Camping World Holdings, Inc. (CWH): Marketing Mix Analysis [Dec-2025 Updated]

You're looking for a clear-eyed view of Camping World Holdings, Inc.'s (CWH) current market strategy, and honestly, the four P's show a company doubling down on affordability and its service ecosystem. After two decades analyzing market shifts, what I see here is a calculated pivot: they are aggressively pushing used RV volume-which surged 31.7% in Q3 2025-while using their 197-location footprint and the Good Sam membership to lock in high-margin service revenue. This isn't just about selling trailers; it's about managing the entire ownership lifecycle, from the new exclusive brands making up 40% of new sales to the Finance and Insurance income of about $5,000 per vehicle. Let's break down exactly how this mix is positioning the business for the next cycle.

Camping World Holdings, Inc. (CWH) - Marketing Mix: Product

The product element for Camping World Holdings, Inc. centers on a diversified offering across the RV lifecycle, heavily emphasizing the retail of both new and pre-owned recreational vehicles, complemented by a significant services and membership ecosystem.

The strategic direction shows a clear pivot toward used units, which management views as a compelling value proposition for consumers focused on affordability. This is reflected in the unit volume performance for the third quarter ended September 30, 2025. Combined new and used vehicle unit sales reached 38,980 units, marking an increase of 14.6% year-over-year. Within this total, used vehicle unit sales were 18,694 units, a substantial increase of 32.9% in the third quarter. This focus contributed to the company achieving a record 13.5% market share of new and used units year-to-date in 2025. For context on the scale of the pivot, the second quarter of 2025 saw the company set a record by selling more than 45,000 RVs in a single quarter.

A core component of the new vehicle strategy involves exclusive, contract-manufactured RV brands. These private-label products represent approximately 40% of new RV sales. The Coleman brand, one of these exclusive offerings, has seen significant success, remaining the #1 selling travel trailer by unit volume in the U.S. year-to-date through March 2025, and through February 2025.

The services and parts segment provides high-margin revenue streams, though its reported revenue can be impacted by labor reallocation toward used inventory reconditioning. Here's a look at the financial contribution from the Products, Service, and Other segment based on recent quarterly reports:

The Good Sam membership services are a key differentiator for Camping World Holdings, Inc., providing recurring revenue and customer loyalty benefits. The Good Sam business achieved a record revenue in the second quarter of 2025. The gross margin for the Good Sam Services and Plans line was 61.6% in the first quarter of 2025, though this represented a decrease of 511 basis points.

The value proposition within the Good Sam ecosystem includes several tiers of service. You can expect tangible benefits depending on your membership level:

• Elite Membership offers 5% off installation fees at Camping World and RVs.com retail locations.
• Elite Members receive access to the Good Sam Elite Tech Help Line and Elite Concierge Service.
• Basic Membership provides 5% back in points on qualifying purchases at Camping World & Overton's, while Elite Members receive 5% back in points.
• The Welcome Gift for joining or renewing can be 1,000 points (a $10 value) for Basic, or 3,000 points (a $30 value) for Elite.

The product offering is designed to capture the customer at multiple points. The contract manufacturing strategy, which drives the exclusive brands, is intended to meet the customer on price and payment. The Coleman portfolio, for instance, also represents the company's most traded-in unit and most sold used unit, tying the new product strategy directly into the used vehicle business.

Camping World Holdings, Inc. (CWH) - Marketing Mix: Place

You're looking at the physical footprint and accessibility strategy for Camping World Holdings, Inc. as of late 2025. This is about where and how customers get their RVs, parts, and services. The company relies on a massive physical presence combined with a significant digital reach to serve the market.

As of the third quarter ended September 30, 2025, Camping World Holdings, Inc. operated a national network of 197 SuperCenters/dealership locations. This physical footprint is the core of their distribution strategy. To optimize cost efficiency, the company executed a strategic consolidation effort, resulting in a net decrease of 10 store locations compared to September 30, 2024. This optimization included the consolidation of 15 store locations during the third quarter of 2025 to improve the overall cost efficiency of the remaining locations.

The distribution strategy is multi-channel, heavily leaning on the physical network but supported by digital infrastructure.

• The physical network is the World's Largest Recreational Vehicle Dealer.
• The company has a long-term goal to increase the dealership count to over 320 locations over the next five years.
• The Good Sam organization supports the network with a community of approximately 1.6 million members.
• The company maintains the industry's most extensive online presence for RV sales, parts, and Good Sam services.

Here's a snapshot of the operational scale and recent performance that informs the Place strategy:

The physical network is being actively managed for productivity. The consolidation moves are designed to concentrate resources where they yield the best results, helping to improve per-rooftop productivity. This focus on right-sizing the physical footprint is a key part of the current operational plan.

The online component is critical for reach beyond the physical dealership radius. This digital channel supports the sale of RVs, the distribution of parts, and the delivery of Good Sam services. The company uses its online presence to connect with its customer base, which is essential given the national scope of its operations. The Good Sam organization, for instance, connects with its members digitally and through its roadside assistance programs, which are a key service offering.

