Inventories and Floor Plan Payables (Tables)

6 Months Ended

Jun. 30, 2025

Inventories and Floor Plan Payables

Schedule of inventories

Inventories consisted of the following (in thousands):

	June 30,		December 31,		June 30,
	2025		2024		2024
Good Sam services and plans	$	298	$	263	$	333
New RVs		1,330,965		1,241,533		1,477,510
Used RVs		536,665		413,546		349,843
Products, parts, accessories and other		193,232		166,495		186,758
	$	2,061,160	$	1,821,837	$	2,014,444

Schedule of outstanding amounts and available borrowing

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of June 30, 2025 and December 31, 2024, and June 30, 2024 (in thousands):

	June 30,		December 31,		June 30,
	2025		2024		2024
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	2,150,000	$	1,850,000	$	1,850,000
Less: borrowings, net of FLAIR offset account		(1,280,102)		(1,161,713)		(1,296,352)
Less: FLAIR offset account(1)		(39)		(79,472)		(199,522)
Additional borrowing capacity		869,859		608,815		354,126
Less: short-term payable for sold inventory(2)		(82,871)		(33,152)		(97,209)
Less: purchase commitments(3)		(26,884)		(9,340)		(31,382)
Unencumbered borrowing capacity	$	760,104	$	566,323	$	225,535
Revolving line of credit:	$	70,000	$	70,000	$	70,000
Less: borrowings		—		—		(31,885)
Additional borrowing capacity	$	70,000	$	70,000	$	38,115
Letters of credit:
Total commitment	$	45,000	$	30,000	$	30,000
Less: outstanding letters of credit		(14,300)		(14,300)		(12,300)
Additional letters of credit capacity	$	30,700	$	15,700	$	17,700

(1) Flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash to the Floor Plan Lenders as an offset to the payables under the Floor Plan Facility. The FLAIR offset account does not reduce the outstanding amount of loans under the Floor Plan Facility for purposes of determining the unencumbered borrowing capacity under the Floor Plan Facility.

(2) The short-term payable represents the amount due for sold inventory. A payment for any floor plan units sold is due within three to ten business days of sale. Due to the short-term nature of these payables, the Company reclassifies the amounts from notes payable‒floor plan, net to accounts payable in the condensed consolidated balance sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the condensed consolidated statements of cash flows.

(3) Purchase commitments represent vehicles approved for floor plan financing where the inventory has not yet been received by the Company from the supplier and no floor plan borrowing is outstanding.