The RV industry is experiencing a contraction where major umbrella companies like Forest River and Thor Industries are struggling financially, while independent manufacturers such as Brinkley RV and Alliance RV are performing better and gaining market share through superior attention to detail and customer service. Despite rumors of potential acquisitions, these independent companies are unlikely to sell for the next 4-5 years unless offered an exceptionally high price (north of $800-900 million), as they have invested significant capital and time in building their companies. Additionally, proper towing safety requires understanding that pin weight on fifth wheels counts against payload capacity, while hitch weight on travel trailers does not, and sellers must take responsibility for ensuring customers' trucks are properly equipped for safe towing.
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Brinkley RV and Alliance RV are selling the Company?追加:
Allergies are crushing me. All right.
So, there is a lot of chatter on the dealer side and wholesale side of the RV industry. It's kind of funny.
One of the chatter that's going on is that Brinkley RV and Alliance RV are selling their respective companies and that the deal will be done by the end of 2026.
And what has further made that claim gain traction was Ryan and Coley Brady saying publicly that they weren't selling in a way. Okay, so welcome into HB RV Lifestyle the podcast. I'm the host, John Levston, aka the Honeybadger. Here to give it to you straight and transparent about the RV business, as well as some other things.
Now, the reason why we're gonna talk about this is because if you go to rvus.com, Ryan and Coley Brady made some comments because there's a lot of rumors out there that basically Winnebago is going to buy Alliance RV and that Thor is going to buy Brinkley RV. Lots of rumors going everywhere about this. Now, there was a deal in place, but this was a little while ago. There was a deal in place for Thor to buy Brinkley. That has been killed. As far as my sources are concerned, that deal is no longer going to happen.
And more than likely what's going to happen is Brinkley is probably not going to sell for probably another four to five years.
And I'll get into that a little bit later. But let me get into the comments that was made. And pardon me, I'm really stuffed up today, so you're gonna have to forgive. Um, my nose is just See if I can find it. Hold on one second. I gotta find this thing.
Uh, I just had it pulled up and everything went here. We go.
So, this was said yesterday.
Um, Coley and Ryan Brady were put on the spot. Standing on stage Wednesday, May 27th in front of about 800 owners of Alliance RVs. The Bros were asked whether they would be selling the Elcart based company that founded 2020. To the delight of the audience, the Duke confidently said they have at least 10 more years in them. The good news is for us is we got a fairly young team and that has a run and has a lot of runway in front of us. Coley said later adding that it was good to hear that it's always good as I mentioned at the beginning to get back to our roots to make sure that they're staying true to what we originally said on day one. Ryan and I are both relatively long young. We feel like we can run for a lot longer.
I'm talking 10 plus years. That's not a no.
I want everybody to understand Coley and Ryan Brady did not say directly, no, we're not selling Alliance RV. Now, do I believe they would sell it? Yes. in one condition. I think Alliance RV only sells and I think the Bradies only sell it if it's a ridiculous stupid amount of money that makes them pause.
I think it's the only way that company sells.
But again, they never answered their own group directly. They politically kind of spun the wheel around like a lot of politicians do.
And that's okay because again, you don't want to put yourself in a corner. If you're Cole and Ryan Brady, you don't want to put your back against the wall into a corner and some company offers you $1.2 billion dollar for the company and you told people directly, "Oh, hell no. were never selling.
So simply, they never said they wouldn't sell. They basically said they're not leaving the industry for at least 10 years. So remember, they're very they've been around a long time. They're not stupid.
They're not going to back themselves in a corner and say, "Oh, absolutely not.
Alliance RV will never sell." Not going to do it. But are they going to sell anytime soon? No. Did Winnebago make him an offer? According to my s sources, they did a few months ago and they came back with a secondary offer and both the Brady boys said no.
That's according to my sources. And again, it wasn't a ridiculous amount of money. I think what it would take for Coley and Ryan Brady to pull the trigger and sell it is a stupid amount of money that would make him go, "Whoa, that's a lot of dough."
See, you got to understand the reason why I'm a fan of those guys beyond me loving to sell Heartland products back when they were actually involved in it is because they're not in it to build a company up and sell it off for maximum value. My problem with a certain group of people is they build a company for four to five years and they dump it off onto a bigger company for a massive amount of profit and do what you got to do. But I can't I can't get behind that.
