Lazydays built for the future in the second half of 2018, acquiring a dealership in Knoxville, Tenn., but for the immediate term, revenues declined 7.8 percent from 2017.
In addition to the acquisition of Tennessee RV Supercenter near Knoxville, Lazydays announced that it will open a dealership in Nashville, and has signed a dealership agreement for the Nashville market with Grand Design RV, one of the most respected and fastest growing RV brands in the RV industry. Lazydays anticipates opening its Nashville dealership in late 2019 or early 2020, after it builds out its new dealership.
Revenues for the fourth quarter were $125.9 million; down $10.7 million, or 7.8 percent, versus 2017. Revenue from sales of RVs was $110.1 million for the quarter, down $11.9 million, or 9.7 percent. RV unit sales excluding wholesale units, were 1,334 for the quarter, down 145 units, or 9.8 percent versus 2017. The decline in the sale of RVs for the quarter was offset by an increase in parts, accessories, and related services revenues of $0.9 million and an increase in finance and insurance revenues of $0.3 million.
“Given the difficult industry conditions in the fourth quarter, we are pleased with our performance during the quarter,” said William Murnane, chairman and chief executive officer of Lazydays. “We are also excited to have continued our geographic expansion by closing on our acquisition in Knoxville, Tenn. Our Minnesota and Tennessee dealerships contributed little to fourth quarter sales and are not expected to contribute much in the first quarter of 2019 given the seasonality of these locations. However, these two new locations should have a much more meaningful impact on Q2 and Q3 in 2019. Moreover, these dealerships along with our planned greenfield dealership in Nashville, expands Lazydays’ footprint into new fast-growing markets and diversifies our revenue base geographically.”