AMERCO 2010 Annual Report

July 15, 2010 Download

Fellow Shareholders,

During fiscal 2010, we had to scramble hard to make progress. In the second half of the year, our efforts began to show results. Consumers remain very particular. They are demanding outstanding value in return for their dollars.

The results presented here are the product of countless small decisions made well. Our investments in communication and technology helped us expand our customer base.

We started the year with a good rental fleet. Fleet replacements were very conservative through the third quarter. Since then, we have picked up the pace. The fleet will be stable or increase slightly in size during the current fiscal year.

Our portfolio of company-owned self-storage locations expanded by more than 6,000 rooms and 500,000 square feet of rentable space.

We are electing to keep ourselves at a historically high level of liquidity in the current fiscal year. This is because of continued uncertainty in financial markets and a desire to have ready capital should an opportunity develop.

The ways we communicate with potential customers have changed a lot and are continuing to do so. Team members across the corporation are working towards mastery of improved tools and are developing new techniques.

At U-Haul, our decision-making tends toward long time frames. Our sustainability initiatives are growing. U-Haul recently was recognized with the Alliance to Save Energy’s Galaxy Award. U-Haul customers are also recognizing our work. This is long-term effort that is resulting in a real reduction of energy usage, and bringing us back to our Primary Service Objective; “To provide a better and better product and service to more and more people at a lower and lower cost.”

My thanks for your continued support.

E.J. "Joe" Shoen