TAMPA — Lazydays Holdings, the nation’s largest RV dealer, announced it has signed a letter of intent to acquire Total Value RV, based in Elkhart, Ind.
Total Value RV is the No. 1 motorhome dealership in Indiana, according to a statement. Terms of the acquisition, expected to close within 90 days, weren’t disclosed.
“We are extremely pleased to announce our intent to acquire Total Value RV as we continue to execute our geographic expansion strategy," Lazydays Chairman and CEO William Murnane says in the release. "We are honored and humbled that Hank Schrock has chosen Lazydays to shepherd his longtime family business into the future. We are thrilled to have Total Value RV join the Lazydays' family of dealerships.”
Outside of the expansion strategy, Murnane, in the release, points out the majority of the RVs Lazydays sells are manufactured in and around Elkhart. “We are very excited to become part of the Elkhart community and continue to work closely with our OEM partners,” he says.
Tampa-based Lazydays, a publicly traded firm, slumped badly at the onset of the coronavirus pandemic. Sales fell 40% year-over-year in April, for example. The firm, in response, laid off 25% of its workforce, cut the salaries of senior management by 25% and suspended 2020 pay increases and its 401(k) match program.
But sales quickly rebounded. RV orders, the company says in a statement, increased about 90% in May over May 2019. Unit sales were up 55% year-over-year in May, and revenue increased 36%.
Founded in 1976, Lazydays reported gross revenue of $608.19 million in 2019.
Home of the world's largest recreational dealership, based on 126 acres outside of Tampa, Lazydays has dealerships located at The Villages, Tucson and Phoenix, Ariz.; Minneapolis; Knoxville, Tenn.; and Loveland and Denver, Colo. Lazydays also has a dedicated Service Center location near Houston, Texas.