Camping World Holdings, Inc. (CWH): Business Model Canvas [Dec-2025 Updated]

You're digging into the latest strategy for CWH and trying to figure out how they're making money when the new RV market feels soft. Honestly, after two decades watching these cycles, the real play here is the deliberate shift I see: they are aggressively leaning into high-margin used RV sales-which saw a 32.9% surge in Q3 2025-while simultaneously building a moat with the Good Sam membership base for sticky, recurring service and F&I income. That focus is what's pushing their overall gross margin toward 45.2% on their high-value offerings. Below, I've broken down the entire nine-block Business Model Canvas so you can see precisely how CWH is structuring its operations to capture that profitability right now.

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

The operational strength of Camping World Holdings, Inc. relies heavily on deep, established relationships across the supply, finance, and service ecosystems. These alliances are critical for maintaining inventory flow and maximizing high-margin service revenue.

Major RV Manufacturers form the backbone of the new vehicle supply chain. Camping World Holdings, Inc. actively expands relationships with leading Original Equipment Manufacturers (OEMs) like Thor Industries, Forest River, and Winnebago. This partnership structure is supported by significant capital access, evidenced by the February 2025 amended RV Inventory Floor Plan Facility, which provides an aggregate committed borrowing capacity of $2.150 billion.

Financing and insurance partnerships are channeled primarily through the Good Sam Services and Plans segment. This segment includes commissions on property and casualty insurance programs and vehicle financing assistance. The success of these offerings is visible in the financial results; Finance and Insurance, net (F&I) gross profit increased by $22.2 million in the second quarter of 2025 and by $12.0 million in the third quarter of 2025, largely driven by increased unit sales volume.

The relationships with financial institutions leading the inventory financing are long-standing. The RV Inventory Floor Plan Facility is led by Bank of America and J.P. Morgan, demonstrating confidence from major lenders in Camping World Holdings, Inc.'s balance sheet and inventory management rigor.

The Good Sam organization acts as a key partner in customer retention through specialized services. The segment's activity shows unit counts of 21,947 in the second quarter of 2025 and 22,772 in the third quarter of 2025 for Good Sam Services and Plans.

Proprietary brand success is a direct result of strong supplier alignment and product strategy. The Coleman brand of travel trailers achieved the #1 selling spot by unit volume in the U.S. year-to-date through March 2025. This focus on high-volume, potentially private-label or exclusive inventory is a core differentiator.

Camping World Holdings, Inc. integrates various service and product suppliers to support its retail operations. The company's structure includes the RV and Outdoor Retail segment, which covers parts and accessories, and business-to-business distribution of items like RV furniture.

The strategic focus on data and efficiency suggests technology partnerships are in place, though specific vendor names and associated financial metrics are not publicly detailed in the latest reports. The overall operational strategy leverages sophisticated data analytics.

• OEM Partners Supported by Floor Plan Facility: Thor Industries, Forest River, Winnebago.
• Financing Facility Leaders: Bank of America, J.P. Morgan.
• Proprietary Brand Performance: Coleman travel trailers were the #1 selling by unit volume YTD March 2025.
• F&I Gross Profit Growth: Increased by $22.2 million in Q2 2025 and $12.0 million in Q3 2025.

The company's commitment to operational efficiency is also reflected in structural changes, including headcount reductions of over 900 and consolidation of 16 locations as of the second quarter of 2025. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Camping World Holdings, Inc.'s performance as of late 2025. The key activities are all about moving metal, servicing what's already on the road, and building the ecosystem around the RV lifestyle.

Retail sales of new and used Recreational Vehicles (RVs) remain the primary revenue driver, but the focus has clearly shifted toward the used segment for growth and profitability. Management reaffirmed its commitment to achieving a market share of 12% of new and used units for the full year 2025, up from 11.2% in 2024. The second quarter of 2025 saw a record volume of combined new and used unit sales at 45,602 units, an increase of 20.7% year-over-year. By the third quarter, total new and used same store unit volume momentum was increasing by a low double-digit percent year-over-year.

Here's a look at the unit volume activity for the second quarter of 2025:

Operating a national network of service and parts centers is crucial for customer retention and service revenue. As of September 30, 2025, the total number of store locations stood at 197. This network supports the core retail business and the specialized services arm. The company operates under three main banners: Camping World, Gander RV, and Gander RV and Outdoors.

Managing the Good Sam membership and specialized service plans acts as a key differentiator and recurring revenue stabilizer. The Good Sam Services and Plans segment delivered a gross margin of 59.5% in the second quarter of 2025, despite higher roadside assistance claim costs impacting the figure. The company reported a record revenue for the Good Sam business in Q2 2025. Camping World Holdings, Inc. is actively exploring acquisitions or investments to support the growth of the Good Sam business.

Strategic mergers and acquisitions (M&A) of dealerships is a stated path for growth, though management signaled a return to a more 'judicious' approach in late 2025. In the first quarter of 2025, the company completed the purchase of five locations from Lazydays. Earlier in the year, executives noted they had already acquired six dealership rooftops year-to-date with plans to close four to six more by spring.

Executing cost optimization is a continuous activity, directly impacting profitability. Management reaffirmed its goal to achieve an SG&A improvement of 600 to 700 basis points as a percentage of gross profit. While SG&A as a percentage of gross profit improved by 276 basis points year-over-year in Q2 2025, the company still sees room for further cuts. As of the second quarter, management believed they had another $10 million to $15 million of fixed cost opportunity reductions to realize through the balance of the year. This aligns with the initial strategic target of achieving significant SG&A savings.

• Headcount reduction since January 2025 reached over 1,000 employees as of Q2 2025.
• The company consolidated 16 store locations to improve cost efficiency by Q2 2025.

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

You're looking at the hard assets and core intangible strengths that power Camping World Holdings, Inc. as of the third quarter of 2025. These aren't just line items; they are the physical and brand foundations supporting their market position.

The physical footprint remains substantial, though it has seen some strategic trimming. As of September 30, 2025, the total number of store locations stood at 197. This number reflects a consolidation effort, with management noting a net decrease of 10 store locations from September 30, 2024, which included the consolidation of 15 store locations to improve overall cost efficiency.

The balance sheet holds significant tangible assets that provide financial flexibility. The company reported $230 million in cash as of Q3 2025. Furthermore, the emphasis on used vehicles is reflected in the inventory valuation.

The Good Sam brand is explicitly called out as a financial performance differentiator, with management stating the Good Sam business continues to post positive top-line growth and is positioned for margin improvement in 2026. While a specific membership count isn't provided here, its role as a 'bedrock' of the company is clear.

Intangible and operational resources include proprietary systems. Management sees over $15 million of potential cost takeout opportunity, partly driven by technology and AI, suggesting the value embedded in their inventory management and customer relationship management (CRM) capabilities. The key operational assets can be summarized:

• National network of 197 dealership and service locations as of September 30, 2025.
• The Good Sam brand, a core business segment for Camping World Holdings, Inc.
• Used RV inventory valued at $427 million in Q3 2025.
• Unencumbered real estate assets valued near $260 million.
• Proprietary technology supporting over $15 million in expected cost takeouts.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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)

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.

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).