AMERCO operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. The company's Moving and Storage segment rents trucks, trailers, portable moving and storage units, specialty rental items, and self-storage spaces primarily to the household movers; and sells moving supplies, towing accessories, and propane. It also provides uhaul.com, an online marketplace that connects consumers to independent Moving Help service providers and independent self-storage affiliates; auto transport and tow dolly options to transport vehicles; and specialty boxes for dishes, computers, and sensitive electronic equipment, as well as tapes, security locks, and packing supplies. This segment rents its products and services through a network of approximately 2,065 company operated retail moving stores and 20,100 independent U-Haul dealers. As of March 31, 2020, it had a rental fleet of approximately 176,000 trucks, 127,000 trailers, and 41,000 towing devices; and 1,745 self-storage locations with approximately 774,000 rentable storage units. The company's Property and Casualty Insurance segment offers loss adjusting and claims handling services. It also provides moving and storage protection packages, such as Safemove and Safetow packages, which offer moving and towing customers with a damage waiver, cargo protection, and medical and life insurance coverage; Safestor that protects storage customers from loss on their goods in storage; Safestor Mobile, which protects customers stored belongings; and Safemove Plus, which provides rental customers with a layer of primary liability protection. The company's Life Insurance segment provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, medicare supplement, and annuity policies. AMERCO was founded in 1945 and is based in Reno, Nevada.
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The Hertz of moving trucks and trailers.
Like Public Storage, but with moving trucks and supplies available too.
A combination of Hertz (for vehicle rentals) and Public Storage (for self-storage).
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DIY Moving Truck & Trailer Rentals: Provides various sizes of trucks and trailers for customers to rent for self-service moving.
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Self-Storage Units: Offers rental of individual storage units in secure facilities for personal or business use.
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U-Box Portable Moving & Storage Containers: Provides portable containers for flexible moving and storage solutions that can be delivered to a customer's location or stored at a U-Haul facility.
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Moving Supplies & Accessories: Sells a range of products including boxes, packing materials, furniture pads, and other moving-related merchandise.
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Hitch & Towing Products and Services: Offers sales and installation of vehicle hitches, wiring, and other towing accessories.
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Propane Sales: Retails propane for grilling, RVs, forklifts, and other consumer and commercial uses.
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U-Haul (UHAL) Major Customers
U-Haul, operated by its parent company Amerco (symbol: UHAL), primarily sells its services and products directly to individuals rather than other companies. Its business model focuses on providing do-it-yourself moving and storage solutions directly to the general public.
Based on its focus on individual consumers, U-Haul serves the following categories of customers:
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Residential Movers (DIY Moving)
This is U-Haul's core customer base, comprising individuals, couples, and families who choose to handle their own relocation. These customers rent trucks, trailers, and purchase moving supplies for local or long-distance moves of their household goods, opting for a self-service approach rather than hiring full-service movers.
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Individuals Requiring Self-Storage
This category includes individuals who need secure and accessible storage space for personal belongings. This could be due to various life events such as downsizing, renovating a home, temporary housing situations, college students storing items during breaks, military personnel on deployment, or simply decluttering.
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Individuals for Non-Moving Transportation/Hauling
These customers rent U-Haul trucks or trailers for purposes other than a full residential move. Examples include transporting large purchases (e.g., furniture, appliances), hauling materials for home improvement projects, moving items to or from storage, or for recreational purposes like towing boats or ATVs (using U-Haul trailers).
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- Ford Motor Company (F)
- General Motors (GM)
- Stellantis N.V. (STLA)
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Edward J. Shoen, Chairman, President & Chief Executive Officer
Edward J. Shoen is the son of U-Haul founder Leonard Shoen. He has served as Chairman of U-Haul Holding Company since 1986 and President since 1987. He joined U-Haul's executive board immediately after earning his MBA from Harvard Business School and later obtained a J.D. from Sandra Day O'Connor College of Law. He is recognized for his leadership in expanding U-Haul's self-moving business. Shoen also holds positions as Chairman and Chief Executive Officer for U-Haul International, Inc., and is on the board of Amerco Real Estate Co. and Repwest Insurance Co., both subsidiaries of AMERCO, U-Haul's parent company. The Shoen family maintains a significant ownership stake in AMERCO.
Jason A. Berg, Chief Financial Officer
Jason A. Berg has been the Chief Financial Officer of AMERCO, U-Haul's parent company, since 2016. He joined the U-Haul organization in 1996, starting with Oxford Life Insurance Company, a U-Haul subsidiary. Before his appointment as CFO, he served as the Principal Financial Officer and Chief Accounting Officer from 2005 to 2016, and also as the Treasurer and Secretary of Oxford Life Insurance Company. Berg is a licensed CPA and an alumnus of Arizona State University. He was honored as the 2022 Arizona CFO of the Year by Financial Executives International.
John C. Taylor, President
John C. Taylor holds the title of President at U-Haul.
