What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2021-02-26 compared with 2020-02-28 · 87 added, 116 removed, 143 unchanged (59% of the section changed)

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Our dealerships and service centers are staffed with knowledgeable local team members offering expert advice and a wide assortment of products and services.

Also, we operate a network of centralized customer contact centers staffed with trained customer service professionals to interact and assist customers with all types of products and services.

Our goal is that every call – whether to one of our contact centers or to a store – will be answered promptly by a live person.

Our contact center specialists are extensively trained to assist customers with complex orders and provide a level of service that leads to exceptional customer service and long-term customer relationships.

In 2019, our contact centers handled more than 2.5 million calls and responded to over 450,000 emails and social media communications.

We currently operate call centers in Denver, CO, Bowling Green, KY, Greenville, NC, and Island Lake, IL.

All associates at our call centers have been cross trained, and the call centers have redundant services and systems in place in the event of a power or connectivity disruption at one of our call center locations.

Our goal is that every call – whether to one of our call centers or to a store – will be answered promptly by a live person.

Our call center specialists are extensively trained to assist customers with complex orders and provide a level of service that leads to exceptional customer service and long-term customer relationships.

In 2020, our call centers handled more than 2.6 million calls and responded to over 495,000 emails and social media communications.

Leverage Our Resources and Synergies.

Our unique and comprehensive assortment of RV products and services, our national network of RV dealerships and service centers, our network of customer service and contact centers, and our online and e-commerce platforms all work together to service our customers and make RVing fun and easy.

When a new customer transacts with us across any of our business areas, the new customer enters our database and we leverage customized customer relationship management (“CRM”) tools and analytics to actively and intelligently engage, service and promote other offerings and the RV lifestyle.

With more than 50 years of RV industry experience, 165 retail locations selling and/or servicing RVs,

and 5.1 million Active Customers, we believe our size and scale allows us to deliver exceptional value to our customers.

When a new customer transacts with us across any of our business areas, the new customer enters our database and we leverage customized customer relationship management (“CRM”) tools

and analytics to actively and intelligently engage, service and promote other offerings and the RV lifestyle.

We believe our size and scale allows us to deliver exceptional value to our customers.

Stewards of the RV Lifestyle.

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From 2011 to 2020, we continued to expand our footprint of RV dealerships through new store openings and acquisitions.

On May 26, 2017, we acquired certain assets of Gander Mountain Company (“Gander Mountain”) and its Overton’s, Inc.

In May 2017, we acquired certain assets of Gander Mountain Company (“Gander Mountain”) and its Overton’s, Inc.

(“Overton’s”) marine and watersports business through a bankruptcy auction.

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Following the acquisition, we rebranded the Gander Mountain business as Gander Outdoors and began opening the rebranded Gander Outdoors stores in December 2017.

On December 31, 2018, the Gander Outdoors and Overton’s business consisted of 61 retail stores and an e-commerce and direct marketing business.

In 2017 and 2018, we also acquired several other specialty retail businesses, including Active Sports, Inc.

(which included TheHouse.com), EIGHTEEN0THREE LLC, dba W82, Uncle Dan's LTD, Erehwon Mountain Outfitter, and Rock Creek Outfitters, that collectively operated a total of 23 specialty store locations on December 31, 2018.

In 2017 and 2018, we also acquired several other specialty retail businesses.

In 2019, we made a strategic decision to refocus our business around our core RV competencies.

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On September 3, 2019, our Board of Directors approved a plan to strategically shift our business away from locations where we did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”).

On September 3, 2019, we operated 37 Gander Outdoors and seven specialty store locations that did not sell and/or service RVs.

In line with the 2019 Strategic Shift, we closed three locations in the third quarter of 2019, and 31 locations in the fourth quarter of 2019 that did not sell/and or service RVs.

As of December 31, 2019, we operated 10 locations that did not sell and/or service RVs.

For more information on the impact to our 2019 financial results, please see Note 5 – Restructuring and Long-lived Asset Impairments to our consolidated financial statements included in Part II, Item 8 of this Form 10-K.

As of December 31, 2020, the Company has completed the store closures and divestitures relating to the 2019 Strategic Shift.

For more information on the impact to our 2020 and 2019 financial results, please see Note 5 – Restructuring and Long-lived Asset Impairment to our consolidated financial statements included in Part II, Item 8 of this Form 10-K.