I just can't.
You know, they there was a lot of people that were with H Heartland that never thought they would sell H Heartland to Thor, but Thor at the time gave him a stupid amount of money to sell it.
So, never say never. Again, tomorrow somebody could come in and write a blank check and said, "Fill in the amount.
What would it take to get rid of it?"
And let me tell you, it would hard they would not say no at that point because there's other people involved, right? It's not just making themselves rich. It would be making the employees and the people that have been around them for since the beginning life-changing money.
Okay. Are they seeking to sell? No. Have they put it up for sale? No. Do I foresee them ever doing that? No.
But they also weren't looking to sell H Heartland either. So, just keep that in mind when you hear all these rumors.
Now, the Brinkley rumor is as close to true as possible because I know those guys want to sell because of their game plan, because of their business model.
Not because of desperation, not because they have to, but because this is the business model that that group of folks is used to operating in.
You start a company, five years later you sell it off. You start a company, five years later, you sell it off. Now, where I'm gonna give them credit is they're holding out. Obviously, they're going to hold out for the money that they deserve on it. Okay? They've built they're they're fit. I don't like that they're overpriced and I don't like that they still will not admit that their trailers were leaking. Don't want I I that that's my only beef. But just the fifth wheel toy hauler portion of Brinkley should be looked at more in depth because the fifth wheel toy hauler section at least what they offer needs to be more of what the entire industry needs to offer.
I mean, you still have and and again, I know a lot of guys will get mad at me saying this, but a lot of the industry are a bunch of dinosaurs when it comes to toy haulers. It's the reason why Genesis Supreme RV, who mainly only sells on the West Coast, is the number one selling toy hauler in America.
They sell to basically 17 of the 50 states, and they're the number one toy hauler.
I mean, that's a joke. And that's because they're not dinosaurs about it.
Brinkley is as close to that as you can get. I just think they're way more money than what they need to be. I I now that part I mean again you it's your money. You spend it however you want. But to me that's just it's overpriced for what it is.
But that doesn't mean it's a bad product, okay? And they're taking care of all the leaks. I mean, it I'm getting daily updates from people that own Brinkley travel trailers and fifth wheels, and they are telling me that Brinkley is now taking care of it at a speedy pace.
So, that's a very positive thing. The closest company from my sources and my sources are very very good, the closest company to really selling is Forest River RV.
My sources have told me that not the entire company would sell, but they would sell off the sub companies like Coachman, like maybe the bus the the the Birkshshire diesel pushers.
There's going to be what I call divisions that are separate companies possibly sold off not by Forest River themselves but by Birkshshire Hathaway.
Now I don't know if this happens tomorrow, this happens 10 years from now. It could totally change if the market changes and actually goes in a different direction.
But I guess there's some complicated things where Birkshar Hathaway has looked at Forest River and says, "You haven't made any money the last couple years."
I think Doug Getter's done a great job of shrinking down the company and bringing reigning in the brands and shrinking down the amount of stuff being uh built and things of that nature.
But when you're not profitable and you're under the Birkshshire Hathaway umbrella, Warren Buffett's number one rule, even though he's not involved as a CEO, number one rule at Birkshshire Hathaway, if the company's not making money, get rid of it. If the stock's not making money, dump it.
Nobody's really making money right now.
I mean, there are some indiv independent manufacturers like Brinkley, like Alliance, like Genesis Supreme, uh, like Northwood Manufacturing and Outdoors RV, Adventure RV. They're paying the bills and may doing better than the bigger guys.
From what I'm understanding, from my sources, the big umbrella companies are not doing as well as the small individual companies.
And I could see that, you know, when you have massive overhead and a massive dealer base with a lot of inventory out there, it's tough to build new inventory and make money.
It's not easy.
Not an easy thing to do. Not an easy thing to be a part of.
So I if you're hearing anything from manufacturer reps or dealers about Brinkley or Alliance or any of these companies selling this year, as far as I understand, any deal to buy any manufacturer right now just isn't feasible.
