Shares of Camping World (CWH) got a boost Monday after the recreational-vehicle retailer said it would begin accepting cryptocurrencies as payment for RV purchases through a new partnership with BitPay.
The Lincolnshire, Ill., company will use the cryptocurrency-payment service to accept bitcoin, ethereum and certain other cryptocurrencies.
“As the industry leader, we have a responsibility to adapt to new preferences and elevate the customer experience, whether through the products and services we offer, or in the ways we interact and transact with the customer,” Chief Executive Marcus Lemonis said in a statement.
The program’s initial launch will include the company’s Chicago and Kenosha, Wis., locations
The plan calls for the company later this summer to accept cryptocurrency at all its locations that sell RVs and at its e-commerce platforms.
Read More: Camping World Shares Drive Up After Earnings Beat Estimates
Monday’s move comes on the heels of the company’s plan to develop a platform for paperless online RV purchases.
“Accepting cryptocurrency is simply another part of our vision to make RVing easy in an increasingly digital world,” Lemonis said.
Also on Monday, Camping World said it acquired Nomad Reservations, a campground-booking engine.
Terms weren’t disclosed.
The company will use the data from the platform to target ads better to potential RV buyers.
Read More: Camping World Stock Is in the ‘Sweet Spot,’ Jim Cramer Says
“This technology acquisition complements other planned product launches such as the Peer-to-Peer RV Rental Platform and represents our goal of improving the RV and outdoor experience for our current and future consumers,” Lemonsis said.
Earlier this month, the stock jumped after the RV Industry Association said first-quarter sales for recreational vehicles jumped about 23% from a year earlier.
Camping World shares at last check were 3.6% higher at $44.65. The stock on Monday touched a 52-week high $45.01.
About the author
