The RV M&A market is going through one of its tougher cycles right now. The recent Lazydays multiple-location liquidations have thrown a wrench into the normal rhythm of things, creating confusion and pressure across the industry. Several dealerships are being sold for little more than their book or asset value, which underscores how challenging the current environment has become.
It’s worth noting that dealerships changing hands at near book value are not easily fixed. Many of these locations will require significant reinvestment, fresh capital for facility upgrades, stronger marketing strategies, more disciplined inventory management, and in some cases, new leadership teams to rebuild culture and drive accountability. Until those pieces are in place, profitability will be difficult to achieve.
And while conditions are not conducive right now to the multiples the market saw just a few years ago, we are seeing that “good” inventory is rare and valuable. By “good,” we mean a dealership positioned in or adjacent to a larger market, carrying strong brands, backed by an above-average facility, and a proven history of market domination. Those stores continue to command attention and remain highly sought after.
That said, we see reasons for cautious optimism. The overhang from these liquidation sales will not last forever. As these stores settle into new ownership and the dust clears, the competitive landscape should begin to stabilize. Over the next 8–12 months, we expect a healthier balance between supply and demand in the dealership market, which should translate into stronger valuations for well-run businesses.
Our advice remains: hang in there. While this wave feels rough, the fundamentals of the RV industry remain intact, and quality operations will regain their premium. Selling under duress rarely maximizes value; patience, preparation, and timing will matter most in the year ahead.
At RV Business Solutions, we’re tracking every development closely, whether it’s liquidation auctions, buyer group strategies, or valuation shifts, and we’re here to talk through what it means for your dealership and your long-term plans.
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.