Camping World Holdings, Inc. (CWH) Stock Analysis

Camping World Holdings (CWH) holds several notable competitive advantages in the fragmented U.S. recreational vehicle (RV) retail sector. First, CWH is the largest RV retailer in the country, operating 201 locations across 44 states as of June 2025. This scale enables superior purchasing power with manufacturers, more favorable inventory terms, and national marketing reach—advantages not matched by regional competitors such as Lazydays or RV Retailer.

CWH’s vertical integration is another differentiator. The company combines new and used RV sales, financing, insurance, service, parts, and accessories under one roof. Its Good Sam brand, with 1.66 million members, provides recurring high-margin revenue streams (e.g., roadside assistance, insurance) and fosters customer loyalty. In contrast, most rivals lack a comparable membership ecosystem.

Brand recognition is strong: CWH’s market share in new and used RVs reached a record 11% in 2024, outpacing competitors. Its proprietary brands, such as Coleman travel trailers, further reinforce differentiation.

However, CWH faces threats from online retailers (e.g., Amazon for parts/accessories) and mass merchants expanding into RV products. Customer satisfaction is mixed, with some negative reviews on service consistency—a vulnerability versus premium-focused peers.

CWH’s scale, integrated offering, and brand strength provide a durable edge, but continued investment in service quality and digital capabilities will be necessary to defend share as the industry evolves.