Segments and Offerings

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(i) Good Sam Services and Plans and (ii) RV and Outdoor Retail.

In the first quarter of 2019, we realigned the structure of our internal organization in a manner that caused the composition of our reportable segments to change.

Our reportable segment financial information has been recast to reflect the updated reportable segment structure for all periods presented.

See Note 22 —

Segment Information to our consolidated financial statements included in Part II, Item 8 of this Form 10-K for further information regarding our reportable segments.

See Note 22 — Segment Information to our consolidated financial statements included in Part II, Item 8 of this Form 10-K for further information regarding our reportable segments.

(1) Components of revenue are presented after intersegment eliminations.

(2) Gross profit is presented exclusive of depreciation and amortization which is presented separately in operating expenses.

Our broad product offerings allow us to target our customers’ needs with products and services focused towards recurring revenue, our installed base, and first-time buyers.

Our recurring revenues are also marketed to customers outside of purchasers of our new and used RVs and are often annual or multi-year plans, so these recurring revenues do not necessarily correlate to sales of new and used RVs.

Good Sam Services and Plans

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● Good Sam extended vehicle service contracts.

We offer mechanical breakdown insurance underwritten and insured by QBE Europe Insurance Ltd (“QBE”).

We offer mechanical breakdown insurance underwritten and insured by a third party to members of the Good Sam Club.

The contracts cover the cost of parts, labor and repairs to motorized and towable RVs as well as autos, pick-up trucks and sport utility vehicles.

The contracts ensure the members will have continuous protection during the life of the contracts.

QBE assumes full underwriting risk associated with the contracts and we are compensated on a commission basis.

As of December 31, 2019, we had approximately 73,000 contracts in force underwritten by QBE.

The third party assumes full underwriting risk associated with the contracts and we are compensated on a commission basis.

As of December 31, 2020, we had approximately 75,000 contracts in force underwritten by the third party.

● Good Sam roadside assistance plans .

We offer roadside assistance plans for services such as towing, jump starting, tire changing, mobile mechanics and others.

We contract with Signature’s Nationwide Motor Club, Inc.

We contract with a third party

to handle dispatch calls through its network of tow providers and we pay a fee per incident or call.

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● Good Sam property and casualty insurance programs .

We offer property and casualty insurance for RVs and other types of vehicles as well as home insurance underwritten by various insurance providers, including National General, Progressive, Foremost and Safeco.

We offer property and casualty insurance for RVs and other types of vehicles as well as home insurance underwritten by various insurance providers.

We do not share the underwriting risk of the insurance programs and we receive a marketing fee based on the amount of premium paid to the insurance providers.

For the year ended December 31, 2019, we sold, through third-party insurance providers, insurance policies with an aggregate net written premium of $276 million.

For the year ended December 31, 2020, we sold, through third-party insurance providers, insurance policies with an aggregate net written premium of $283 million for which we earn a marketing fee.

● Good Sam TravelAssist travel protection .

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The plans provide 24/7 coverage for emergency medical evacuation, return-home services, emergency medical monitoring, as well as other travel assistance services.

We contract with On Call International to offer travel protection plans through Good Sam TravelAssist, where On Call International primarily assumes the underwriting risk through third-party underwriters.

As of December 31, 2019, we had approximately 216,000 contracts in force primarily underwritten by On Call International’s underwriter, Inter Hannover.

We contract with a third party to offer travel protection plans through Good Sam TravelAssist, where the third party primarily assumes the underwriting risk through third-party underwriters.

As of December 31, 2020, we had approximately 245,000 contracts in force primarily underwritten by the third party’s underwriter.

● Good Sam consumer shows .

We offer RV and outdoor related consumer shows designed to promote and sell RV and outdoor lifestyle and related products and services.

During 2019, we promoted and operated 37 consumer shows in 29 cities across 18 states that attracted more than

285,000 visitors.

During 2020, as a consequence of COVID-19, we reduced the number of in-person consumer shows that we promoted and operated to 24 consumer shows in 20 cities across 15 states that attracted more than 210,000 visitors.

In comparison, during 2019, we promoted and operated 37 consumer shows in 29 cities across 18 states that attracted more than 285,000 visitors.

These shows provide a strategic opportunity to expose first-time buyers and existing RV and outdoor sports enthusiasts to our products and services.

