Lazydays reported second-quarter sales far short of company expectations. In response, the RV dealer chain took action to shore up its liquidity for the rest of the year.
Lazydays Chief Financial Officer Kelly Porter said, “We are confident we have adequate liquidity to continue to navigate the current economic environment.”
Lazydays implemented cost reduction actions in August that are expected to be complete by September’s end. Lazydays CEO John North said the actions should save the company around $25 million annually.
The dealer chain closed its Waller, Texas-based dealership and consolidated two retail operations in Surprise, Arizona. All non-essential spending has been deferred and Coliseum Capital Management committed to advance an additional $5 million to Lazydays’ mortgage credit.
North said, “The seasonal improvement in sales volume we had anticipated to occur in the second quarter did not materialize…. While these decisions are painful, they are necessary.”
Lazydays’ revenue dropped 23%, from $308.4 million in the 2023 second quarter to $238.7 million in 2024’s second quarter. New RV sales fell 15.2% from the second quarter of 2023. Used RV sales fell 30.7% from the second quarter of 2023.
The declines were offset by gross profit improvement per RV, stemming from the company’s inventory actions. The dealer’s inventory totaled 26% 2025 models, 69% 2024 RVs and less than 140 2023 vehicles. More than 75% of inventory is towables compared with 70% in the same quarter last year. Trade-in sales are down by half compared with historical averages.
North said the dealership is beginning to focus more on towable products.
“As we have gotten on the other side of the pandemic,” North said. “We have seen that in some of these markets, we probably need to be more of a towable and more of an entry-level focused dealer, which is more what the market bears.”
North said the company will focus on aspects executives can control. This includes vehicle inventory, improving F&I per unit and striving for total gross margin improvement compared with the 2024 first quarter. Lazydays will also increase efforts to gather more used RVs from consumer trade-ins.
“We remain confident in the earnings power of our company,” North said, “and look forward to unlocking its full potential as the industry recovers.”
