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Chicago: Camping World Rides Tourism Surge On Strong Used-RV Market
Camping World Holdings Inc. generated revenue of around US 1.8 billion dollars in the third quarter of 2025 which ended on 30 September, marking a 4.7 percent increase year on year. Simultaneously, total sales of new and used vehicles increased by 14.6 percent to 38,980 units.
Sales of new vehicles increased by 1.7 percent to 20,286 units and sales of used vehicles increased by 32.9 percent to 18,694 units.
Used vehicles emerge as tourism-driven growth engine
The sharp increase in used-vehicle volume reflects shifting consumer dynamics in the RV tourism sector. As affordability becomes top-of-mind for travellers, used vehicles offer an accessible entry point into the mobile outdoor-travel lifestyle. Average selling price for used units fell modestly (by about 0.9 per cent) while gross margin on used vehicles improved to 18.3 per cent, underscoring the strength of the segment.
In contrast, the new vehicle segment saw an 8.6 per cent decrease in average selling price and a slight margin decline (to 12.7 per cent), indicating more pressure in the premium end of the market.
After-sales & services support tourism ecosystem
Beyond vehicle sales, the group’s products, service and other revenue amounted to US$208.6 million, down 7.2 per cent from the prior year. The fall was attributed to a shift in labour toward used-vehicle reconditioning rather than customer-pay work. Nevertheless, the gross margin in this segment improved to 45.2 per cent, driven by higher labour billing rates and more efficient inventory management.
This aftermarket and servicing element is central to the broader outdoor-travel ecosystem, as recreational vehicle owners invest in maintenance, upgrades and accessories that support tourism usage.
Market share gains affirm tourism momentum
Year-to-date, the company reported a record 13.5 per cent market share in new and used units combined, an improvement of over 200 basis points. Same-store unit volumes for the company increased 15.6 per cent overall in the quarter (2.9 per cent for new, 33.4 per cent for used) indicating that core locations continue to leverage the tourism-driven demand for mobile adventures.
Profitability & balance-sheet developments
Gross profit rose to US 517.0 million dollars, up 3.7 per cent, with the overall gross margin at 28.6 per cent. Operating expenses dipped slightly: SG and A (selling, general & administrative) decreased by 0.8 per cent to US 411.0 million dollars.
Finance costs also improved floor-plan interest expense fell 19.3 per cent and other interest costs declined 13.6 per cent, aided by lower interest rates and reduced principal balances.
Adjusted EBITDA reached approximately US 95.7 million dollars, growing 41.8 per cent year-on-year, signalling improved operating leverage and tourism-driven momentum.
Implications for the tourism and outdoor-travel industry
The strong performance of used-vehicle sales at Camping World underscores a broader trend: travellers are turning increasingly to flexible mobile accommodations such as RVs as part of their vacation planning. This shift is supporting the RV-dealer ecosystem, including vehicle sales, servicing and accessories.
Given the growing emphasis on affordability, used RVs present a lower-cost pathway for consumers to engage in outdoor and camp-style tourism. The increased service and maintenance revenue further supports sustained usage and longer-term vehicle retention, which in turn drives repeat tourism activity.
Moreover, the company’s consolidation of store locations (net store count fell to 197 as of 30 September 2025) suggests a focus on cost efficiency and profitability rather than pure branch expansion aligning with mature outdoor-tourism demand rather than speculative growth.
Outlook for tourism-driven RV market
While the company anticipates continued positive momentum from the used segment and aftermarket services, new vehicle growth remains a concern because of the rising cost and pressure on affordability. This balanced position makes sense considering headwinds the broader tourism market may face like travel cost inflation or changes to discretionary spending.
That said, RV ownership still remains attractive, and with mobile and outdoor tourism growing rapidly, companies across the entire value chain- sales, service, and accessories- may be well positioned to take advantage.
For the outdoor-tourism ecosystem, the used RV channel is booming with sales reinforcing the need for affordable travel to flexible travel options in consumers for spontaneous travel or nature-based vacations.
In all, the results from Camping World’s strong third-quarter 2025 results reinforce the resiliency of RV-led tourism and used vehicle service and infrastructure in the market. With the growing demand of consumers on mobility, comfort, and outdoor experiences, the RV dealer model is a strong contributor to the tourism industry.
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