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RV and Outdoor Retail

Our RV and Outdoor Retail segment consists of all aspects of our RV dealership operations, which includes selling new and used RVs, assisting with the financing of new and used RVs, selling protection and insurance related services and plans for RVs, servicing and repairing new and used RVs, installation of RV parts and accessories, and selling RV and outdoor related products, parts and accessories.

Our RV and Outdoor Retail segment consists of all aspects of our RV dealership operations, which includes selling new and used RVs, assisting with the financing of new and used RVs, selling protection and insurance related services and plans for RVs, servicing and repairing new and used RVs, installing RV parts and accessories, and selling RV and outdoor related products, parts and accessories.

Within our RV and Outdoor Retail business, we also operate the Good Sam Club, which we believe is the largest membership-based RV organization in the world, with approximately 2.1 million members as of December 31, 2020.

Membership benefits include a variety of discounts, exclusive benefits, specialty publications and other membership benefits, all of which we believe enhance the RV experience, drive customer engagement and loyalty, and provide cross-selling opportunities for our other products and services.

loyalty, and provide cross-selling opportunities for our other products and services.

A map depicting our national network of 170 RV dealerships and service centers as of December 31, 2020 is provided below:

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The table below contains a breakdown of our new RV unit sales and average selling price by RV class for 2020.

Sales of new vehicles represented 48.5%, 52.4%

and 56.9% of total revenue for 2019, 2018 and 2017, respectively.

Sales of new vehicles represented 51.8%, 48.5% and

52.4% of total revenue for 2020, 2019 and 2018, respectively.

Sales of used vehicles represented 18.1%, 17.5% and 15.3% of total revenue for 2020, 2019, and 2018, respectively.

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With approximately 2,200 RV service bays across our national footprint, we are equipped to offer comprehensive repair and maintenance services for most RV components.

• Installation of parts and accessories.

Our full-service repair facilities enable us to install all parts and accessories that we sell in our retail locations, including, among other items, towing and hitching products, satellite systems, braking systems, leveling systems and appliances.

• RV parts, accessories and installation services.

We offer a wide range of RV parts, equipment, supplies and accessories, including towing and hitching products, satellite and GPS systems, electrical and lighting products, appliances and furniture, and other products.

Our full-service repair facilities enable us to install all parts and accessories that we sell in our retail locations.

We believe our ability to both sell and install parts and accessories affords us a competitive advantage over online and big box retailers, that do not have service centers designed to accommodate RVs, and over RV dealerships that do not offer a comprehensive selection of parts and accessories.

• Collision repair.

We offer collision repair services, including fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions, and paint and body work, at many of our retail locations, and 39% of our retail locations are equipped with full body paint

Our facilities are equipped to offer a wide selection of collision repair services, including fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions and paint work.

We perform collision repair services for a number of insurance carriers, including Progressive, National General and Nationwide.

• RV parts, equipment, supplies and accessories.

We offer a wide range of RV parts, equipment, supplies and accessories, including towing and hitching products, satellite and GPS systems, appliances and furniture, retractable awnings, leveling systems, braking systems, step systems, ramps and ladders, hand rails, batteries, heaters, covers, generators, electrical products, lighting products, maintenance products, supplies and other products.

• Collision repair and restoration.

We offer collision repair services, including fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions, and paint and body work, at many of our retail locations, and 35% of our retail locations are equipped with full body paint booths.

We perform collision repair services for a number of insurance carriers.

• Outdoor products and accessories.

We offer a variety of outdoor products and accessories that are specifically curated for the RV community, including equipment, gear and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersports and other outdoor activities.

We offer a variety of outdoor products and accessories that are specifically curated for the RV community, including equipment, gear and supplies for

camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, marine and watersports and other outdoor activities.

• Good Sam Club.

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• Co-branded credit cards.

We contract with Visa and Comenity Capital Bank to offer a Good Sam Rewards Visa® branded credit card.

We contract with Visa and Comenity Capital Bank to offer a Good Sam Rewards Visa® branded credit card, as well as Good Sam private label credit card.

Cardholders receive enhanced rewards points, which are referred to as Good Sam Rewards, for money spent at our retail locations, on our e-commerce platforms, at gas stations and at private campgrounds across the U.S.

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In certain instances, our manufacturing partners produce private label products exclusively available at our RV dealerships and through our e-commerce platforms.

Our supply arrangements with manufacturers are typically governed by dealer agreements, which are customary in the RV industry and made on a location-by-location basis.

