AMERCO 2021 Annual Report

July 7, 2021 Download

Dear Fellow Shareholders,

I commend our team members for demonstrating resilience and coming to work every day over the past 16 months ready to serve the evolving needs of our customers.

I believe these customers will remember how we treated them in their time of need and will come back to see us again in the future. We have long held the belief that treating present customers well is the most certain path to gaining new ones.

Our social purpose remains to provide affordable and accessible moving, storage and related products and services for the public. Accordingly, we will continue to grow our footprint through our dealer network and Company-owned locations. Our shared fleet is offered at over 23,000 locations across North America. We intend to be the public’s most convenient do-it-yourself moving and self-storage option.

In fiscal 2021, we fell behind on capital expenditures. Growth of rental equipment and self-storage came in behind plan due to pandemic-related disruptions. Some of these disruptions remain.

Our various business units remain very competitive, both in mode and by hopeful industry disrupters. Truck-sharing, self-storage, towing accessories, U-Box rentals, moving supplies, propane, and moving labor are each very active marketplaces. It is my job to make U-Haul the best choice for the customer. We have plenty to improve.

We continue to reinvest in the business. My experience is there are many unserved or underserved markets. We plan to do some catch-up on fleet and to accelerate storage investments.

Repwest® Insurance and Oxford Life® continue to operate according to our plan.

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


E.J. “Joe” Shoen