INVENTORIES, NET

3 Months Ended

Mar. 31, 2025

Vehicle and parts inventories are recorded at the lower of cost or net realizable value, with cost determined by the last-in, first-out (“LIFO”) method. Cost includes purchase costs, reconditioning costs, dealer-installed accessories and freight. For vehicles accepted as trade-ins, the cost is the fair value of such pre-owned vehicles at the time of the trade-in. Other inventory includes parts and accessories, as well as retail travel and leisure specialty merchandise, and is recorded at the lower of cost or net realizable value with cost determined by LIFO method.

The current replacement costs of LIFO inventories exceeded their recorded values by $22.4 million and $28.4 million as of March 31, 2025 and December 31, 2024, respectively.

Inventories consisted of the following:


(In thousands)	March 31, 2025		December 31, 2024
New recreational vehicles	$	170,628	$	188,918
Pre-owned recreational vehicles	28,664		43,062
Parts, accessories and other	5,739		8,396
	205,031		240,376
Less: excess of current cost over LIFO	(22,424)		(28,430)
Inventories, net	$	182,607	$	211,946