance (F&I) and the service/parts business carry better profitability than the vehicle sales themselves. In Q3 2025, the gross margin for Products, Service and Other was 45.2%. Furthermore, F&I gross profit saw an increase of $12.0 million in that same quarter, largely from increased unit sales and new offerings.

Here's a quick look at how these value drivers stacked up in the third quarter of 2025:

Value Proposition Element	Key Metric	Q3 2025 Value
Market Leadership	Combined Market Share (Year-to-Date)	13.5%
Affordability/Used Focus	Used Vehicle Unit Sales Growth (YoY)	32.9%
Ecosystem Strength	Products, Service & Other Gross Margin	45.2%
Sales Volume	Combined New & Used Unit Sales	38,980 units
F&I Contribution	F&I Gross Profit Increase (YoY)	$12.0 million

The value proposition is reinforced by the operational structure supporting it:

• The Coleman brand of travel trailers was the number one selling travel trailer by unit volume year-to-date through March 2025.
• The company is actively managing its footprint, having reduced store locations by 4.8% (a net decrease of 10 locations) from September 30, 2024, to September 30, 2025.
• The focus on used inventory meant labor was shifted toward used reconditioning, leading to a 7.2% decrease in Products, Service and Other revenue to $208.6 million.
• New vehicle unit sales for Q3 2025 were 20,286 units, up 1.7% year-over-year.

Finance is definitely a key part of the offering, with F&I revenue contributing 100.0% gross margin.

Camping World Holdings, Inc. (CWH) - Canvas Business Model: Customer Relationships

You're looking at how Camping World Holdings, Inc. keeps customers engaged after the initial sale, which is defintely where the long-term value is built in this industry. The relationship strategy hinges on a multi-faceted ecosystem designed to support the entire RV ownership journey.

Good Sam membership model for recurring revenue and loyalty

The Good Sam organization acts as the core loyalty engine, connecting with customers through specialized services and plans. This model is designed to generate recurring revenue streams that provide a financial differentiator for Camping World Holdings, Inc. The structure includes offerings like roadside assistance, protection plans, and insurance. While the specific recurring revenue amount isn't in the latest filings, the profitability of this segment is a key focus area, as management noted plans to explore opportunities in the Good Sam business expansion. The gross margin performance of this segment shows its inherent value, though it can be volatile based on claims activity.

Here's a look at the gross margin performance for the service-related segments in the first half of 2025:

Segment	Period End Date	Gross Margin
Good Sam Services and Plans	June 30, 2025	59.5%
Products, Service and Other	September 30, 2025	45.2%

It's important to note that the Good Sam gross margin saw a significant drop in Q2 2025, falling 777 basis points to 59.5%, primarily due to higher roadside assistance claim costs. Also, the company introduced a free basic plan in November 2023, which limits participation in the loyalty point program.

Dedicated service and maintenance support post-sale

Post-sale support is operationalized through a vast network of service centers. The Products, Service and Other revenue stream reflects the direct financial contribution of this support. For the third quarter ended September 30, 2025, this revenue component totaled $208.6 million, representing a 7.2% decrease year-over-year. This decrease was attributed to an increased allocation of labor hours toward used vehicle reconditioning rather than customer-pay work, showing a strategic shift in labor deployment based on sales volume priorities. Still, the gross margin on these offerings remained quite strong at 45.2% in Q3 2025, up 124 basis points, driven by higher labor billing rates and better inventory management.

The company's commitment to service is also seen in its operational focus:

• The company sold a record 45,000 RV units in Q2 2025.
• The total number of store locations as of September 30, 2025, was 197.
• The company operates RV sales and service locations in 44 states.

