Camping World Holdings Inc. signage is displayed as American Flags fly outside of the New York Stock Exchange (NYSE) during the company's initial public offering (IPO) in New York, U.S., on Friday, Oct. 7, 2016.

BMO Capital Markets sees an 'open road' ahead for Camping World Holdings after the outdoors equipment provider increased guidance and reported 20 percent sales growth in its second-quarter earnings report.

"As the nation's largest retailer of recreational vehicles (RV) and related products and services, Camping World Holdings benefits from robust growth in the RV industry," wrote BMO analyst Gerrick Johnson.

"While controlling only 6 percent of U.S. RV dealerships, the company has a significant scale advantage in purchasing, pricing, advertising, cross-selling and leverage, allowing it to sell 15% of the industry's new units."

Controlling more and more of new unit sales through dealership acquisitions is critical for Camping World, as an increasing percentage of the population gravitates back toward road trips. There is a "strong view" in the industry that certain sectors of motorhome market are now successfully appealing to millennials.