None of the big companies have the capital or the assets or the valued assets needed to make that kind of purchase. You're talking about to buy Brinkley and to get a positive really good rate of return from what I'm understanding, you got to sell it for 800 plus million dollars. Nobody's able to scratch that together right now because the economy You know, to to make the Brady Boys really sell Alliance, you got to come in with a stupid offer north of 900 million, a billion dollars. Nobody's got that.
Is anybody going to got have that in the next three to five years? Maybe.
Do I see that happening?
Not with Alliance. maybe Brinkley.
I mean, if you look at anything of what happened with the Lance manufacturing and you know, none of the companies are really making any money.
It it it's tough for anybody to to expand.
You know, we're we're going through a contraction right now.
And to expand during a contraction, you got to either have a crystal ball and a bunch of people willing to basically light their money on fire or you got to be able by companies for pennies on the dollar.
And I'm sorry, I I may disagree with how Brinkley does things. I may disagree with a lot of things of somebody calling me a blowhard, but there's no way since they're paying the bills, they're putting a little scratch in their pocket, they're buying up some real estate assets, you know, they're expanding, they're not in trouble where they got to sell for pennies on the dollar, so why would they sell for anything less than eight or $900 million?
Really?
I mean, it would make no sense for them to sell it for the same amount of money or less than they sold Grand Design. It wouldn't make any sense.
It wouldn't make sense for Alliance.
Alliance just bought Midwest vans not that long ago.
I mean, if someone comes in with 600, 700 million, it doesn't make sense.
it. It just doesn't.
And again, Birkshshire Hathaway, if they break up Forest River and sell it in pieces, they're not going to sell it for pennies on the dollar.
They're going to try to get maximum value out of all the assets.
You break down the company and sell it off in pieces to make money to get back cash. This isn't something that, oh, it isn't like Lance Manufacturing where Rev Group just dumped it on a bunch of children of dealers.
It It's I It's not That situation's left.
And look how bad Lance is struggling.
And they're they got bought out for What' they say? A a 50th of what Rev Group bought it for.
So that kind of deal only comes around every once in a while. Add it to Toy Hollers. Out of business, done. Eclipse manufacturing gone. Nobody wanted to buy it because you have to buy all the problems. And there were a lot of problems with that company unfortunately, especially ever since the owner Don died.
I mean, there's just so many things that that that we don't really comprehend about like, you know, there there there's this constant buzz right now that has no fruit to it. When I tell you that somebody might sell, it's because people deep into the industry, mainly on the banking and insurance side of the industry, I trust their information more than I trust a factory rep or, you know, a GM of a of a deal GM of a dealership or the general manager of a plant because the banking and insurance guys know exactly what's going on. And I've made some pretty good contacts on that side of the industry and there's just been all and again the the buzz is to try to you know disrupt what's going on. I mean Brinkley's got some good momentum especially now that they're fixing the leak problem especially now that they've got a good fifth wheel toy hauler lineup. So it gives them another segment to be either ultra competitive in or dominate in.
Alliance has been doing awesome stuff from destination trailers to their their Valor to their Paradigm. They fixed all the shower leak problems. I'm not hearing anything more about that. So, you got two independent manufacturers that are dominating the space and you got the big boys, unfortunately, that are trying to kind of stir the pot a little bit.
You know, if you're Keystone, Montana, as an example, and you keep losing to Paradigm, Brinkley, and Solitude, even though Solitude's under Winnebago's line, you start to go, "Well, how do I try to like put the seed of doubt in people's minds so they look at Montana again?"
Instead of saying, "How do I make Montana better?" not not R&D, not research and duplicate. How do I make Montana stand out? How do I go on podcasts and live television and play and and go to campgrounds and go to dealers and go to shows and as an executive, as a manager of the company, stand up and say, "I don't build junk.
This is what we do different than other people, and I stand behind it.
Let's stir the pot. spread rumors about a sale that look if there was a sale going on or the threat of a sale going on or something in place, you would have heard it from me. I'm the guy raised my hand AND SAYS, "HEY, GUESS WHAT? I know this is in the works right now. And if I'm telling you that none of these companies are selling right now, that's because they aren't.
If the deal that was in place with Thor Industries to buy Brinkley, if that deal was going to be consummated, it already would have happened within the last two to three weeks. But it's been killed and done for like over what I say like four months now. Like it's there's no shot at it happening unless Brinkley wants to cut their price down by 2/3 which they shouldn't and they wouldn't.
