AMERCO 2008 Annual Report

July 18, 2008 Download

Dear Fellow Shareholders,

We finished fiscal 2008 amidst great uncertainty in the marketplace. In addition to the expected challenges we faced from our usual slate of moving and self-storage competitors, this year we operated against a backdrop marked by a slowing economy, a distressed housing market, record levels of residential foreclosures, and impending green house gas regulation. We were still able to slightly increase the number of moving transactions completed for the year.

Revenue from the U-Move part of our business was down. Improving our revenue is the clear path to improving earnings. I believe our success is determined by how well we execute our plans.

Through the years I have communicated to you that we are making decisions with a focus on long-term value. Actions we are taking today will reward us in the future. We are positioning ourselves strongly behind the sustainability movement. Rentals (shared use) allow consumers to reduce the environmental consequences of their choices while maintaining their standard of living. U-Haul’s broad network of rental outlets has allowed customers to reduce the average miles traveled in an In-Town move. Our aerodynamic van boxes, fuel saving side skirts and exclusive fuel economy gauge are enabling customers to stretch their fuel dollar. Rental trailers are the ultimate way to reduce the Greenhouse Gas Emissions during a move. We are re-emphasizing trailers. All of this contributes to lowering Greenhouse Gas Emissions. We intend to add economic value to both customers and shareholders while minimizing the impact of our activities on future generations.

Consumers have choices in our industry, it is our job to communicate to them our value proposition and then live up to these expectations. We have over 18,000 AMERCO System members committed to delivering outstanding customer service.

Thank you for your continued support and patronage of our products and services.


E.J. “Joe” Shoen