Company Overview

U-Haul Holding Company (NYSE: UHAL, UHALB), formerly known as Amerco until 2022, is a holding company primarily focused on do-it-yourself moving and self-storage services in North America. Through its principal subsidiary, U-Haul International, Inc., the company operates one of the largest fleets of moving trucks, trailers, towing devices, and portable storage equipment in the United States and Canada. The company also operates in the self-storage, real estate, insurance, and moving supplies industries. Its core revenue drivers include truck and trailer rentals, self-storage rentals, moving product sales, and property and casualty insurance services.

The company serves individual consumers, households, small businesses, and commercial customers seeking local and one-way moving solutions. A significant strategic advantage is its extensive network of company-owned locations and independent dealers, which provides broad geographic reach and operational scale. Founded in 1945 by Leonard Shoen and Anna Mary Carty Shoen, the business expanded from a regional trailer rental operation into a nationwide moving and storage platform through decades of fleet expansion, dealer partnerships, and real estate development focused on urban and suburban storage demand.

Business Operations

The company’s operations are centered around three primary business areas: Moving and Storage, Property and Casualty Insurance, and Life Insurance. The Moving and Storage segment generates the majority of revenue through truck and trailer rentals, self-storage occupancy fees, towing accessories, moving supplies, propane sales, and U-Box portable storage services. The company owns and manages a large fleet of rental equipment and a substantial portfolio of self-storage properties across North America. Insurance operations are conducted mainly through subsidiaries including Repwest Insurance Company, Oxford Life Insurance Company, and related entities.

U-Haul operates throughout the United States and Canada using a hybrid distribution model that combines company-operated retail centers with thousands of independent dealer locations. The company also controls significant real estate assets tied to self-storage and moving operations, many of which have been redeveloped from acquired commercial or industrial properties. Strategic partnerships with independent dealers remain a major component of its distribution system, enabling broad local market penetration without relying exclusively on company-owned branches.

Strategic Position & Investments

U-Haul’s strategic direction has emphasized expansion of self-storage capacity, fleet modernization, digital reservation capabilities, and increased operational efficiency. In recent years, the company has invested heavily in converting and constructing self-storage facilities, particularly in metropolitan markets where demand for storage services has grown alongside housing mobility trends. The company has also continued investing in online reservation systems, mobile applications, contactless truck sharing technology, and logistics optimization tools designed to improve fleet utilization and customer convenience.

The company’s investments are concentrated primarily within its core moving and storage ecosystem rather than broad diversification. Subsidiaries such as U-Haul International, Repwest Insurance Company, and Oxford Life Insurance Company support vertical integration across transportation, storage, and insurance services. U-Haul has historically relied more on organic growth, property redevelopment, and internal capital investment than on large-scale acquisitions. Its substantial owned real estate portfolio and nationwide dealer network are widely viewed as important competitive assets within the moving and storage sector.

Geographic Footprint

U-Haul’s primary operational footprint is concentrated in North America, with extensive operations across the United States and Canada. The company is headquartered in Reno, Nevada, while maintaining major operational infrastructure throughout numerous regional markets. Its network includes company-owned moving and storage centers, repair facilities, warehouses, and independently operated dealer locations serving urban, suburban, and rural areas.

The company’s market presence spans all major U.S. regions, including the South, Midwest, West Coast, and Northeast, with particularly strong density in high-population migration corridors. Canadian operations also contribute meaningfully to the company’s rental and storage network. While U-Haul does not maintain a major operational presence outside North America, its scale within the U.S. and Canadian do-it-yourself moving market positions it among the largest participants in the industry.

Leadership & Governance

U-Haul Holding Company remains influenced by the Shoen family, which has played a central role in the company’s leadership and governance for decades. The company’s leadership philosophy has historically emphasized operational independence, asset ownership, cost discipline, and long-term infrastructure investment. Public filings and executive commentary have consistently highlighted customer accessibility, fleet availability, and property ownership as core strategic priorities.

Key executives include:

• Joe Shoen – Chairman and President
• John “J.J.” Shoen – Chief Executive Officer of U-Haul International, Inc.
• Jason A. Berg – Chief Financial Officer
• John F. “Jack” R. R. Shoen – Director and executive leadership participant
• William E. Carty – Executive Vice President
• Stuart Shoen – Executive Vice President

The company operates under a dual-class share structure that includes the publicly traded UHAL and UHALB share classes, with governance influence remaining closely associated with the Shoen family and long-term insiders. Public disclosures through SEC filings and annual reports indicate continued emphasis on centralized operational oversight and long-term capital allocation discipline.