Market Dynamics • Consumer Trends • M&A Landscape
1. Market Overview
A Growing Disconnect.
Retail sales continued their gradual YoY decline in Q1, while wholesale shipments moved in the opposite direction, climbing steadily. This growing divergence signals a potential inventory imbalance heading into peak season. That said, consumer engagement remained strong in key regions like the Southeast and Mountain West, where favorable weather extended the buying window.
“Our industry isn’t coasting, it’s correcting,” says Scott Degnan, CEO of RVBS. “Dealers and OEMs are approaching 2025 with more discipline, which is both necessary and healthy.”
2. Consumer Behavior Trends
Experience Still Reigns.
Millennials and Gen Z buyers continued driving demand for digital tools and sustainability-focused units. At the same time, Baby Boomers remained reliable high-ticket buyers, favoring extended warranty packages and concierge-style service offerings.
- Younger buyers prefer: online financing, solar-ready models, and mobile-first communication.
- Retirees still want: in-person walkthroughs, peace-of-mind coverage, and premium interior features.
“Dealers that meet customers where they are, digitally and emotionally, are winning,” adds Dom Bookman, RVBS COO.
3. M&A Landscape
A Cautiously Active Q1.
M&A activity ticked upward with a handful of strategic acquisitions by both large RV dealership groups and smaller independent buyers. Buyers remain focused on top-tier product lines, operations with proven profitability, clean books, and management continuity.
“Valuations are under real pressure,” notes Mike Lankford, President of RVBS. “Buyers are scrutinizing every line item and demanding more justification for the asking price.”
4. Key Signals to Watch
- Inventory Trends: Inventory normalization is mostly complete, but some markets remain overstocked.
- Financing Pressure: Rising interest rates are prompting longer terms and creative structuring.
- OEM Innovation: Hybrid and EV interest is real, but infrastructure and pricing are still limiting mass adoption.
- Talent Pipeline: Succession planning is critical, especially for family-run stores eyeing transition.
5. Retail vs Wholesale Trends
The gap between retail demand and wholesale shipments continued to widen. While manufacturers continue increasing shipments, retail sales are not keeping pace, raising concerns about future inventory buildup and dealer pressure.
Looking Ahead: Spring & Summer 2025
As peak season unfolds, the growing gap between wholesale momentum and cautious retail demand will put dealer discipline to the test. Success will depend on proactive inventory management, data-driven pricing strategies, and tighter coordination with OEMs to avoid overexposure. For sellers, understanding how today’s market dynamics are shaping valuations is critical to capturing interest from serious buyers.
RVBS will continue delivering advisory, valuation, and M&A support throughout the remainder of the year, guiding clients through an environment where timing, preparation, and flexibility are more important than ever.
“The deals haven’t disappeared,” says Degnan, “but in this environment, only the prepared will capitalize, especially sellers who align their expectations with the market and bring a clear, compelling story to the table.”
Ready to Navigate What’s Next?
RV Business Solutions (RVBS) helps RV dealerships, manufacturers, and investors make smart decisions in complex environments. Whether you’re planning to expand, exit, or optimize your operations, our team is here to help you lead the way.
Dom Bookman is the Chief Operating Officer and Investor Relations lead at RV Business Solutions. With 12 years of experience in the tech industry, Dom is a serial entrepreneur specializing in business development, marketing, and growth strategies for leading brands. He has successfully piloted startups and facilitated multiple exits for early-stage companies.
Roger L. Nuttall served as President of Camping World, Inc. from January 2011. Prior to that, he was the Chief Operating Officer of FreedomRoads, LLC from January 2009 to January 2011, and the Executive Vice President and Chief Financial Officer of FreedomRoads, LLC from November 2003 to December 2015. From 1981 to 1983, Mr. Nuttall was a partner at McKay, Nuttall, and Reid, an accounting and consulting firm. Before that, he held various staff and management positions at Grant Thornton LLP from 1974 to 1981. From 1983 to 2003, Mr. Nuttall served as Chief Financial Officer and board member of Blaine Jensen & Sons, Inc., a multi-dealership RV company. He received a B.A. from Weber State University.
Scott Degnan is the Partner and Co-founder of RV Business Solutions and President of Degnan Management Group, Inc., a consulting firm.
Mike has almost 30 years’ experience in the Recreational Vehicle (RV) Industry and provides advisory and consulting services to clients within that industry.