Camping World Holdings, Inc. reported its financial results for the first quarter ended March 31, 2025, with total revenue increasing 4% year-over-year to $1.41 billion. Used vehicle revenue surged by 25.1% to $422.4 million, and Finance and Insurance revenue rose 9.8% to $148.7 million.
Despite a 5.3% decrease in new vehicle revenue, total gross profit increased by 6.8% to $429.6 million, with the overall gross margin expanding by 89 basis points to 30.4%. Used vehicle gross margin improved by 104 basis points to 18.6%, and products, service, and other gross margin increased by 580 basis points to 48.6%.
The company reported a significant improvement in Adjusted EBITDA, which increased nearly fourfold from $8.2 million in Q1 2024 to $31.1 million in Q1 2025, despite a net loss of $24.7 million. Management provided a positive outlook for 2025, targeting low double-digit used unit growth, low single-digit new unit growth, and a record combined market share of 12%.
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