Camping World Holdings, Inc. (CWH) - Marketing Mix: Promotion

You're looking at the promotional activities for Camping World Holdings, Inc. as of late 2025. The messaging is clearly calibrated to the current consumer focus on value. The core of the promotion strategy centers on the affordability proposition of the used RV segment, which is driving significant volume increases.

The results from the third quarter ended September 30, 2025, show this focus is working. Used vehicle unit sales jumped 32.9% year-over-year in Q3 2025, and same-store used vehicle unit sales were up 33.4% for the same period. This volume surge translated to a 31.7% increase in used vehicle revenue for the quarter. This success in driving volume through value is evident even as the average selling price for used vehicles saw a modest decrease of 0.9%. The used-vehicle gross margin still improved to 18.3%, an increase of 16 basis points, showing the promotional push is hitting the right price-value balance for the consumer.

The effectiveness of the overall marketing and operational strategy is reflected in market penetration. Year-to-date 2025, Camping World Holdings, Inc. achieved a record 13.5% market share of new and used units combined, representing an improvement of over 200 basis points. This market share gain is a direct outcome of the promotional messaging that positions Camping World Holdings, Inc. as the destination for value-driven mobile adventure.

From an efficiency standpoint, the company has tightened its spending on promotion. Selling, general and administrative expenses (SG&A) for Q3 2025 were $411.0 million, a decrease of $3.2 million, or 0.8% year-over-year. A key component of this efficiency was a $5.1 million decrease in advertising expenses during Q3 2025. This suggests a shift toward more targeted, less broad-based promotional spend, likely supporting the targeted lead generation for the used RV market.

The promotional strategy also relies on the established trust of the Good Sam brand to secure recurring revenue streams. While specific revenue figures tied directly to Good Sam promotion aren't detailed in the latest reports, the Chairman and CEO noted that the company will continue to rely on its market-leading used, service, and Good Sam businesses as its financial performance differentiator. The service segment itself posted a strong gross margin of 45.2% in Q3 2025, indicating that loyalty programs and service promotions are effectively driving high-margin aftermarket activity.

Here is a quick look at key Q3 2025 performance metrics that validate the promotional focus on used units and cost control:

The company is already planning for the next phase of promotional efficiency, seeing over $15 million of potential cost takeout opportunity for 2026, which includes planned investments in marketing technology and the launch of 2 additional CRMs. This suggests future promotion will be even more data-driven and targeted.

The overall promotional environment is one of disciplined spending supporting a value-led sales pitch. The company ended Q3 2025 with 197 store locations, providing a physical footprint to support the national promotional messaging.

You can see the direct impact on profitability from the successful unit volume growth, even with pricing pressures:

• Adjusted EBITDA for Q3 2025 grew by 41.8% to $95.7 million.
• Total revenue for Q3 2025 was $1.8 billion, a 4.7% increase year-over-year.
• Combined new and used vehicle unit sales increased by 14.6% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Camping World Holdings, Inc. (CWH) - Marketing Mix: Price

Price involves the money customers pay, strategizing on policies, discounts, and financing to make the product competitively attractive. Effective pricing reflects perceived value and aligns with market positioning, considering external factors like competitor pricing and economic conditions.

The Average Selling Price (ASP) for new vehicles in the third quarter of 2025 was just under $38,000. This figure represented a decline of roughly 9% year-over-year, though it showed sequential improvement. This pricing environment underscored a consumer focus on value and affordability across the RV industry.

Strategic pricing heavily targeted the used vehicle segment, which saw its revenue surge by 31.7% in Q3 2025. This growth was fueled by a substantial increase in used vehicle unit sales, which rose by 32.9% in the same quarter. The company's used vehicle gross margin improved to 18.3% in Q3 2025, an increase of 16 basis points.

Financing and insurance options are a key component of the overall transaction value. Finance and Insurance (F&I) income per vehicle is approximately $5,000. The company noted that higher F&I revenue, which contributes 100.0% gross margin, helped offset the impact of the reduced average selling price per new vehicle sold in Q3 2025.

Camping World Holdings, Inc. utilizes specific tools to manage price accessibility for its target market. The private label business is a strategic tool for offering diverse floor plans and lower price points. This approach helps manage the consumer focus on monthly payment models.

The pricing outlook for 2026 anticipates external price movements that could benefit the used unit value. Management is not dissuading manufacturers from raising new pricing, as any increase in new unit prices positively impacts the value of their used inventory, potentially leading to margin expansion. The company anticipates OEM new pricing to rise in 2026, bolstering used unit value.

Key Q3 2025 Pricing and Revenue Metrics:

Pricing strategy elements employed by Camping World Holdings, Inc. include:

• Strategic pricing adjustments to drive used vehicle volume.
• Reliance on the private label business for diverse floor plans.
• Offering lower price points through specific product mixes.
• Anticipating that rising OEM new pricing in 2026 will bolster used unit value.
• Generating approximately $5,000 in F&I income per vehicle.

The company's financial performance in Q3 2025 reflected these pricing dynamics:

• New vehicle revenue was $766.8 million, a decrease of 7.0%.
• Used vehicle revenue was $589.1 million, an increase of $141.9 million.
• Combined new and used vehicle unit sales were 38,980 units, an increase of 4,972 units.