AMERCO 2019 Annual Report

July 12, 2019 Download

Dear Fellow Shareholders,

Our team did a better job meeting the needs of the moving public during this fiscal year. Thus, the increased transactions and revenue.

The equipment rental landscape remains extremely competitive. We are faced with increasing traditional and non-traditional providers. As always, the customers will sort out the winners and losers.

The U-Haul? fleet of shared equipment is now offered at 22,000 locations.

Truck Share 24/7? puts U-Haul in a position to earn the business of do-it-yourself customers by providing them with greater convenience. The initiative compliments communities who hold mobility for their constituents in high regard.

In fiscal 2019, we brought 5,300,000 net rentable square feet of storage online, mostly through adaptive reuse. Demand for self-storage is strong. Supply in many markets continues to rapidly increase. It is sometimes unclear whether this growth in supply is proportionate to increasing demand in those same markets.

With a presence in all 50 States and 10 Canadian provinces, we will continue to add to our self-storage offering in markets underserved by U-Haul.

Truck resale demand is keeping up with supply. We continue to work on truck repair expense. The repair work must be done, our task is to increase efficiency.

Repwest Insurance is operating according to our plan. Oxford Life maintained an A- financial strength rating by A.M. Best for the sixth consecutive year.

My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for your continued support.

Sincerely,

E.J. “Joe” Shoen

Chairman