Our supply arrangements with manufacturers are typically governed by dealer agreements, which are customary in the RV industry, made on a location-by-location basis, and each retail location typically enters into multiple dealer agreements with multiple manufacturers.

Dealer agreements generally give us the right to sell certain RV makes and models within an exclusive designated area.

Our dealer agreements with manufacturers are generally made on a location by location basis, and each retail location typically enters into multiple dealer agreements with multiple manufacturers.

The terms of these dealer agreements typically require us to, among other things, meet all the requirements and conditions of the manufacturer’s applicable programs, maintain certain minimum inventory requirements and meet certain retail sales objectives, perform services and repairs for all owners of the manufacturer’s RVs (regardless from whom the RV was purchased) that are still under warranty, and stock certain of the manufacturer’s parts and accessories needed to service and repair the manufacturer’s RVs, actively advertise and promote the manufacturer’s RVs, and indemnify the manufacturer under certain circumstances.

In addition, many of our dealer agreements contain stocking level requirements and certain of our dealer agreements contain contractual provisions concerning minimum advertised product pricing for current model year units.

We generally acquire used RVs from customers, primarily through trade-ins, as well as through auctions and other sources, and we generally recondition used RVs acquired for retail sale in our parts and

service departments.

Used RVs that we do not sell at our RV-centric retail locations generally are sold at wholesale prices through auctions.

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The lifestyle element of the RV industry and the multi-year nature of many of our products and services provides the opportunity to build long-term relationships with our customers.

Our marketing strategies are focused on developing awareness around our brands, products and services, and driving traffic to our stores and websites, and we utilize a combination of direct mail, email, printed catalogs and flyers, digital, social and traditional media, as well as online inventory listings to accomplish this.

traditional media, as well as online inventory listings to accomplish this.

As part of our marketing efforts, we maintain a proprietary database of individuals and customer purchasing data that we utilize for direct mail, email and telemarketing campaigns.

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In addition, we are involved in various sponsored sporting event activities.

We are the sponsor of the NASCAR Gander RV and Outdoors Truck Series, Major League Baseball Spring Training plus the naming rights sponsor of Camping World Stadium in Orlando, Florida.

We are the sponsor of the NASCAR Camping World Truck Series, Major League Baseball Spring Training, and National Hot Rod Association (“NHRA”) Camping World Drag Racing Series plus the naming rights sponsor of Camping World Stadium in Orlando, Florida.

We also have official partner status for our brands for both Major League Baseball and NASCAR.

Periodically we promote the opening of each new retail location through grand opening celebrations at which we may have special events and discounted prices.

In September 2020, Camping World and Gander RV introduced our first-ever virtual show, the Ultimate RV Show, which was a virtual omni-channel event that showcased informative videos, promotions, and concerts by popular artists.

There were 1.3 million viewers that attended the five-day online event.

The Ultimate RV Show will continue to be utilized in the future as an additional means of connecting with consumers and digitizing the purchase experience.

Trademarks and Other Intellectual Property

We own a variety of registered trademarks and service marks related to our brands and our services, protection plans, products and resources, including Good Sam, Camping World, Gander Outdoors, Gander RV, and Overton’s.

We also own the copyrights to certain articles in our publications and numerous domain names, including www.goodsamclub.com, www.campingworld.com, www.ganderoutdoors.com, www.ganderrv.com, www.overtons.com, www.the-house.com, among others.

We believe that our trademarks and other intellectual property have significant value and are important to our marketing efforts.

We do not know of any material pending claims of infringement or other challenges to our right to use our intellectual property in the United States or elsewhere.

For additional information regarding our intellectual property, see Note 7 – Goodwill and Intangible Assets.

For additional information regarding our intellectual property, see Note 7 – Goodwill and Intangible Assets to our audited consolidated financial statements included in Part II, Item 8 of this Form 10-K.

Human Capital Resources

As of December 31, 2020, we had 10,907 full-time and 1,040 part-time or seasonal employees.

None of our employees are represented by a labor union or are party to a collective bargaining agreement, and we have had no labor-related work stoppages.

We believe that our employee relations are good.

We believe that our employee relations are generally good.

In November 2020, we launched an entity-wide online training platform with a curriculum that is tailored to each associate’s job function.

This program includes interactive courses such as COVID-19 safety, communication, management, critical thinking, software skills, and workplace harassment and discrimination.

