U-Haul Holding Company 2024 Annual Report

June 26, 2024 Download

Dear Fellow Shareholders,

In tight markets, the consumer is thoughtful about trading their hard-earned dollars for value. Our level of service, our technology and our convenience must continue to improve to win customers.

Moving transactions lagged behind our expectations this fiscal year. Consumers generally moved shorter distances, resulting in fewer miles traveled per transaction. This behavior is consistent with previous periods of declining consumer confidence and economic uncertainty.

Higher costs are impacting all parts of our operation. Fleet prices have increased astronomically. We continue to work on our value proposition to encourage the customer to accept more of these cost increases.

Self-storage is very competitive. Current market conditions are not helping our long-term efforts to expand our footprint in underserved markets. This fiscal year, we added 5,500,000 net rentable square feet and now offer over one million storage units at locations across North America. U-Haul is the only storage operator with operations serving customers in all 50 states and all Canadian provinces.

U-Box remains integral to our strategy. We have shipped boxes to over 75 countries and every state and province.

Downloads of the U-Haul app have increased from 1.5 million to over 7 million. Since our relaunch, the U-Haul app has consistently ranked within the top twenty in the travel category of the Google Play and Apple App stores. It recently reached top five in both app rankings. This is requiring significant resources.

Mark Haydukovich, President of Oxford Life since 1997, retired after 45 years of service. Mark remains on Oxford’s Board. Oxford is in good hands with a tenured and capable team. Both Oxford and Repwest Insurance are operating 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