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04-28-2009, 03:04 PM
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#1
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Member
Join Date: Apr 2009
Posts: 64
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Affinity Group
Affinity Group, owners of Good Sam, Coast to Coast, Camping World, Trailer Life, Motorhome, and other RV related businesses, have suffered declining revenues as have many other RV related companies. Their debt rating has been cut by S&P to CCC with "outlook negative", which means they are likely to default on their debt. What happens now? If they can find a "Warren Buffet" type who will invest in the business, they'll probably be OK, if not ???
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04-28-2009, 06:26 PM
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#2
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Senior Member
Thor Owners Club
Join Date: Nov 2008
Location: Ft. Dodge IA, Kerrville TX
Posts: 246
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I'm no expert on the finacial position or dealings of Affinity Group; what I've noticed over the past few years, though, is what I would classify as rapid and reckless growth attempts on their part, regardless of economic conditions.
For example, over the past few years, it seems as if every 10th NASCAR vehicle that passes by is sponsored in some respect by Camping World. Plus for 2009 they laid out $2 Million to sponsor the NASCAR Truck Series.
In addition, CW was at one time a "supply & service" business, but now they're full bore RV dealers, too. That takes a ton of additional capital & pulls their stores' emphasis away from what they were known for...supplies and service.
When will these "we gotta grow or we're gonna die" idiots ever learn
Dick
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Dick & Pat Swanstrom
Fort Dodge Iowa
2014 Thor Challenger 37GT
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04-28-2009, 07:00 PM
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#3
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Senior Member
Monaco Owners Club
Join Date: Nov 2008
Location: Melbourne & Marathon, Florida
Posts: 1,537
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When they die!
__________________
2005 Safari Cheetah 38PDQ - 2009 Ford Flex
Me (Gatogonow), The Boss (DW), Honey Bunny, Maggie May and Mollie Kay (The Gatos)!
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04-29-2009, 08:52 AM
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#4
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Senior Member
Thor Owners Club
Join Date: Nov 2008
Location: Ft. Dodge IA, Kerrville TX
Posts: 246
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Quote:
Originally Posted by Jim Stewart
When they die!
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__________________
Dick & Pat Swanstrom
Fort Dodge Iowa
2014 Thor Challenger 37GT
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04-30-2009, 10:39 AM
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#5
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Senior Member
Monaco Owners Club
Join Date: Mar 2000
Location: Yuma Arizona USA
Posts: 2,998
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I hadn't given it much thought but; the last time we were in Camping World in Wilsonville Oregon my wife commented that they had so little stock it looked like they were going out of business. A lot of things missing from the shelves and when we asked we were told "we are expecting that in on the next truck".
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Brian, Loretta & Lucy (Golden Retriever)
2008 HR Endeavor 40 PDQ , ISL 400
2010 Dodge Ram 1500 Toad
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04-30-2009, 11:48 AM
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#6
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Senior Member
Monaco Owners Club
Join Date: Nov 2008
Location: Melbourne & Marathon, Florida
Posts: 1,537
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The three greatest lies of all time:
The checks in the mail!
I have some swamp land in Florida I would like to sell you!
That's on the next truck!
I know the third one is not the normal third lie, but we are GP Rated!
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2005 Safari Cheetah 38PDQ - 2009 Ford Flex
Me (Gatogonow), The Boss (DW), Honey Bunny, Maggie May and Mollie Kay (The Gatos)!
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04-30-2009, 03:46 PM
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#7
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Member
Join Date: Oct 2001
Location: Des Moines, IA
Posts: 92
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Couldn't happen to a nicer greedy overpriced group.
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04-30-2009, 07:37 PM
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#8
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Member
Join Date: Jun 2006
Location: Jacksonville Fl
Posts: 80
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If they run their business like they do their forum it's no wonder they are failing
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04-30-2009, 08:00 PM
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#9
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Senior Member
Join Date: Apr 2000
Location: Crossville,TN USA
Posts: 437
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Goes to show you--bigger does not always mean better. Ken....
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04-30-2009, 09:53 PM
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#10
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Senior Member
Join Date: Aug 2001
Location: North America somewhere
Posts: 31,945
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Like any other large corporation, each group is a separate company. If one fails it doesn't affect any other "group" company. Freedom Roads is the RV sales company, Camping World is another. Marcus Lemonis, CEO of Camping World is forming a focus group comprised entirely of RV owners, in an attempt to improve his company. I hope his idea works. I dislike seeing any company fail, un-employment is too high now.
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2000 Winnebago Ultimate Freedom USQ40JD , ISC 8.3 Cummins 350, Spartan MM Chassis. USA IN 1SG 11B5MX,Infantry retired;GS Life member,FMCA " My fellow Americans, ask not what your country can do for you, ask what you can do for your country. John F. Kennedy
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05-01-2009, 10:07 AM
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#11
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Member
Join Date: Apr 2009
Posts: 64
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Ray,IN-- You are correct to a point, the holding company owns the stock of Camping World, etc. We know that Affinity Group has more liabilities than assets and that most of that debt is due in June. We don't know the internal financials between the subsidiaries and the holding company. If they (Affinity) are unable to restructure the debt, as S & P suggests may occur, then assets (subsidiaries) have to be sold or liquidated to satisify the debt holders. Therefore subsidiaries may be affected as a result of the actions of the holding company.
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05-05-2009, 06:46 PM
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#12
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Senior Member
Join Date: Oct 2004
Location: Tallahassee
Posts: 521
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Well I'm going to hope they stay in business. I received a flyer in the mail today offering me the following services:
GS Club membership
Trailer life Dir
Camping World RoadCare
Camping Club USA Membership
Trailer Life Mag
CW Presidents Club Membership.
All for a mere $ 99.95 for all of them. There may be a catch, but I'll check it out and see. We are already members of the GS Club and their roadSvc which is coming due in July so this looks like a good deal. While we do not use most of these services/items, we did visit CW a couple of times last year. (not a member) s/Toby
__________________
2006 Holiday Rambler Ambassador 38PDQ
Click on SHIP to enlarge CGC Sagebrush
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05-05-2009, 06:57 PM
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#13
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Senior Member
Thor Owners Club
Join Date: Nov 2008
Location: Ft. Dodge IA, Kerrville TX
Posts: 246
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Quote:
Originally Posted by Toby
Well I'm going to hope they stay in business. I received a flyer in the mail today offering me the following services:
GS Club membership
Trailer life Dir
Camping World RoadCare
Camping Club USA Membership
Trailer Life Mag
CW Presidents Club Membership.
All for a mere $ 99.95 for all of them. There may be a catch, but I'll check it out and see. We are already members of the GS Club and their roadSvc which is coming due in July so this looks like a good deal. While we do not use most of these services/items, we did visit CW a couple of times last year. (not a member) s/Toby
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This is a heck of a good deal, IMO, providing they follow through with all the goods and services these features have provided in the past.
It can also be taken as a desparate attempt on Affinity's part to generate capital
__________________
Dick & Pat Swanstrom
Fort Dodge Iowa
2014 Thor Challenger 37GT
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05-05-2009, 07:16 PM
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#14
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Moderator Emeritus
Join Date: Jan 2000
Location: West Palm Beach, FL. USA
Posts: 28,325
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My guess is that they need to raise cash any way possible. I recently took a good deal on the GS road service - saved me $50 over renewing my Coach-Net. I like Coach-Net, but not for $50 extra.
__________________
Gary Brinck
Former owner of 2004 American Tradition and several other RVs
Home is now West Palm Beach, FL
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