Camping World Holdings, Inc. (CWH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Camping World Holdings, Inc. (CWH) surge como uma potência na paisagem de recreação ao ar livre, transformando a maneira como os americanos experimentam aventura e viagens. Com um modelo de negócios dinâmico que combina perfeitamente soluções de varejo, serviço e estilo de vida, esta empresa revolucionou o mercado de RV, oferecendo um ecossistema abrangente para entusiastas e viajantes. De veículos recreativos de ponta a opções inovadoras de financiamento e serviços de manutenção de especialistas, a CWH se posicionou estrategicamente como o destino final para quem procura liberdade, mobilidade e experiências externas inesquecíveis.

Camping World Holdings, Inc. (CWH) - Modelo de negócios: Parcerias -chave

Fabricantes de trailers, reboques e veículos de recreação ao ar livre

Camping World mantém parcerias estratégicas com os principais fabricantes de trailers:

Fabricante	Detalhes da parceria	Volume anual de oferta
Thor Industries	Fornecedor de RV primário	Aproximadamente 45.000 unidades anualmente
Winnebago Industries	Parceiro do fabricante de RV secundário	Cerca de 15.000 unidades anualmente
Rio florestal	Fornecedor de RV complementar	Aproximadamente 20.000 unidades anualmente

Equipamentos de acampamento e fornecedores de acessórios

Os principais equipamentos e parcerias de acessórios incluem:

• Coleman Company - Fornecedor de equipamentos ao ar livre
• Grupo Domético - aparelhos e acessórios de RV
• Garmin - equipamento de navegação e tecnologia ao ar livre
• Coolers Yeti - acessórios ao ar livre premium

Serviços financeiros e provedores de seguros

Camping World colabora com instituições financeiras:

Parceiro financeiro	Serviço prestado	Volume de financiamento anual
Sincronia financeira	RV e financiamento de equipamentos	US $ 1,2 bilhão em empréstimos anuais
Bom Sam Financial	Seguro de RV especializado	Mais de 500.000 detentores de políticas

Redes de concessionárias e parceiros de franquia

Detalhes da rede de concessionárias extensas:

• Total de concessionária Locais: 173 a partir de 2023
• Cobertura geográfica: 42 estados
• Bom Sam Club Refoceship: mais de 2 milhões de membros

Provedores de plataforma de tecnologia digital e comércio eletrônico

Ecossistema de Parceria Tecnológica:

Parceiro de tecnologia	Serviço	Receita digital anual
Shopify	Plataforma de comércio eletrônico	Vendas on -line de US $ 125 milhões
Google Cloud	Infraestrutura em nuvem	Investimento anual de US $ 8,5 milhões

Camping World Holdings, Inc. (CWH) - Modelo de negócios: Atividades -chave

Vendas de RV e equipamentos ao ar livre

A partir do terceiro trimestre de 2023, o Camping World registrou US $ 1,63 bilhão em receita total. A empresa opera 185 locais de varejo em 41 estados. A quebra de vendas inclui:

Categoria de produto	Receita anual (2022)
Novas vendas de trailers	US $ 1,05 bilhão
Usou vendas de trailers	US $ 612 milhões
Equipamento ao ar livre	US $ 380 milhões

Serviço e manutenção de veículos recreativos

O Camping World opera 185 centros de serviço com aproximadamente 1.200 baías de serviço. As principais métricas de serviço incluem:

• Receita anual de serviço: US $ 436 milhões
• Valor médio do tíquete de serviço: $ 687
• Técnicos de serviço: mais de 1.500 profissionais certificados

Operações de varejo online e na loja

Desempenho do canal de vendas digital:

Métrica de vendas on -line	2022 Valor
Receita de comércio eletrônico	US $ 492 milhões
Tráfego online	45,6 milhões de visitas ao site
Usuários de aplicativos móveis	1,2 milhão de usuários ativos

Financiamento de clientes e serviços de seguro

Desempenho do segmento de serviços financeiros:

• Portfólio de empréstimos totais: US $ 2,9 bilhões
• Valor médio do empréstimo: US $ 38.500
• Apólices de seguro escritas: 127.000 anualmente

Gerenciamento de marketing e experiência do cliente

Métricas de marketing e engajamento de clientes:

Métrica de marketing	2022 Performance
Gastos com marketing	US $ 124 milhões
Membros do programa de fidelidade do cliente	1,8 milhão
Seguidores de mídia social	2,3 milhões

Camping World Holdings, Inc. (CWH) - Modelo de negócios: Recursos -chave

Extensa concessionária e rede de varejo

A partir do terceiro trimestre de 2023, o Camping World opera 182 locais de varejo nos Estados Unidos. A empresa mantém uma pegada nacional com um tamanho médio da loja de aproximadamente 25.000 pés quadrados.

