Camping World Holdings reported results for the third quarter ended Sept. 30.
Revenue was $1.7 billion, a decrease of $126.1 million or 6.8%, for the quarter. Used vehicle revenue hit a record $590.2 million for the third quarter, an increase of $64.2 million or 12.2%, and used vehicle unit sales were a record 17,125 units, an increase of 2,665 units or 18.4%.
Marcus Lemonis, chairman and CEO of Camping World Holdings, said, “We are laser focused on the final stages of cleansing our inventory going into 2024. These actions have come with near-term gross margin compression, but we believe now is the moment to put the finishing touches on our industry-leading inventory position and prepare the business for the next up-cycle. In 2024, we expect total company revenue, same store unit sales, total gross margin, and earnings to increase year over year.”
Other highlights include new vehicle revenue at $679.2 million for the third quarter, a decline of $154.9 million or 18.6%, and new vehicle unit sales were 15,205 units, a decrease of 2,411 units or 13.7%.
Average selling price of new and used vehicles declined 5.7% and 5.2%, respectively, during the third quarter. As the procurement prices of model year 2024 new vehicles declined compared to model years 2022 and 2023, the company actively discounted certain used vehicles during the third quarter to reduce inventory levels of aged used vehicles.
To read Camping World’s full financial report, click here.
