Matrix’s Outdoor Recreation and Marine Investment Banking Group
William O’Flaherty, Managing Director  |  Matt Oldhouser, CPA, Vice President
Hayden N. Daniel, Analyst  | Bing Song Lin, Analyst

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Overview 

Introduction and Industry Overview

Within the outdoor recreation industry, recreational vehicles (“RVs”) are a popular way Americans choose to travel, relax and explore. Consumers primarily view RVing as a catalyst for time spent away from home and work, with 58.0% of owners purchasing an RV to simply unwind and relax. Other notable motivations include the flexibility to bring pets along in their travels (43.0%) and being able to work remotely (22.0%)¹.

Purchasing an RV is often a significant discretionary decision influenced by extrinsic factors, such as personal disposable income, as well as intrinsic factors that shape the individual’s personal “why.” Long-term demand trends remain strong with 16.9 million households expressing a strong interest in purchasing an RV in the next five years¹. With U.S. disposable income continuing to rise, and the wealthiest 20.0% of Americans contributing nearly 60.0% of personal outlays², there remains a large addressable market of Americans who are willing and able to make substantial discretionary purchases such as an RV. For obvious reasons, these trends present themselves more clearly in the high-end and ultra-luxury marketplaces.

As of January 2026, there were more than 8,500 RV dealerships in the United States³, serving as the key channel for introducing consumers to the industry and supporting them on their quest for adventure. RV dealerships remain a largely fragmented industry, with Camping World Holdings, the largest player in the dealership space, only making up 12.6% of the overall market³.

Despite the fragmentation, there has been a large push towards consolidation within the RV dealership industry over the past few years, primarily driven by elevated interest rates, higher inventory carrying costs, and post-COVID demand normalization that has applied pressure to subscale dealers. Private business owners may also struggle to compete with the consolidated services and offerings of larger players.

Scaled platforms gain advantages through service revenue, higher inventory turns, and centralized operating leverage. The most active consolidators over the past five years have been Camping World, Blue Compass RV, and Campers Inn RV. These groups have significantly expanded through a combination of acquisition and organically opening new storefronts, which all follow a similar rationale:

• Large dealer groups benefit from service and parts recurring revenue.
• Consolidation increases bargaining power with original equipment manufacturers (“OEMs”), lenders, and consumers.
• Elevated inventory levels and higher floorplan rates have increased borrowing costs for smaller operators, which can create an impetus for a sale to a larger player that can perhaps better manage these expenses.

Sources: 1. GO RVing – Owner Demographic Profile. 2. Moody’s 3. IBIS World.

 

Structural Drivers of RV Dealership Consolidation

The RV retail market is inherently inventory intensive, and floorplan financing magnifies downside risk during demand slowdowns. As units sit on lots, dealers incur ongoing interest expense while capital remains tied up in non-earning assets. This pressure is most acute for used inventory, where prolonged aging also introduces depreciation risk as wholesale values decrease over time.

These dynamics are particularly impactful in an industry where 71.0% of purchases are for new RVs⁵, transactions remain overwhelmingly in-person, and dealers must carry a broad on-lot selection to meet customer expectations. In downcycles, margin compression and liquidity strain often force smaller, undercapitalized dealers to discount inventory, exit the market, or pursue strategic alternatives creating acquisition opportunities for scaled platforms with stronger balance sheets.

Scale provides meaningful operational advantages in this environment. Larger dealer groups benefit from centralized pricing, marketing, and inventory management, enabling more disciplined margin control and improved inventory turns. Scale also allows for broader inventory sourcing and intra-network store transfers to balance regional demand, an important capability in a market where purchasing decisions are highly localized and driven by physical inspection.

Additionally, with approximately 44.0% of RV transactions completed in cash and another estimated 47.0% financed through dealer or private channels⁵, larger platforms are better positioned to offer multiple financing pathways, manage credit exposure, and optimize capital deployment across their networks.