Our learning and development team continues to create proprietary content for this training library.

Our service technicians are critical to providing the high-quality installation and repair services that our customers expect.

In 2019, we provided training to 159 technicians and, despite the challenges faced with social distancing limitations as a result of COVID-19 safety precautions, we were able to train 101 new technicians on our level 1 course in 2020.

Diversity, Equity, and Inclusion

We strive to make diversity, equity, and inclusion (“DE&I”) a top priority in all areas of our Company.

These areas include but are not limited to our board of directors, senior management, field operations, and the creation of campaigns, products and services.

We believe that our Company and our brand should reflect the

increasingly diverse audience of outdoor enthusiasts and our culture should promote respect and dignity of all humans.

Community Engagement

Since 2013, we have operated the Project Good Samaritan initiative, which encourages our associates to perform eight hours of volunteer work per quarter for a cause that is meaningful to that associate, such as local soup kitchens, food pantries, home building, meal distribution, recycling programs, homeless shelters, veteran programs, and nursing homes.

Associates receive paid time off for these volunteer hours.

In 2019, 3,364 associates volunteered 51,680 hours in their communities under the program.

In 2020, 840 associates volunteered 6,268 hours during January and February before the program was suspended as a safety precaution as a result of the COVID-19 pandemic.

We plan to reactivate the program when it is safe to do so.

Health and Safety

We maintain a safety program to provide a safe and healthful workplace for our associates.

We strive to comply with all health and safety standards that pertain to our operations.

We have created and implemented processes to identify, reduce or eliminate physical hazards from the work environment, improve safety communication and train employees on safe work practices.

In response to the COVID-19 pandemic, we have implemented new health and safety measures at all of our locations.

We also issued COVID-19 awareness training to our associates to educate associates on how the virus is transmitted, how to monitor for symptoms of the virus, and how to protect themselves and others from increased spread of the virus.

For further discussion, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — COVID-19” in Item 7 of Part II of this Form 10-K.

We face competition in all areas of our business.

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● major national insurance and warranty companies, providers of roadside assistance and providers of extended vehicle service contracts;

● other large-format outdoor and active sporting goods stores and chains, such as Academy Sports + Outdoors, REI, Bass Pro Shops (including Cabela’s) and Sportsman’s Warehouse;

● multi-channel retailers and mass merchandisers, warehouse clubs, discount stores, department stores and other retailers, such as Wal-Mart, Target and Amazon;

● other specialty retailers that compete with us across a significant portion of our merchandising categories through retail, catalog or e-commerce businesses, such as Bass Pro Shops (including Cabela’s), Sportsman’s Warehouse and REI;

● distributors of assembled RV furniture;

● online retailers;

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Moreover, some of our mass merchandising competitors do not currently compete in many of the product categories we offer but may choose to offer a broader array of competing products in the future.

The COVID-19 pandemic adversely impacted our business from mid-March through much of April 2020, but shifted to a favorable impact beginning primarily in May 2020.

For further discussion, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — COVID-19” in Item 7 of Part II of this Form 10-K.

Historically, our business has been seasonal.

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Laws and Regulations

Our operations are subject to varying degrees of federal, state and local laws and regulations, including our RV sales, firearm sales, vehicle financing, outbound telemarketing, direct mail, roadside assistance programs, extended vehicle service contracts and insurance activities.

These laws and regulations include consumer protection laws, so-called “lemon laws,” privacy laws, escheatment laws, anti-money laundering laws and other extensive laws and regulations applicable to new and used vehicle dealers, as well as a variety of other laws and regulations.

These laws also include federal and state wage and hour, anti-discrimination and other employment practices laws.

Furthermore, new laws and regulations, particularly at the federal level, may be enacted that could also affect our business.

See “Risk Factors — Risks Related to Our Business — Our business is subject to numerous federal, state and local regulations.” in Item 1A of Part I of this Form 10-K.

Motor Vehicle

Our dealership operations are subject to the National Traffic and Motor Vehicle Safety Act, Federal Motor Vehicle Safety Standards promulgated by the United States Department of Transportation and the rules and regulations of various state motor vehicle regulatory agencies.

We are also subject to federal and numerous state consumer protection and unfair trade practice laws and regulations relating to the sale, transportation and marketing of motor vehicles, including so-called “lemon laws.” Federal, state and local laws and regulations also impose upon vehicle operators’ various restrictions on the weight, length and width of motor vehicles that may be operated in certain jurisdictions or on certain roadways.