Métrica	Valor
Locais totais de varejo	182
Tamanho médio da loja	25.000 pés quadrados
Cobertura geográfica	50 estados dos EUA

Grande inventário de trailers e equipamentos de acampamento

O Camping World mantém um inventário substancial no valor de US $ 1,2 bilhão a partir do terceiro trimestre de 2023. O inventário inclui:

• Novos trailers em várias marcas e tipos
• RVs usados
• Acessórios de acampamento
• Equipamento de recreação ao ar livre

Infraestrutura digital e de comércio eletrônico

A plataforma digital da empresa gera aproximadamente US $ 500 milhões em vendas anuais on -line. Os principais ativos digitais incluem:

• Site abrangente de comércio eletrônico
• Aplicativo móvel
• Sistema de Gerenciamento de Inventário Digital

Técnicos qualificados de vendas e serviços

O Camping World emprega aproximadamente 8.700 funcionários totais, com técnicos de serviço dedicados especializados em manutenção e reparo do RV.

Categoria de funcionários	Número
Total de funcionários	8,700
Técnicos de serviço	Aproximadamente 2.500

Reputação da marca no mercado de recreação ao ar livre

Camping World possui um Participação de mercado principal de 20% no segmento de varejo de RV. A associação do Good Sam Club da empresa excede 2 milhões de membros ativos, fornecendo uma plataforma robusta de fidelidade do cliente.

Métrica da marca	Valor
Participação de mercado de varejo de RV	20%
Bons membros do Sam Club	2,000,000+

Camping World Holdings, Inc. (CWH) - Modelo de Negócios: Proposições de Valor

Shop Shop para RV e necessidades de recreação ao ar livre

A partir do quarto trimestre 2023, a Camping World Holdings opera 182 locais de varejo em 41 estados. A empresa oferece uma gama abrangente de produtos com receita anual de US $ 6,65 bilhões em 2022.

Categoria de produto	Volume anual de vendas
Veículos recreativos	107.000 unidades vendidas em 2022
Peças de reposição	US $ 1,2 bilhão em vendas anuais
Acessórios	US $ 850 milhões em vendas anuais

Gama abrangente de veículos recreativos novos e usados

Camping World oferece várias categorias de veículos:

• Motorhomos de classe A.
• Motorhomos da Classe B.
• Motorhomes da Classe C.
• Reboques de viagem
• Reboques da quinta roda
• Haulers de brinquedo

Opções flexíveis de financiamento e seguro

Através do bom Sam Finance, a empresa fornece:

Métrica de financiamento	2022 dados
Portfólio total de empréstimos	US $ 2,3 bilhões
Valor médio do empréstimo	$45,000
Taxa de aprovação de empréstimos	68%

Serviço de especialista e suporte de manutenção

Camping World mantém 171 centros de serviço em todo o país com:

• Mais de 1.200 técnicos certificados
• Valor médio do bilhete de serviço de US $ 850
• Assistência na estrada 24/7 para membros

Experiência do cliente focada na comunidade e no estilo de vida

Boas estatísticas de associação ao Sam Club:

Métrica de associação	2022 dados
Total de membros	2,1 milhões
Taxa anual de associação	$29
Taxa de renovação	73%

Camping World Holdings, Inc. (CWH) - Modelo de Negócios: Relacionamentos do Cliente

Suporte personalizado de vendas e serviço

A partir de 2024, o Camping World mantém 182 locais de varejo nos Estados Unidos. A empresa emprega aproximadamente 17.500 membros da equipe dedicados a interações personalizadas do cliente.

