AMERCO 2013 Annual Report

July 29, 2013 Download

July 12, 2013

Dear Fellow Shareholders,

In 2013, we continued the implementation of the strategies outlined in my letter of last year. U-Haul Team members again improved the quality of our customer service. The customer again rewarded us with more business.

The correct time period over which to evaluate our results remains much longer than one year. The competitive situation in both the U-Move and U-Store business is intensifying. We are having to step up our game just to maintain position.

We continued to rotate and aggressively expand our rental vehicle fleet in 2013. We are in this for the long term and are digging in, anticipating increasing competitive pressures in our do-it-yourself moving business.

We again added both net rentable square feet and locations in the self-storage business. We brought on about 2 million square feet of product and improved occupancy.

An especially relevant example of our efforts to expand our footprint, grow our developing programs and do so in a way that is consistent with AMERCO’s attitude towards serving those who need us most is our project in Midtown Detroit. This historic building is featured on this report’s cover.

AMERCO intends to manage for the long term. Our U-Box, Moving Help, U-Haul Car Share, Storage Affiliate and College Box programs are all developing. Our sustainability initiatives are resonating with the customer and with Organized Political Society.

Repwest Insurance is performing in a more predictable manner. Oxford Life Insurance is exhibiting steady growth in its target markets.

Our Primary Service Objective is “To provide a better and better product and service to more and more people at a lower and lower cost.” We remain committed to this objective.

My thanks to our customers, Team members, U-Haul dealers, shareholders and lenders for their support.


Edward J. “Joe” Shoen