Period. when you got x amount of dollars invested, x amount of time invested, x amount of assets added on, and blueprints of how the future's going to go, you deserve to make some money. Whether I agree with your business model or not, you still deserve to make some money.
Period.
So, we're And look, at the end of the day, I was talking about this yesterday.
At the end of the day, the Thor deal dropping out is probably the most positive thing for the industry that it could be. Okay? And let me tell you why.
you're and I'm going to use we're going to use Brinkley Alliance, Northwood Manufacturing, Genesis Supreme, Ainer, and a couple other independents. If you go look at dealerships across the United States, the ones that do not have a lot of inventory, the inventory is smaller, harder to find. you call up and you're trying to find a certain floor plan and a certain brand, whether it's a Paradigm, a Brinkley, an Ainer, a an Arctic Fox, a Nash, you're like, I can't find them.
You're starting to see that dealers sell out of that inventory.
And a lot of that has to do with the attention to detail at the sales manager level.
What do I mean by that? So the guys that Coley and Ryan Brady hire to run each region know how to take care of their guys.
Like they are, I'm not going to screw this up. It's a bad economy.
The industry is struggling.
We're going to be out there and we're going to be making things happen. You look at Aeliner, you look at Opus, you look at uh Genesis Supreme. Genesis Supreme RV is at at least five events a year. Five events a month right now.
Five events a month.
When when a dealer there when a dealer is asking for co-op at a show, here's a check.
How many guys do you need?
How, you know, if you're bringing eight Alliance products into a small RV show, they're ready to send a crew down there to help the dealer out.
So, it's it's a big difference. When when we went to the little show up here in Northern California, we brought four Arctic Foxes. We had three people from Artic Fox show up to help us out.
Did I have a guy from Palamino for one day, half a day?
Now, that's unfair to the Palamino guy, okay? So, that's unfair of me to say that, but it's just an example.
The Ainer rep, the guy who helps us out with all our a, you know, high high-end A-frame trailers, he was there for five straight days.
So, it's a difference right now of the independent manufacturers have seen an opportunity to dig into that market share.
Now, are you going to beat Camping World's Coleman 17B? No. You're not going to beat a trailer they advertise for $13995?
You're just not going to beat that.
Okay. But can Brinkley eat into Forest River's toy hauler dominance? Can Alliance eat into uh Forest River and Keystone and Jacob's Destination Trailer market share?
Can any can everybody dominate the truck camper industry?
Yeah. So, these these smaller independent manufacturers are starting to become the trend in 2026 and beyond. And I never thought it would get like that.
Now, you won't see that on stat survey.
You won't see that in rvus.com or rvnews.com because you you got to have an understanding of the fact that Brinkley and Alliance and all these independent manufacturers are not going to build 50,000 units.
They're going to build a thousand, maybe 1,200, 1,500.
Imagine they're going to basically build between 10 and 20 a day, four days a week, sometimes five days a week, and it's one company building these, right? So they don't have the massive production that Keystone Springdale has.
Keystone Hideout, Dutchman Coleman, Jacob JF flight, uh Forest River Salem, Forest River Wildwood, it's not the same.
It's less built, but the percentage of those units selling are a lot higher than the major manufacturers.
And a lot of it is not because of quality.
A lot of it is not because of price.
A lot of it is attention to detail.
stopping being the T-Rex with a big head and little arms.
The attention to detail, even the Mr. Calling me a blowhart, it is the attention to detail of that company that is putting them over the top.
It's what's putting Alliance over the top. Genesis over the top.
Nothing more, nothing less.
Okay.
Now, something else I want to go over today because the weekend's going to be very interesting is there was an article on rvus.com.
Choose the right truck for your RV.
Mike Wland uh is a podcaster and YouTuber. Okay.
I want you guys to read this article.
Part of it is really good. Most of it is just jibberjabber, but the parts that are really good is talking about pin weight and talking about basically being able to read your payload sticker stuff. I've been talking about for a while. The only thing is is what happens when you're a YouTuber and a podcaster, and I'm guilty of this. I'm very guilty of this, is we're starting to become more and more reliant on AI.