Canal de serviço	Interações anuais do cliente	Tempo médio de resposta
Suporte na loja	1,2 milhão	15 minutos
Suporte telefônico	850,000	8 minutos
Suporte online	1,5 milhão	4 horas

Programas de fidelidade e benefícios de associação

O Good Sam Club Membership Program tem 2,1 milhões de membros ativos a partir de 2024.

• Taxa anual de associação: US $ 29
• Faixa de desconto de associação: 5-10% em produtos e serviços
• Receita total de associação: US $ 61,3 milhões em 2023

Plataformas de engajamento de clientes digitais

As plataformas digitais do Camping World incluem:

Plataforma	Usuários ativos mensais	Transações por mês
Aplicativo móvel	425,000	185,000
Site de comércio eletrônico	1,1 milhão	350,000

Comunicação regular

Métricas de comunicação para 2024:

• Boletins mensais por e -mail: 2,8 milhões de assinantes
• Orçamento anual de marketing digital: US $ 22,7 milhões
• Seguidores de mídia social: 1,6 milhão entre plataformas

Serviço pós-venda e suporte técnico

Estatísticas de suporte técnico e centro de serviço:

Categoria de serviço	Volume anual de serviço	Custo médio de serviço
Reparos de trailers	95.000 unidades	US $ 1.250 por unidade
Chamadas de suporte técnico	420,000	US $ 45 por interação

Camping World Holdings, Inc. (CWH) - Modelo de Negócios: Canais

Concessionária física e locais de varejo

A partir de 2023, o Camping World opera 182 locais de varejo em 40 estados nos Estados Unidos. A empresa mantém uma rede nacional de concessionárias especializadas em trailers, equipamentos de acampamento e veículos recreativos ao ar livre.

Tipo de localização	Número de locais	Cobertura geográfica
Concessionárias de varejo	182	40 estados dos EUA
Centros de serviço	127	Em todo o país

Plataforma online de comércio eletrônico

O canal de vendas digital do Camping World gerou US $ 1,2 bilhão em receita on -line em 2022, representando 35% do total de vendas da empresa.

Métrica de vendas on -line	2022 Performance
Receita online	US $ 1,2 bilhão
Porcentagem de vendas totais	35%

Aplicativo móvel para vendas e serviço

Os suportes de aplicativos móveis mundiais do Camping World:

• Navegação de inventário em tempo real
• Compras online
• Programação de serviço
• Pedidos de assistência na estrada

Vendas de telefone e suporte ao cliente

A empresa mantém um centro de suporte ao cliente centralizado que lida com aproximadamente 500.000 interações com os clientes anualmente.

Canal de suporte	Volume anual
Interações de suporte ao cliente	500,000
Tempo médio de resolução de chamadas	12 minutos

Mídias sociais e canais de marketing digital

O alcance de marketing digital do Camping World inclui:

• Facebook: 1,2 milhão de seguidores
• Instagram: 450.000 seguidores
• YouTube: 180.000 assinantes
• Orçamento de publicidade digital: US $ 22 milhões em 2022

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

Entusiastas do RV e consumidores de recreação ao ar livre

A partir do quarto trimestre de 2023, o Camping World atende a aproximadamente 1,8 milhão de clientes ativos de RV. A base de clientes da empresa inclui:

• Estimado 11,2 milhões de famílias proprietárias de RV nos Estados Unidos
• Renda familiar média anual de proprietários de RV: US $ 68.500
• Distribuição etária dos proprietários de trailers

Faixa etária	Percentagem
18-34	22%
35-54	38%
55-74	35%
75+	5%

Famílias e viajantes de fim de semana

Os segmentos de mercado -alvo incluem:

• Famílias com renda familiar média anual de US $ 85.000
• Viajantes de fim de semana representando 42% do mercado de RV
• Custo médio de aluguel de RV: US $ 150 a US $ 250 por noite

Campistas aposentados e de estilo de vida

Principais características demográficas:

• Aproximadamente 10,5 milhões de proprietários de trailers aposentados
• Idade média da aposentadoria para compradores de trailers: 55-65 anos
• Preço médio de compra do RV para aposentados: US $ 45.000 a US $ 75.000

