Lazydays Holdings, Inc. LAZY recently announced its expansion in Wilmington, OH with the opening of Lazydays RV of Wilmington. The new location opening is a stepping stone for the company’s expansion initiative into the Northeast region. The Ohio location will act as a prime destination of sales and service needs for all the recreational vehicles (RV) occupants or operators in that area.
The new greenfield location of Lazydays RV consists of a modern indoor showroom and space to display more than 250 new and used RVs for sale. The facility space is of more than 12 acres. It houses the service department, comprising 20 service bays, which will deliver retail and warranty service work.
It also features a body shop/collision center, equipped with a 60ft paint booth. Furthermore, the inventory to the new location will be supplied by the following RV manufacturers — Tiffin, Thor, Forest River, Coachmen, East To West and Cruiser.
Lazydays’ Expansion Initiatives
Lazydays is focusing on continuous expansion in the prime markets through dealership acquisitions and greenfield locations. Since January 2020, the company has expanded its location reach from seven to 21 as of June 2023.
Lazydays has completed three acquisitions so far this year. On Aug 8, 2023, the company acquired Century RV in Longmont, CO, renaming the store as Lazydays RV of Denver at Longmont. This acquisition strengthened the market hold of Lazydays RV in Denver and about $50 million revenues annually are expected from this store.
On Jul 25, 2023, it acquired Buddy Gregg RVs & Motor Homes in Knoxville, TN. This acquisition offsets the loss incurred from the closing of its Maryville store. The store is renamed Lazydays RV of Knoxville at Turkey Creek and is expected to deliver $40 million of revenues, annually. Furthermore, on Feb 16, 2023, it acquired Findlay RV in Las Vegas, NV which is expected to deliver annual revenues of $40 million.
Moving ahead, the company expects to open additional greenfield locations, including Fort Pierce, FL and Surprise, AZ. The company believes that expansion of its current dealership facilities will generate incremental revenue opportunities in the coming period.
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Shares of LAZY have declined 6% in the past month compared with the Zacks Leisure and Recreation Products industry’s 11% decrease.
Zacks Rank
Lazydays currently carries a Zacks Rank #3 (Hold).
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