Certain jurisdictions also prohibit the sale of vehicles exceeding length restrictions.

Federal and state authorities also have various environmental control standards relating to air, water, noise pollution and hazardous waste generation and disposal.

Our RV financing activities with customers are subject to federal truth-in-lending, consumer leasing and equal credit opportunity laws and regulations as well as state and local motor vehicle finance laws,

leasing laws, installment finance laws, usury laws and other installment sales and leasing laws and regulations, some of which regulate finance and other fees and charges that may be imposed or received in connection with motor vehicle retail installment sales.

Claims arising out of actual or alleged violations of law may be asserted against us or our retail locations by individuals, a class of individuals, or governmental entities and may expose us to significant damages or other penalties, including revocation or suspension of our licenses to conduct retail operations and fines.

Our insurance marketing activities are subject to state rules and regulations governing the business of insurance including, without limitation, laws governing the administration, underwriting, marketing, solicitation and/or sale of insurance programs.

The insurance carriers that underwrite the programs that we sell are required to file their rates for approval by state regulators.

Additionally, certain state laws and regulations govern the form and content of certain disclosures that must be made in connection with the sale, advertising or offer of any insurance program to a consumer.

We review all marketing materials we disseminate to the public for compliance with applicable insurance regulations.

We are required to maintain certain licenses and approvals in order to market insurance programs.

Our consumer marketing activities are subject to Federal and State enacted consumer protection statutes designed to ensure that consumers are protected from unfair and deceptive marketing practices.

Our e-commerce activities are subject to the Mail or Telephone Order Merchandise Rule and related regulations promulgated by the Federal Trade Commission (the “FTC”) which affect our catalog mail order operations.

Because we sell firearms at certain of our retail locations, we are subject to regulation by the Bureau of Alcohol, Tobacco, Firearms and Explosives (the “ATF”).

Each applicable store has a federal firearms license permitting the sale of firearms, and our applicable distribution centers have obtained federal firearms licenses to store and distribute firearms.

Certain states require a state license to sell firearms, and we have obtained these licenses for the states in which we operate that have such a requirement.

We must comply with federal, state and local laws and regulations, including the National Firearms Act of 1934 (the “NFA”), and the Gun Control Act of 1968 (the “GCA”), all of which have been amended from time to time.

The NFA and the GCA require our business to, among other things, maintain federal firearms licenses for our applicable locations and perform a pre-transfer background check in connection with all firearms purchases.

We perform this background check using either the FBI-managed National Instant Criminal Background Check System (“NICS”) or, if required by state law, a state government-managed system that relies on NICS and any additional information collected by the state.

The federal categories of prohibited purchasers are the prevailing minimum for all states.

States (and, in some cases, local governments) on occasion enact laws that further restrict permissible purchasers of firearms.

We are also subject to numerous other federal, state and local laws and regulations regarding firearm sale procedures, record keeping, inspection and reporting, including adhering to minimum age restrictions regarding the purchase or possession of firearms or ammunition, residency requirements, applicable waiting periods, importation regulations and regulations pertaining to the shipment and transportation of firearms.

In September 2004, Congress declined to renew the Assault Weapons Ban of 1994 (“AWB”), which prohibited the manufacture of certain firearms defined as “assault weapons”;

restricted the sale or possession of “assault weapons,” except those that were manufactured prior to the law’s enactment;

and placed restrictions on the sale of new high capacity ammunition feeding devices.

Various states and local jurisdictions, including Colorado, Maryland and New York (states in which we operate or plan to operate applicable stores), have adopted their own versions of the AWB or high capacity ammunition feeding device restrictions, some of which restrictions apply to the products we sell in other states.

If a statute similar to the AWB were to be enacted or re-enacted at the federal level, it would impact our ability to sell certain products.

Additionally, state and local governments have proposed laws and regulations that, if enacted, would place additional restrictions on the manufacture, transfer, sale, purchase, possession and use of firearms, ammunition and shooting-related products.

For example, several states, such as Colorado, Connecticut, Maryland, New Jersey, New York, and Washington have enacted laws and regulations that are more

restrictive than federal laws and regulations that limit access to and sale of certain firearms.