Okay? So, what happens is a lot of these guys will go into chat GPT or Gemini or one of these places and go put the information they're looking for and AI gives them the wrong information.
Like for example, pin weight does go against your payload.
I'm going to repeat that again.
Pin weight on a fifth wheel is the same thing as putting a truck camper in the bed of your truck. It does go against your payload sticker.
A travel trailer's hitch weight does not.
It's already factored into your axle ratios.
And I'm going to do a very in-depth video Tuesday morning. It will be released. It'll be finished on Monday, released on Tuesday. It's going to be indepth how to actually know that a pullbehind travel trailer or pullbehind toy hauler's hitch weight have nothing to do with payload.
Nothing to do with payload. But pin weight does because you got the fifth wheel hitch in the bed of the truck and the pin is sitting on the rear axle like a truck camper or a load of wood or a bunch of stuff you're taking to the junkyard, things of that nature. So when it sits on there, it's sitting over the rear axle. The weight of it sitting on there.
So, outside of some of the AI, how do I put it? AI misinterpretations.
The article is actually really good and you should check it out. Okay? If he's got a video on it, you should probably watch that as well. I'm not talking about him. So, if he's watching me, if Mr. Mike Wland is watching me. I'm not talking crap about you. I don't want to hear this crap from people anymore. I'm talking crap about somebody. No, this is, you know, you your my reliance on AI is by thumbnails. So you could tell this article the mis representations in it that are incorrect are because AI unfortunately is taking information from Reddit and Quora that are false and making them true.
So very interesting how that kind of works. I've been working a lot with AI with things. So I kind of see I have to go and double check things that when I write articles and I have chat GPT or something just kind of ma make sure I didn't misspell anything and kind of edit be the editor or the the line crosser on it. Sometimes when it makes changes I have to go back in and redo my research and make sure that chat GPT didn't get something wrong. And they've done it several times. I've had it where chat GPT has told me something about towing and then I go and actually do real homework and all of a sudden find out Chapp Chat GPT is full of So be careful of that. But that's a great great article you should read about picking that. Um, the other thing that you really want to read when you get some reading time, this is probably the most non uh what do I call it all the time?
Propaganda piece about inventory and about technology uh when it comes to the RV industry.
It's by RV Executive Today. The article is also in rvus.com.
Good stuff if you want to read it, especially if you're a dealer.
That's something you probably want to look into. And you know, I'm not a fan of propaganda, but this is probably as little propaganda as you can get and actually gives you some pretty straightforward stuff. It's called uh technology is shaping outdoor recreation's future. talks a lot about dinosaurs as I call them and how to get out of that mindset. So that's some good stuff. The other thing I found very interesting and let me click on it right here um is there's a lot of knuckleheads out there that do stupid crap like emptying a waste tank into a gas station diesel supply.
So, I'm really typically not one to hold back what I have to say when it comes to stupid stuff.
Okay? When people are being just dumb.
All right? Let me give you an example of this.
yesterday, which was supposed to be my day off, but I worked anyway because I that's the way I do things.
There was a person that showed up to the lot.
And they're looking at a Wolf Creek truck camper.
Now, they have a Ram 2500 diesel that when you open up the door has a 1797 pound payload capacity.
So, just under 1,800 lb. The Wolf Creek without options hovers right around 2500. Then you add the generator, the AC, the fridge, couple of things, you're talking about close to 3,100 lb. So 3100 3,100B camper on a 1,800 lb payload.
Now, I told this gentleman that his Ram truck is great for towing, but horrible for truck campers.
First thing he told me, "Well, Bish's RV will sell me theirs, and I don't have to do," and I quote, "and I don't have to do to my truck. They'll just let me do it because Northwood Manufacturing," which he actually said, "Wolf Creek says it goes on a Ram 2500."
Like, okay, bye.
Yeah, but you're cheaper than they are.
I don't care.
You're not willing to put money into your truck.
You're not willing to go down to something that's closer to 2,000 lbs so you're not severely overweight.
You're not willing to put the support equipment on the truck.
Goodbye.
And that's exactly how I said it. like you need to go buy it at Bishes.