Samuel J. Shoen, Director; Vice Chairman
Samuel J. Shoen has been the Vice Chairman and a Director of U-Haul Holding Company since 2018. He is the son of Edward J. Shoen. His career at U-Haul includes prior roles such as Webteam Manager, Executive Vice President, Risk Management, and President of Repwest, as well as U-Box Project Manager.
Maria L. Bell, Chief Accounting Officer
Maria L. Bell has served as the Chief Accounting Officer of U-Haul Holding Company since 2019. Previously, she held the position of Controller for U-Haul.
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The clearest emerging threats to U-Haul (UHAL) are primarily impacting its self-storage business segment through alternative service models:
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On-demand storage services: Companies like Clutter and MakeSpace offer a concierge storage experience where they pick up, store, and deliver customers' belongings on demand. This model directly competes with traditional self-storage by removing the logistical burden from the customer, offering a higher level of convenience particularly appealing to urban dwellers or those seeking a hands-off approach. This is analogous to how a more convenient, alternative service model can disrupt an established market.
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Peer-to-peer storage marketplaces: Platforms such as Neighbor.com connect individuals with unused space (e.g., spare rooms, garages, basements) to those in need of storage. This decentralized model offers often cheaper, more localized, and flexible storage options, directly competing with U-Haul's traditional self-storage units. This model leverages underutilized assets in a community, similar to how Airbnb disrupted the hotel industry.
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U-Haul's primary products and services include truck and trailer rentals and self-storage. The addressable markets for these services are sized as follows:
Self-Storage Market
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Global: The global self-storage market reached approximately USD 60.1 billion in 2024. This market is projected to grow to about USD 89.7 billion by 2033.
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North America: North America is a dominant region in the self-storage market, accounting for over 47.8% of the global market in 2024. The North American self-storage market generated revenues of approximately USD 27.8 billion in 2024 and is anticipated to reach around USD 37.7 billion by 2030.
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U.S.: The U.S. self-storage market was valued at USD 21.75 billion in 2024 and is projected to reach approximately USD 39.31 billion by 2034. The overall U.S. self-storage industry is valued at around USD 44.3 billion in 2024.
Truck and Trailer Rental Market
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Global: The global truck rental market was valued at approximately USD 126.56 billion in 2024 and is expected to reach USD 194.3 billion by 2030. Another estimate places the global market at USD 108.65 billion in 2025, projected to grow to USD 140.13 billion by 2030.
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North America: North America held about 41.96% of the global truck rental market share in 2024. Based on a global market size of USD 126.56 billion in 2024, the North American share would be approximately USD 53.1 billion. The North American market is projected to grow at a CAGR of 5.65% to 2030.
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U.S. (Truck Leasing & Rental): The United States truck leasing and rental market was valued at USD 3.63 billion in 2024 and is expected to grow to USD 5.32 billion by 2030. This figure specifically refers to truck leasing and rental, which may encompass a broader scope than U-Haul's primary consumer moving truck rentals.
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Here are the expected drivers of future revenue growth for U-Haul (UHAL) over the next 2-3 years:
1. Expansion of the Self-Storage Footprint: U-Haul is actively investing in and expanding its self-storage facilities, with numerous new centers and additional rentable square feet under development, many of which are slated for completion by 2026. This ongoing expansion is expected to generate incremental revenue as these new and existing non-same-store locations achieve typical occupancy rates.
2. Growth in U-Box Portable Storage Containers: The U-Box segment has demonstrated strong revenue growth, with management indicating it is still in its "infancy" and has substantial potential for broader rollout and increased customer adoption.
3. Increases in Equipment Rental Revenue per Transaction: U-Haul has experienced a rise in revenue per transaction for both its in-town and one-way equipment rental services.
4. Expansion of the Dealer Network: The company is investing in expanding its dealer network, a strategic move anticipated to contribute to future revenue growth.
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Share Repurchases
- No significant dollar amount of share repurchases or new share repurchase authorizations were identified for U-Haul Holding Company over the last 3-5 years.
Share Issuance
- On October 24, 2022, U-Haul Holding Company issued shares of Non-Voting Common Stock through a 9-for-1 stock dividend to existing holders of its Voting Common Stock.
Inbound Investments
- No information regarding large inbound investments made in U-Haul Holding Company by third-parties, such as strategic partners or private equity firms, was identified within the last 3-5 years.
Outbound Investments
- No information regarding strategic investments made by U-Haul Holding Company in other companies was identified within the last 3-5 years.
Capital Expenditures
- Net capital expenditures for the Moving and Storage segment were approximately $2,794.8 million for fiscal year 2025 (ended March 31, 2025) and $2,253.7 million for fiscal year 2024 (ended March 31, 2024).
- For fiscal year 2023 (ended March 31, 2023), gross rental equipment capital expenditures were approximately $1,299 million, and spending on real estate related acquisitions and projects was approximately $1,341 million.
- The primary focus of capital expenditures includes the acquisition of new rental equipment, rotation of older fleet, and significant investments in real estate for self-storage and U-Box warehouses. For fiscal year 2026, the company expects to reinvest approximately $1,295 million, net of equipment sales, in its rental equipment fleet and has about 15.0 million net rentable square feet of self-storage in development or pending.
