Lemonis doubles down on long-term view for Camping World, says No. 1 asset is loyalty club from CNBC.
Camping World Holdings Chairman and CEO Marcus Lemonis issued a vote of confidence in his RV and camping accessory retailer when he bought a chunk of its stock on Friday.
This story by Elizabeth Gurdus originally appeared on CNBC.com.
“I set up the bid and I ended up only with 25,000 shares. I was kind of disappointed,” Lemonis, also host of CNBC’s “The Profit,” admitted to fellow CNBC host Jim Cramer in a “Mad Money” interview on Monday.
While shares of Camping World have been relatively stagnant since Lemonis last appeared on the show in June, the CEO appeared confident that his company would achieve its longer-term goals.
In particular, Lemonis said that Camping World’s 2017 acquisition of outdoor products retailer Gander Mountain would help bolster the Good Sam program, which he said in the past makes his company “the category-killer” in its space.
“Our No. 1 asset are our customers that sit in our Good Sam file,” he said of Camping World’s loyalty program. “That’s the most important part of our business. But in order to grow that file and to grow the annuity part of our business, which is Good Sam, we have to really grow our platform.”
The Good Sam Club, an online database that comprises roughly $100 million of Camping World’s EBITDA, or earnings before interest, tax, depreciation and amortization, provides Camping World customers roadside assistance and warranties on the company’s RVs, as well as savings on other products.