Now, I don't know if he bought it at Bishious, but he posted on Facebook him putting the truck camper in the bed of his truck.
Now, the video when he took the jacks off, it just shrank and shrank and squatted so bad that his rear tire popped.
His driver side rear wheel blew and you could hear something in the coil springs snap.
Now, I'm not the smartest person in the world, but when you have a saleserson who's paid on commission telling you he wouldn't sell you that truck camper cuz it's too heavy for your truck, and you proceed to buy it at another dealership because you think that guy's an idiot.
might want to look in the mirror because there's a lot of guys like me in the industry. Now, a lot of them have a more personable personality and are nicer and kinder than I am. I'm an and I slap people around until they come around to figure out that they shouldn't do something. That's just the way I've always been. Never have done any differently. and I'm not going to change now because now I'm stuck in my ways. But there's guys out there that are a lot nicer than me, a lot friendlier than me that people simply ignore and call idiots because they won't sell them a unit because it's too heavy for their truck.
If you're that desperate because you are too cheap to buy the right truck, too cheap to put the right suspension on the truck or the right support equipment on the truck, whether it's a travel trailer, a fifth wheel, a truck camper, a toy hauler.
If you choose your ego over safety of you and others, you might want to go look in the mirror.
There is nothing wrong at all with having a Toyota Tundra and a truck camper that has no bathroom sitting in the bed of your truck.
But there is a problem if you want to over overload that truck camper and have absolutely no safety or support equipment to keep you, your family, and others safe on the road.
Now, you have to understand that when guys like me tell you that you probably shouldn't do that, no matter how much you really want something, it's better to be alive, be healthy, and enjoy camping in something small that maybe you Don't love over buying the thing you love, but being unsafe.
It's more than just you that's at stake.
Have I sold some Arctic Fox truck campers to guys with underrated trucks?
Yes, and I will continue to do so if they put the right equipment on the truck. They know what the hell they're doing.
They've done it before.
No problem.
You are gonna put 25 grand in a F250 to beef up the suspension and you've driven big heavy stuff like a semitr or a big dump truck or you you operate heavy machinery. Yeah. But all you've owned is a Tesla your whole life or a small economy car like a Toyota Camry and now you want to put a 4,000lb camper in a truck that's rated for 1,800 lb. No freaking way, man. Sorry.
I mean, it's just we as sellers need to take more responsibility and tell people no. I know you don't want I know. Oh my god, I haven't made a sale in two weeks. Who cares?
I'd rather get fired tomorrow because I didn't sell something to a guy that was unsafe than to sell something and wonder if the people are okay.
I want to sleep like a baby. I don't want to wake up in the middle of the night wondering if I did the right thing because I want to save my job because I haven't sold anything. Oh well, they're going to let you go. There's plenty of sales jobs in the world.
Go work in and out. Go work at McDonald's for 20 bucks an hour if you live in California.
We should not be desperate as sellers to sell something that's completely overloaded for their truck without asking a million questions and getting to know the people and getting a sense of the people.
Fact of life.
And you as the buyers need to take more responsibility for listening.
When I talk to people about a 990 Arctic Fox, first thing I tell them is long bed dy.
But Northwood says you can do you don't need a dy. That's true. You don't need one.
But there's not a lot of single rearwheel one-tonon trucks that are long bed that have the right support equipment. If you want to do it that way, sway bar, extra leaf springs, airbags, you got to be prepared to put money in the truck.
you want to tow a 45 foot triple axle fifth wheel and you don't want to do with a DY, you better freaking put some money in the truck that you're towing it with because a DY is the best thing to do with a triple axle 20,000B fifth wheel.
We have to be smarter as buyers and sellers of any type of towable RV, especially fifth wheels, especially truck campers.
Is my truck fitted for what I really want?
Okay, I guess I have to settle.
I've watched so many guys walk into this dealership with the mindset of getting the biggest baddest thing and they end up in one of the smallest things because it's right for their truck.
Because at the end of the day, they just need a bathroom, a place to lay their head, and access to go fishing, hiking, go enjoy off the beaten path in BLM land.
All they want is the access to go get away from it all, you know, and that that's the mindset that buyers and sellers need to start having.
Until Monday, have a great weekend and remember RV stands for toolkit and sense of humor.
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