Personalized, brand-specific dealership formats for a tailored experience

Camping World Holdings, Inc. maintains a national footprint to deliver a localized, tailored experience. The strategy involves combining a unique assortment of products and services with a national network of RV dealerships and service centers. The company has been actively managing this footprint for efficiency; the total number of store locations decreased by 14, or 6.5%, from June 30, 2024, to 201 as of June 30, 2025, which included the consolidation of 16 locations to improve cost efficiency across the remaining sites. This suggests a move toward optimized, perhaps more specialized, formats rather than sheer scale.

Digital engagement through online platforms and targeted marketing

Digital engagement is critical, as the company boasts the industry's most extensive online presence. This digital infrastructure supports the entire customer journey. The focus on used vehicles, which saw unit sales jump 32.9% in Q3 2025 to 18,694 units, is heavily reliant on digital reach and targeted marketing to connect with consumers focused on affordability. The company's ability to drive a 14.6% increase in combined new and used vehicle unit sales in Q3 2025 suggests effective digital outreach is supporting transaction volume across the business.

Camping World Holdings, Inc. (CWH) - Canvas Business Model: Channels

The physical distribution network for Camping World Holdings, Inc. consisted of a national network of 197 physical dealership locations as of September 30, 2025.

The company maintains an extensive online presence and e-commerce platform to support sales and service. Revenue for the trailing twelve months (TTM) ending in late 2025 was reported as $6.40 Billion USD. For the second quarter of 2025, Camping World Holdings, Inc. reported revenue of $1.98 billion. The third quarter of 2025 saw revenue reach $1.8 billion.

The company's sales performance across its channels for recent quarters is detailed below:

Metric	Period Ending	Value
Total Revenue	Q3 2025	$1.8 billion
Total Revenue	Q2 2025	$1.98 billion
Total Revenue (TTM)	Late 2025	$6.40 Billion USD
New Vehicle Unit Sales	Q3 2025	20,286 units
Used Vehicle Unit Sales	Q3 2025	18,694 units
Combined New and Used Unit Sales	Q2 2025	45,000 units

Good Sam direct-to-consumer channels are a core part of the business, operating as the Good Sam Services and Plans segment. This segment provides a portfolio of services including:

• Extended vehicle service contracts.
• Vehicle roadside assistance plans.
• Property and casualty insurance.
• Travel protection, travel planning, and directories.
• Operation of Coast to Coast Resorts and Good Sam Campgrounds.

Finance and Insurance (F&I) operations within the dealerships contributed to strong financial results, with the company reporting robust performance in finance and insurance during the second quarter of 2025.

Camping World Holdings, Inc. (CWH) - Canvas Business Model: Customer Segments

You're analyzing the core customer base for Camping World Holdings, Inc. as of late 2025. The business model clearly targets distinct groups across the RV ownership lifecycle, which is reflected in their recent performance metrics.

Value-focused RV buyers who prioritize affordability and used units

This segment is clearly driving significant volume growth in the current economic climate. Consumers focused on affordability are turning to used units, which Camping World Holdings, Inc. positions as a compelling value proposition. The results from the third quarter ended September 30, 2025, show this trend clearly.

Used vehicle revenue surged by 31.7% to $589.1 million for the third quarter of 2025. Furthermore, used vehicle unit sales increased by 32.9%, reaching 18,694 units in that same quarter. Same store used vehicle unit sales saw an increase of 33.4% in Q3 2025. This focus helped the company achieve a record year-to-date market share of 13.5% of new and used units as of September 30, 2025.

Here's a quick look at the vehicle sales performance driving this segment:

Metric (Q3 2025)	New Vehicle Data	Used Vehicle Data
Revenue	$766.8 million	$589.1 million
Unit Sales	20,286 units	18,694 units
Year-over-Year Revenue Change	Decrease of 7.0%	Increase of 31.7%
Gross Margin	12.7%	18.3%

The used vehicle gross margin was reported at 18.6% for Q1 2025, reflecting continued year-over-year improvement.

Established RV enthusiasts seeking parts, service, and Good Sam benefits

For those already invested in the RV lifestyle, Camping World Holdings, Inc. relies heavily on its recurring revenue businesses, particularly the Good Sam segment. This group values the protection, support, and community aspects of the brand. The company explicitly states it relies on its 'Good Sam businesses as our financial performance differentiator.'