As dealership footprints expand, leading consolidators are increasingly positioning themselves as service platforms rather than pure retailers. Multi-location service networks provide greater convenience, faster turnaround times, and more consistent service standards, making them a critical differentiator in high-ticket, high-touch purchase processes. Given the recurring and less cyclical nature of service revenue, scale in service operations enhances stability while deepening customer relationships and lifetime value. This in turn further separates large dealer groups from independent operators whose economics are more tightly tied to unit sales cycles.

Sources: 4. Various industry sources and company websites. 5. GO RVing – Owner Demographic Profile. 6. Integrated Dealer Systems – RV Dealership Industry Insights 2026 – Inclusive of New, Used, and Consignment Sales *Estimated.

Further supporting larger platforms, the proposed Travel Trailer and Camper Tax Parity Act would allow full deductibility of floorplan interest across all RV categories, eliminating the current tax disadvantage applied to towable units and restoring parity with adjacent sectors. With towable units representing 83.0%⁷ of all RVs in the market, the legislation would improve dealer cash flow and modestly reduce one of the structural financial pressures contributing to industry consolidation.

Factors Impacting Dealer Valuations: Brand, Market, and Platform Fit

For the private RV dealership owner, valuation remains top of mind when evaluating potential strategic options. Valuation dispersion in RV and automotive dealership M&A is increasingly driven by a common set of platform-level and brand-level attributes, reflecting long-standing dynamics in auto retail.

The process of valuing dealership-centric businesses remains unique to other operating models. Whereas most businesses are valued based on a multiple of a cash flow metric (usually earnings before interest, taxes, depreciation, and amortization “EBITDA”), dealership valuations leverage both a multiple-based approach with a more asset-centric methodology. The latter views net asset value and provides upside to the seller through additional “goodwill” or “blue-sky” which is dependent on the specific characteristics of the business. Although there are far more small/single-site operators than are seen in other multi-site operations, it is important to consider the synergistic value that is created for the acquiring entity. In those instances, a site-level EBITDA is more appropriate for valuation purposes and gives a better picture to the acquirer of the cash flow profile actually being integrated into their business.

In addition to being heavily influenced in the day-to-day operations of dealers, OEMs also hold a unique and powerful role in the acquisition process itself. Given how central the OEM is to the value of the dealership, their approval is typically required in change-of-control transactions. The approval process can take multiple forms, ranging from streamlined OEM approval to exercising a right of first refusal (“ROFR”) should one exist in the dealer agreement. OEMs are understandably protective of their brands, so they desire to have a say in the dealerships (and their respective owners) that represent them.

Higher-valued dealerships typically operate in growth markets with favorable tax environments, manageable real estate costs (or control), and strong brand alignment, benefiting from higher inventory velocity, stronger service absorption, and more predictable cash flows. Controlling territory is also a valuable attribute as limiting local competition funnels customers to specific locations. Other intangibles such as dealer history, the organization and people that work in the dealership daily, and the dealer’s overall reputation in the community also play a large factor. These attributes are particularly attractive to consolidators seeking geographic density, transferable best practices, and efficient capital deployment. Lastly, dealers aligned with scalable platforms, strong OEM brands, and favorable market characteristics consistently command premium multiples.

Conversely, dealerships exposed to weaker brands, slow-growth or “overdealered” markets, elevated real estate costs, or facility constraints face valuation pressure particularly in downcycles. Within the RV dealership market specifically, these challenges are amplified by floorplan exposure and inventory aging, while in auto retail they manifest through margin compression and lower service retention. As consolidation progresses, acquirers are becoming more selective, reinforcing a widening gap between platform-ready assets and underperforming rooftops.

Sources: 7. GO RVing – Owner Demographic Profile. 8. Capital IQ and Grata Data.

Recent Case Study: Campers Inn Acquires Lazydays

Campers Inn completed its acquisition of Lazydays RV on November 26, 2025, acquiring ten dealership locations and expanding its total network at that time to 51 dealerships across 22 states⁹.

Lazydays had faced declining revenue, negative operating and net margins, and a high debt burden, making it difficult to maintain its independent operations and appease shareholders as a public company. After a thorough strategic review of its operations, it ultimately determined that selling substantially all of its assets to Campers Inn was the best path forward¹⁰.

