Camping World Holdings, Inc. (NYSE: CWH)

Camping World Holdings, Inc. is America's largest retailer of recreational vehicles and related products and services. The company operates under the Camping World and Good Sam brands to provide a full suite of RV sales, service, parts, accessories and lifestyle products. Through a national network of dealerships and service centers it offers customers a one stop shop for purchasing new and used RVs, obtaining financing, purchasing protection plans and receiving maintenance and repair assistance. The business also includes customer support centers that handle roadside assistance, insurance inquiries and membership services. By integrating retail operations with a membership organization and specialized service plans Camping World Holdings aims to simplify the RV ownership experience and encourage ongoing engagement with its brand ecosystem.

Revenue is generated from multiple streams that include the sale of new and used recreational vehicles, the provision of parts and accessories, service and repair labor, finance and insurance commissions and the sale of Good Sam services and plans. New vehicle sales contributed the largest share of total revenue followed by used vehicle sales, parts and service revenue, finance and insurance net revenue and Good Sam Club membership fees. The company also earns commissions from third party lenders for facilitating RV financing and from underwriters for protection plans sold at the point of sale. Additional income comes from collision repair services, RV parts installation and the co branded credit card program which drives customer spending and loyalty. This diversified revenue base helps stabilize performance across varying market conditions.

The company operates through the following reportable segments: Good Sam Services and Plans and RV and Outdoor Retail.

• Good Sam Services and Plans offers protection programs that include extended vehicle service contracts, roadside assistance, property and casualty insurance, travel protection and travel planning directories. The segment also provides emergency programs such as tire rescue and medical travel assistance, financial protection programs like guaranteed asset protection and product protection plans, tire and maintenance programs covering roof contracts, paint and fabric care and tire wheel protection, and campgrounds and destinations that give members access to a large network of RV parks and premium resort locations.

• RV and Outdoor Retail encompasses the sale of new and used recreational vehicles, facilitation of financing through third party lenders, sale of protection and insurance plans, repair and maintenance services, installation of parts and accessories, collision repair and restoration, operation of the Good Sam Club loyalty program, offering of co branded credit cards and management of an RV rental platform that connects owners with renters. The segment also provides a wide range of RV parts, equipment, supplies and accessories for interior exterior and campsite use and supports customers with technical assistance via call centers and in store expertise.

Camping World Holdings holds a leading position in the recreational vehicle industry due to its scale, integrated service model and strong brand portfolio. As the largest RV retailer in the United States it benefits from bargaining power with manufacturers, ability to maintain a broad inventory and capacity to offer exclusive brand vehicles not available elsewhere. Competitors include other RV dealerships ranging from small independent operators to large regional chains, national insurance and warranty companies that provide similar protection products, mass merchandisers and warehouse clubs such as Walmart Target Amazon that increasingly carry RV related goods, online retailers that sell parts and accessories and independent specialty stores that focus on niche markets. The company's competitive advantages stem from its nationwide dealership network, its Good Sam membership base that drives repeat business, its digital retail platforms that enable omnichannel shopping and its ability to combine sales service and finance under one roof which creates a differentiated customer experience.

The company serves approximately 4.2 million active customers who engage with its dealerships, service centers and online channels. A core component of this base is the Good Sam Club which had about 1.6 million paid members as of the end of 2025 and provides members with loyalty rewards, discounts on products and services and access to affiliated campgrounds. In addition to individual recreational vehicle owners and families the business attracts outdoor enthusiasts who use its products for travel, camping and adventure activities. Collision repair services also bring in insurance carriers seeking authorized repair facilities. While the primary customer base consists of private consumers the company also supports commercial clients that need fleet maintenance, parts supply and accessory installation for their recreational vehicles.