The Good Sam Services and Plans segment provides a portfolio of services, including extended vehicle service contracts, vehicle roadside assistance, and property and casualty insurance programs. Membership tiers offer different levels of engagement:

• Good Sam Standard Membership price is listed at $39 for a single year term.
• Good Sam Elite Membership is listed at $99 (regularly $149).
• Elite members earn 5% back in points on qualifying purchases at Camping World & Overton's.

The Products, Service and Other revenue for Q3 2025 was $208.6 million, with a gross margin of 45.2%, showing the profitability of these fixed operations, even with a 7.2% decrease in revenue due to labor shifts toward used reconditioning.

First-time buyers entering the RV lifestyle

First-time buyers are inherently more price-sensitive, making them a natural fit for the value proposition emphasized in the used vehicle strategy. While specific unit volume data for first-time buyers isn't broken out, their entry is supported by the overall focus on affordability. The management team expects continued progress in 2026, driven by used vehicle unit volume, suggesting this entry-level customer remains a key focus area.

Customers seeking specialized financing and insurance products

This customer group interacts with Camping World Holdings, Inc. through its Finance and Insurance (F&I) offerings, which are a crucial component of the RV and Outdoor Retail segment. The success of these offerings directly impacts profitability.

The increase in F&I gross profit was substantial, rising by $12.0 million in Q3 2025. This rise was largely attributed to the 14.6% increase in combined new and used vehicle unit sales, indicating that a higher attachment rate or increased penetration of F&I products occurred alongside vehicle transactions. The Good Sam segment also supports this by offering vehicle financing and refinancing assistance.

Finance and Insurance is a key driver of gross profit, as shown by the $12.0 million increase in Q3 2025 F&I gross profit.

Finance: draft 13-week cash view by Friday.

Camping World Holdings, Inc. (CWH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Camping World Holdings, Inc. as of late 2025. This structure is heavily weighted toward the cost of the product-the RVs-and the overhead required to support a massive retail footprint.

High Cost of Goods Sold (COGS) for new and used RV inventory

The Cost of Goods Sold (COGS) is the single largest cost component, directly tied to the revenue generated from vehicle sales. For the third quarter ended September 30, 2025, total revenue was reported at over $1.8 billion. The gross profit for that quarter was $517.0 million, resulting in a total gross margin of 28.6%. This implies a COGS of approximately $1.283 billion for the quarter.

The cost structure is heavily influenced by the mix of new versus used sales, as margins differ significantly. New vehicle revenue for Q3 2025 was $766.8 million, with a gross margin of only 12.7%. Conversely, used vehicle revenue was $589.1 million, with a used gross margin held at 18.3% in Q3 2025. Management anticipates that for 2026, new RV gross margins will stabilize in the 13% to 14% range, while used RV margins are targeted between 18% to 20%. To be fair, the high volume in used units, which saw a 32.9% unit sales increase in Q3 2025, helps offset the lower margin on new vehicles.

Selling, General, and Administrative (SG&A) expenses

SG&A represents the operational overhead, which Camping World Holdings, Inc. has been actively managing. For the third quarter of 2025, reported SG&A was $411.0 million, a slight decrease of 0.8% year-over-year. The SG&A excluding stock-based compensation (SBC) for Q3 2025 was $403.4 million. This expense line benefited from a $10.8 million decrease in employee cash compensation (excluding commissions) and a $5.1 million reduction in advertising expenses. The company has been focused on structural cost improvements; earlier in 2025, management noted a goal to improve SG&A as a percentage of gross profit by 600-700 basis points compared to the prior year baseline. Furthermore, management identified an additional $15 million in cost takeout opportunities for the upcoming year through technology and AI implementation.