Campers Inn paid roughly $30.0 million as the base purchase price for all of the assets of ten Lazydays, in addition to another roughly $35.0 million for the owned real property the dealers held. Inventory was not included in this base process, and was purchased at structured discounts by model year for an undisclosed amount¹¹. One Tampa-area dealership is now the only location to remain named Lazydays RV, serving under the name “Lazydays RV powered by Campers Inn RV.” Campers Inn is positioning itself with a dominant presence across the Eastern U.S. and is rapidly expanding its footprint through continued acquisition and consolidation of operations.

For Campers Inn, this was a way to rapidly expand its national footprint and service coverage, particularly in states where it had yet to establish a presence like Minnesota, Colorado, and Utah. It acquired locations and brand equity at a reset valuation environment, and re-negotiated operations to improve sales turns.

Sources: 9. RV Business – Campers Inn RV Completes Acquisition of Lazydays Stores. 10. RV Business – Lazydays Announces Plan to Delist from Nasdaq. 11. RV News – Campers Inn Finalizes Lazydays Purchase Agreement. 12. Campers and Lazydays websites.

Final Observations and Implications

The RV market remains in a unique position, as rapid growth of the industry driven by the pandemic and historically low interest rates have transitioned into a period defined by wavering consumer confidence and elevated borrowing costs.

For dealers, disciplined inventory management, service absorption expansion, and operational efficiency will be the primary drivers of competitive advantage and valuation durability. Dealer consolidation is the outcome of several structural economic forces, including inventory intensity, floorplan exposure, valuation dispersion, demographic shifts, and regulatory dynamics. Consolidation is not unique to the RV industry, with similar trends emerging in auto, powersports, and marine retail, where scale increasingly determines resilience across cycles.

For OEM’s, fewer, larger dealer partners create more sustainable sales channels, while simultaneously concentrating bargaining power within a smaller set of scaled operators. Dealers are more likely to be disciplined in ordering moving forward given the post-COVID demand normalization, reducing the probability of the extreme inventory imbalances experienced during the prior cycle.

For consumers, they can take advantage of better service networks and consistency across locations, but this can sometimes come at the cost of local price competition and “family” relationships.

Lastly, for investors, the most attractive assets will be service-oriented platforms aligned with the leading OEM brands and concentrated in high-growth geographies. Risks to investors include integration complexity, rate pressure, and aging used inventory. Ultimately, the RV dealership industry is likely to continue consolidating with dominant players increasing pressure on independent owners. However, well-capitalized and strategically positioned operators stand to benefit disproportionately as industry structure rationalizes and scale advantages compound over time.

 

State of the RV Market – Key Industry Data

Recreational Vehicles Key Macroeconomic Indicators

Sources: Federal Reserve Economic Data; Experian.

 

Operational Indicators and Measurements

Strength in the RV market is driving higher sales and shipments and increasing gross margin performance Steady market growth signals a rebound from the highs and correction after COVID-19

Based on RVIA and Capital IQ data as of February 28, 2026; see page 12 for additional detail on companies included in each category.

 

RV Market Data & Updates

Market Valuation & Performance

RV stock performance and valuations have stabilized, signaling optimism for operators and possibility of future consolidation

Based on Capital IQ data as of February 27, 2026; see page 12 for additional detail on companies included in each category; composite analyst sentiment excludes company outliers that would materially impact market takeaways.

Recreational Vehicles Public Trading Group

Source: CapitalIQ as of February 27, 2026.

 

Deal Spotlight / Key Recent Transactions

Acquisition Spotlight: Meyer Distributing’s Acquisitive History

Sources: RV News, RV Business, RV Pro.

Recreational Vehicle Select Recent Transactions

Sources: Capital IQ; various industry publications

 

What We’re Reading

Consumer Trends and Legislative Action to Shape Outlook

 

Appendix A: Outdoor Recreation & Marine Public Trading Analysis

Outdoor Recreation & Marine Public Comparable Universe

Based on Capital IQ as of February 27, 2026; EV/EBITDA and P/E multiples above 30.0x and below 0.0x considered not meaningful (“NM”).

 

About Matrix Capital Markets Group, a division of Citizens

 

 

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