Affinity refinancing paves way for recovery
With new financing in place and a recovery brewing in the recreational vehicle industry, Ventura-based Affinity Group could be back on the road to black ink.
Affinity Group owns a nationwide network of discount clubs for RV owners, along with the 75-location Camping World chain of retail stores and a stable of niche magazines targeted at boating, motorcycles and other power sports. Nationwide, RV shipments dropped 30 percent between 2008 and 2009, a figure that touched Affinity Group when it had to write down to zero an $81 million vehicle sales subsidiary.
But RV shipments show signs of picking up. And Affinity Group Chief Executive Officer Mike Schneider said despite still-low vehicle sales figures, the nation’s 8 million RV users still appear to be taking to the road.