Here's a look at the recent quarterly SG&A performance:

Period Ending	SG&A Expense (Millions USD)	SG&A Excluding SBC (Millions USD)
September 30, 2025 (Q3)	$411.0	$403.4
June 30, 2025 (Q2)	$437.5	$429.1
March 31, 2025 (Q1)	$387.4	$380.3

Floorplan interest expense on vehicle inventory

Financing the substantial vehicle inventory requires significant interest expense, primarily through floorplan financing. This cost is sensitive to prevailing interest rates. For Q3 2025, floorplan interest expense was $18.1 million, marking a 19.3% decrease from the prior year, largely due to lower average interest rates. This follows a $21.0 million expense in Q2 2025. Other interest expense, net, which includes non-floorplan debt costs, was $31.0 million in Q3 2025, also down 13.6%. Management expects continued benefit from the passage of the One Big Beautiful Bill Act, estimating annual cash tax savings of $15 million to $20 million in 2025 from the immediate deductibility of floorplan interest on certain vehicles.

Real estate and operating costs for the 197 store footprint

The physical footprint is a fixed cost anchor. As of September 30, 2025, Camping World Holdings, Inc. operated 197 store locations, which was a net decrease of 10 locations, or 4.8%, from the prior year. This reduction included the consolidation of 15 store locations during Q3 2025 specifically to improve the overall cost efficiency of the remaining network. The company holds significant unencumbered assets that offset some fixed costs; specifically, they reported nearly $260 million of real estate without an associated mortgage as of the Q3 2025 earnings release. The consolidation efforts reflect a strategy to surgically manage fixed costs to improve per-rooftop productivity.

Key asset and location metrics:

• Total Store Locations (as of Sept 30, 2025): 197
• Store Consolidations in Q3 2025: 15
• Unencumbered Real Estate Value: Nearly $260 million
• Used Inventory Owned Outright: $427 million (as of Sept 30, 2025)

Finance: draft 13-week cash view by Friday.

Camping World Holdings, Inc. (CWH) - Canvas Business Model: Revenue Streams

Camping World Holdings, Inc.'s revenue streams are heavily weighted toward vehicle sales, but the high-margin service and finance segments are critical differentiators.

The core vehicle sales are broken down by the condition of the Recreational Vehicle (RV) unit, with used units showing significant year-over-year growth in Q3 2025.

Revenue Category	Q3 2025 Revenue Amount
Used RV sales	$589.1 million
New RV sales	$766.8 million
Products, service, and other revenue	$208.6 million

The total combined new and used vehicle unit sales for the third quarter of 2025 reached 38,980 units, an increase of 14.6% year-over-year.

Finance and Insurance (F&I) is a crucial, high-margin component of the revenue mix. For the third quarter of 2025, Finance and Insurance net revenue was $178.3 million, which was a year-over-year increase of 7.2%. This F&I strength contributed $12.0 million in increased gross profit compared to the prior year period.

Here's the quick math on the per-unit F&I revenue based on Q3 2025 unit volume:

• Finance and Insurance net revenue (Q3 2025): $178.3 million
• Combined new and used unit sales (Q3 2025): 38,980 units
• Average F&I net revenue per vehicle (Calculated): Approximately $4,574 per vehicle

The Good Sam business is positioned as a financial performance differentiator for Camping World Holdings, Inc. While specific Q3 2025 membership fee and extended service contract revenue is not explicitly itemized separately from the Products, service, and other revenue line, management noted an expected headwind for Q4 2025.

The company expects the fourth quarter of 2025 to lap prior-year benefits, including an estimated $4 million to $5 million in Good Sam loyalty breakage.

Camping World Holdings, Inc. relies on these diversified streams, emphasizing that:

• Used RV sales momentum is a key driver, with unit sales up 32.9% in Q3 2025.
• The Good Sam organization and family of services provide stability throughout any cycle.
• F&I net revenue contributes 100.0% gross margin, helping to offset mix pressure from lower new Average Selling Prices (ASPs).