Aventura e entusiastas de esportes ao ar livre

Característica do segmento	Dados estatísticos
Total de recreação ao ar livre participantes	168,1 milhões de americanos
Gastos anuais de recreação ao ar livre	US $ 689,4 bilhões
Tamanho do mercado de viagens de aventura	US $ 683,5 bilhões

Usuários comerciais e profissionais

Detalhes do segmento de clientes comerciais:

• Mercado Total de RV Comercial: US $ 12,3 bilhões
• Tamanho da frota comercial servido: mais de 3.500 empresas
• Valor médio anual de compra do RV comercial: US $ 85.000 a US $ 250.000

Camping World Holdings, Inc. (CWH) - Modelo de negócios: estrutura de custos

Compras e gerenciamento de inventário

O Camping World gastou US $ 2,46 bilhões em inventário em 2022. A empresa mantém uma taxa de rotatividade de inventário de 4,5x. Os custos anuais de retenção de inventário representam aproximadamente 12 a 15% do valor total do inventário.

Categoria de inventário	Custo anual	Porcentagem do inventário total
Inventário de RV	US $ 1,8 bilhão	73%
Acessórios e peças	US $ 450 milhões	18%
Equipamento de acampamento	US $ 210 milhões	9%

Concessionária e operações de localização de varejo

As despesas operacionais para 363 locais de varejo totalizaram US $ 567 milhões em 2022. O custo médio por local é de aproximadamente US $ 1,56 milhão anualmente.

• Despesas de aluguel e arrendamento: US $ 132 milhões
• Utilitários e manutenção: US $ 45 milhões
• Custos operacionais específicos da localização: US $ 390 milhões

Marketing e aquisição de clientes

As despesas de marketing em 2022 foram de US $ 186 milhões, representando 4,2% da receita total. O custo de aquisição de clientes em média de US $ 275 por novo cliente.

Canal de marketing	Gastar	Porcentagem de orçamento de marketing
Marketing digital	US $ 82 milhões	44%
Publicidade tradicional	US $ 64 milhões	34%
Marketing de eventos	US $ 40 milhões	22%

Salários e treinamento de funcionários

A compensação total dos funcionários em 2022 foi de US $ 422 milhões. O salário médio anual por funcionário é de US $ 58.500.

• Compensação da equipe de vendas: US $ 189 milhões
• Compensação da equipe administrativa: US $ 112 milhões
• Compensação do técnico de serviço: US $ 94 milhões
• Treinamento e desenvolvimento: US $ 27 milhões

Manutenção de tecnologia e infraestrutura digital

O investimento em tecnologia totalizou US $ 43 milhões em 2022, com custos de manutenção em andamento de US $ 12,5 milhões anualmente.

Categoria de tecnologia	Investimento anual
Plataforma de comércio eletrônico	US $ 15 milhões
Sistemas de gerenciamento de clientes	US $ 9 milhões
Rede e infraestrutura	US $ 19 milhões

Camping World Holdings, Inc. (CWH) - Modelo de negócios: fluxos de receita

NOVAS VENDAS DE RV E TRAILER

Para o ano fiscal de 2022, o Camping World registrou uma nova receita de vendas de RV de US $ 5,9 bilhões.

Segmento de RV	2022 Receita
RVs reboques	US $ 3,4 bilhões
RVs motorizados	US $ 2,5 bilhões

Usou vendas de trailers

As vendas de trailers usaram US $ 1,2 bilhão em receita para o Camping World em 2022.

Taxas de serviço e manutenção

A receita de serviço e manutenção totalizou US $ 785 milhões em 2022.

• Valor médio do tíquete de serviço: $ 487
• Centros de serviço total: 172
• Técnicos de serviço empregados: 1.800

Vendas de peças e acessórios

As vendas de peças e acessórios atingiram US $ 925 milhões em 2022.

Categoria de produto	2022 Receita
Peças de trailer	US $ 612 milhões
Acessórios de acampamento	US $ 313 milhões

Comissões de financiamento e seguro

Comissões de financiamento e seguros geraram US $ 345 milhões em 2022.

• Comissão Média de Financiamento por Unidade: US $ 1.250
• Produtos de seguro oferecidos: 7 planos diferentes
• Unidades de RV total 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).