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 > The RV Demand Continues

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lryrob9301

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Posted: 12/14/21 12:38pm Link  |  Quote  |  Print  |  Notify Moderator

From the Business JournalHome
Travel
A major RV maker now has more than $18 billion in backlogged orders and says its dealers may not be fully restocked until 2023

RV maker Thor Industries has a $18.07 billion order backlog.
Demand for RVs has remained strong since the start of the COVID-19 pandemic.
CEO Bob Martin says it may continue restocking its dealerships into 2023.

Famed RV maker Thor Industries now has an $18.07 billion order backlog as of October 31 as demand for tiny homes on wheels continues to remain strong through the COVID-19 pandemic, the company said in its 2022 first-quarter earnings report on December 8.
Thor Industries — which owns brands like Jayco and Airstream — first saw rising sales in May and June of 2020, especially from first-time RVers, Bob Martin, Thor's president and CEO, told Insider in May 2020. Since then, interest has yet to taper off: The RV maker achieved $3.96 billion in net sales in the first quarter of 2022, a 56% increase compared to the same time last year.
Thor has now reported record net sales for three successive quarters despite labor, cost, and supply chain "challenges," which it predicts it'll still continue to face, Martin said in the earnings report. However, the RV maker has been "pretty much sold out for the next year" as dealers have "virtually no inventory," Martin told CNBC's Jim Cramer on "Mad Money" in June.
"Independent dealer sentiment remains positive and consumer demand for our RV products remains strong," Martin said in the earnings report. "The dealer restocking process will still take a number of quarters to complete and could possibly extend into calendar 2023."
To alleviate this backlog, Thor Industries acquired Airxcel, an RV parts manufacturer. Martin called this acquisition a "key piece" in Thor's efforts to bolster its supply chain.
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way2roll

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Posted: 12/14/21 12:56pm Link  |  Quote  |  Print  |  Notify Moderator

The industry as a whole moves about 500k units annually. That's all manufacturers. This would mean that Thor's market share eclipsed all other dealers combined - not in sold but in orders? Not sure I am buying it. Given that demand has slowed and dealer lots are already showing lots of inventory (at least that I have seen and what has been identified here). Not sure the math jives. I bet Thor's stock sure looks good though....


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bgum

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Posted: 12/14/21 01:23pm Link  |  Quote  |  Print  |  Notify Moderator

I wish I could take a picture of 3 RV lots within 5 miles of each other that are completely full of new units. There are others but these are large dealers. I don't know what information Mr Martin is looking at but what he says and what I see just doesn't jive.

Sandia Man

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Posted: 12/14/21 03:02pm Link  |  Quote  |  Print  |  Notify Moderator

A substantial amount of journalism (if you can call it that) these days is exaggerated, we have had plenty of RVs on dealer lots in our neck of the woods and deals can be had if you don't fall for the hype. Whether it is low or high demand scenario for RVS, there are simply built as fast as HUMANLY possible. Top tier or entry level, only the materials change, they are pushed through assembly and out the door with little regard to quality.

No need to hurry, take your time and do the research once you have determined the type of RV and the floorplans that would serve your needs best. There are no perfect RVS, floorplans are pretty similar across the board among RV manufacturers, unfortunately branding is no guarantee of quality. A quick look online and you will find every brand and tier level has issues, no RV manufacturer is immune to this scenario.

jdc1

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Posted: 12/14/21 04:12pm Link  |  Quote  |  Print  |  Notify Moderator

Camping World had a field day after the fires up here in NoCal. They sold almost all the larger trailers they had to the state to house the fire and mitigation crews. This is an ongoing thing up here, with no housing available for the fire victims or work crews that are clearing the land. There was a huge shortage of trailers from the start of September until now. With the snow falling now, they may have to put the work off until spring, easing the trailer situation up here.

BB_TX

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Posted: 12/14/21 06:29pm Link  |  Quote  |  Print  |  Notify Moderator

Recently took a 600+ Mile round trip from north of Dallas to Texas hill country and back. Passed a lot of Rv dealers and every one had full lots of new units. Sure didn’t look like any shortages. Can only guess dealers, anticipating continued high sales, have ordered a lot of new units that are ordered but not yet built and delivered making them “backlog”.

bgum

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Posted: 12/14/21 06:42pm Link  |  Quote  |  Print  |  Notify Moderator

Back before Thanksgiving we traveled from south Louisiana to Knoxville TN to Boston MA and back and there were no shortages on the dealers lots.
Now if we were talking about automobiles that would be a different story. Around here the new car dealer lots are very thin.

ferndaleflyer

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Posted: 12/14/21 07:14pm Link  |  Quote  |  Print  |  Notify Moderator

I don't know where that comes from. Right here in central NC the lots are all packed, Just spent a week in Myrtle Beach, SC and every lot I saw going, coming, and while there was full. Went to Baltimore MD 6 weeks ago and every lot I saw was full. One area north of Richmond was solid RVs of every shape and kind on both sides of I-95 for over a mile---what do you call a "shortage"?

* This post was edited 12/14/21 08:13pm by an administrator/moderator *

Skibane

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Posted: 12/14/21 07:21pm Link  |  Quote  |  Print  |  Notify Moderator

Quote:

To alleviate this backlog, Thor Industries acquired Airxcel, an RV parts manufacturer.


I'll bet Thor's competitors are absolutely thrilled about that.

lenr

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Posted: 12/14/21 09:15pm Link  |  Quote  |  Print  |  Notify Moderator

So, it's clear that the RV dealer demand continues. Our Camping World dealer is plugged to over-flowing with units. My favorite dealer who is a zero hassle, wholesale price, dealer can't keep more than 10 units on the lot. He usually has 200 at this time. So, I agree with the above that dealers are reacting to the 2020 demand in their factory orders. It's capitalism--they get to take a guess at being right or wrong. One more year may show a little settling out in the RV industry. As said, not only Thor's competitors are thrilled at the Airxcel acquisition, but as a satisfied Coleman customer, and a dissatisfied Dometic (prior) customer, I'm a little jaded as well.

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