Recreational vehicle retailer Camping World Holdings (CWH 0.05%) says people can now purchase an RV using cryptocurrencies.
In an arrangement with cryptocurrency payment service provider BitPay, Camping World will begin accepting Bitcoin, Ethereum, and other select cryptocurrencies using various digital wallets. The program will launch at two dealerships initially, but will soon be available at all Camping World dealerships and on its e-commerce platform.
Camping World was something of a surprise play on the COVID-19 pandemic as RV sales soared as people sought to escape to the great outdoors while the country was locked down. Revenue soared 11% in 2020 to $5.4 billion while profits soared 32% to $1.7 billion from the year-ago period as it grew active customers to over 5.3 million.
Cryptocurrencies also rocketed higher with Bitcoin rising from around $7,600 a year ago to almost $54,000 today, having recently hit a high of over $63,000. Ethereum went from $195 last year to $2,500 today.
Acceptance of cryptocurrencies as a valid substitute for cash continues to expand.
"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," Camping World chairman and CEO Marcus Lemonis said. "Accepting cryptocurrency is simply another part of our vision to make RVing easy in an increasingly digital world."
The announcement about accepting cryptocurrencies for RV purchases follows Camping World saying it will also develop a platform for a fully paperless, online RV purchase experience.