The world’s largest recreational vehicle retailer and outdoor accessories – Camping World, has announced an increase of its floor plan credit facility. The transaction was led by the administrative agent for the Bank of America while JP Morgan, also the partner of the company, acted as co-agent.
Camping World’s Chairman and CEO Marcus A. Lemonis said in a statement that the increase in the company’s profits is due to its explosive same-store sales and openings with additional acquisitions.
The top line outlook for 2013 stays positive with tight stock controls and right sized SGA has well positioned for another firm financial performance, reported marketwatch.com.
Floor plan financing is a line of credit allows dealers to borrow against their stock and then pay back that debt by selling their inventory or borrow to add new inventory.
Camping World is the world’s largest retailer of recreational vehicles which provides over 10,000 RV parts and accessories, professional installation, maintenance and collision repair to develop the RV and lifestyle.