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U-Haul is owned by Amerco (), a holding company which also operates Amerco Real Estate , Republic Western Insurance , and Oxford Life Insurance . The Shoen family currently owns about 40% of the publicly-traded stock corporation. The company rents Truck s, Trailers , and other pieces of equipment, but many Franchisees also provide storage, LPG (propane) refueling, hitch and trailer wiring installation, and carpet cleaners, among other services. The use of older equipment and the company's many outlets across the country makes its services easier to access and more affordable than most competitors. Because of the company's ubiquity (there are 15,000 dealers across the country) the name is sometimes used as a Genericized Trademark to refer to the services of any rental company. The Livery used on rented vehicles is widely recognized, primarily consisting of white and a thick horizontal orange stripe, in addition to a large state- or province-themed picture, known as SuperGraphics . There are many other companies in the U.S. that run similar businesses, but the two most significant competitors are Budget Truck Rental and Penske Truck Rental . HISTORY In 1945, at the age of 29, Leonard Shoen co-founded U-Haul with his wife, Anna Mary Carty, in the town of Ridgefield in the state of Washington . The company was started with an investment of $5,000. He began building rental trailers and splitting the fees for their use with Gas Station owners who he franchised as agents. He developed one-way rentals and enlisted investors as partners in each trailer as methods of growth. By 1955, there were more than 10,000 U-Haul trailers on the road and the brand was nationally known. Distracted to some extent by growing his business, Shoen nevertheless took time for multiple marriages and eventually had a total of 14 children, each of whom he made stockholders. Shoen transferred all but 2% of control to his children when two of them, Edward and Mark launched a successful takeover of the business in 1986. Family scrabbling over the U-Haul empire turned to physical confrontations between some of his children at company meetings, even before the 1986 takeover. The takeover sparked a major family dispute that led to a $461 million judgment in favor of Leonard Shoen and others. In 1999, 85-year old Leonard Shoen suffered fatal injuries when he crashed into a telephone pole near his Las Vegas, Nevada home. The Shoen family, currently led by chairman and president Edward "Joe" Shoen, owns about 40% of the company through their AMERCO holding company. AMERCO filed for Chapter 11 Bankruptcy in June 2003 and emerged in March 2004. The filing did not include or affect U-Haul operations. |
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