Additionally, Connecticut and New York impose mandatory screening of ammunition purchases;

California and the District of Columbia have requirements for microstamping (that is, engraving the handgun’s serial number on each cartridge) of new handguns;

and some states prohibit the sale of guns without internal or external locking mechanisms.

Other state or local governmental entities may also explore similar legislative or regulatory initiatives that may further restrict the manufacture, sale, purchase, possession or use of firearms, ammunition and shooting-related products.

The Protection of Lawful Commerce in Arms Act, which became effective in October 2005, prohibits civil liability actions from being brought or continued in any federal or state court against federally licensed manufacturers, distributors, dealers or importers of firearms or ammunition for damages, punitive damages, injunctive or declaratory relief, abatement, restitution, fines, penalties or other relief resulting from the criminal or unlawful misuse of a qualified product by third parties.

The legislation does not preclude traditional product liability actions.

We are also subject to a variety of federal, state and local laws and regulations relating to, among other things, protection of the environment, human health and safety, advertising, pricing, weights and measures, product safety, and other matters.

Some of these laws affect or restrict the manner in which we can sell certain items, such as handguns, smokeless powder, black powder substitutes, ammunition, bows, knives and other products.

We believe that we are in substantial compliance with the terms of such laws and that we have no liabilities under such laws that we expect could have a material adverse effect on our business, results of operations or financial condition.

We are routinely inspected by the ATF and various state agencies to ensure compliance with federal and local regulations with regards to the manufacture, transfer, importation or sale of firearms and related products.

While we view such inspections as a starting point, we employ more thorough internal compliance inspections to help ensure we are in compliance with all applicable laws.

We dedicate significant resources to ensure compliance with applicable federal, state and local regulations, including to in-store training and other training materials such as learning management system training modules, training manuals, and standard operating procedures.

Our compliance department conducts random internal audits modeled after those conducted by ATF inspectors.

Our staff at retail locations are required to adhere to compliance direction from training materials.

We utilize a database and application program to track acquisitions and dispositions of serialized inventory that are designed to meet all federal standards.

Additionally, we use an internet-enabled application to assist in completing the federally required records and background checks for firearms.

See “Risk Factors — Risks Related to Our Business — Our business is subject to numerous federal, state and local regulations,” “— Changes in government policies and firearms legislation could adversely affect our results,” “— Our failure to comply with certain environmental regulations could adversely affect our business, financial condition and results of operations,” and “—Climate change legislation or regulations restricting emission of “greenhouse gases” could result in increased operating costs and reduced demand for RVs we sell” in Item 1A of Part I of this Form 10-K.

Although we incur costs to comply with applicable laws and regulations in the ordinary course of our business, we do not presently anticipate that such costs will have a material effect on our capital expenditures, earnings and competitive position.

Environmental, Health and Safety Regulations

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Consequently, our business is subject to a complex variety of federal, state and local requirements that regulate the environment and public health and safety.

Most of our RV-centric retail locations utilize above ground storage tanks, and to a lesser extent underground storage tanks, primarily for petroleum-based products.

Storage tanks are subject to periodic testing, containment, upgrading and removal requirements under the Resource Conservation and Recovery Act and its state law counterparts.

Clean-up or other remedial action may be necessary in the event of leaks or other discharges from storage tanks or other sources.

In addition, water quality protection programs under the federal Water Pollution Control Act (commonly known as the Clean Water Act), the Safe Drinking Water Act and comparable state and local programs govern certain discharges from some of our operations.

Similarly, air emissions from our operations, such as RV painting, are subject to the federal Clean Air Act and related state and local laws.

Certain health and safety standards promulgated by the Occupational Safety and Health Administration of the United States Department of Labor and related state agencies also apply.

Although we incur costs to comply with applicable environmental, health and safety laws and regulations in the ordinary course of our business, we do not presently anticipate that such costs will have a

material adverse effect on our business, financial condition or results of operations.

For a discussion of the impact of COVID-19 on our business, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — COVID-19” in Item 7 of Part II of this Form 10-K.

We do not have any material known environmental commitments or contingencies.

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The information contained in, or accessible through, our website does not constitute a part of this Form 10-K.

We intend to use our official Facebook, Twitter, and Instagram accounts, each at the handle @CampingWorld, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD.

The information we post through these social media channels may be deemed material.

Accordingly, investors should subscribe to these accounts, in addition to following our press releases, SEC filings and public conference calls and webcasts.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business