U-Haul isn’t a moving or a storage company per se. It provides the moving and storage equipment for rent; you will have to do the rest of the work yourself. It may seem like a waste of time, but it saves a lot of money. And who doesn’t like to DIY stuff now and then! U-Haul is a subsidiary of AMERCO.
|Headquarters||Phoenix, AZ, US|
|Status||Public, Independent Company of NASDAQ|
|Trading Symbol||NASDAQ: UHAL|
Leonard Shoen established U-Haul way back in 1945, making the company one of the oldest ones of its kind out there. Leonard’s son, Joe Shoen, currently runs U-Haul as its chairman and CEO. Based in Phoenix, AZ, the company generates revenue of a cool $4.54 billion.
U-Haul Similar Companies:
Penske, The Home Depot Truck Rental, Enterprise Truck Rental, Budget Truck Rental.
Who is U-Haul’s Biggest Competitor?
The biggest competitor of U-Haul has to be Penske. Penske may be younger than U-Haul since it was founded in 1969, but its revenue is double that of the latter (8.4 billion). Penske Corporation is the parent company of Penske Truck Leasing. Its presence can be felt throughout the Americas, Europe, Asia, and Australia. It is primarily only a truck rental company, and it has more than 300,000 trucks under its wing.
How U-Haul Makes Money
U-Haul’s business model is easy to understand. The company has a fleet of trucks and a wide range of moving supplies and storage equipment. It rents out those things to anyone in need and makes a profit out of the rental prices. Needless to say, it required a great amount of capital to set up in the initial stages.
As you might have guessed, the rental industry is vast. These days, you can rent anything, right from vehicles to kitchen appliances. U-Haul specifically deals in the moving supplies and storage equipment part of the industry. You can find trailers, trucks, heavy-duty pickups, tow trucks, self-storage lockers, and portable U-Boxes.
Penske doesn’t deal in storage equipment. The entirety of its revenue stems from trucks and trailer rentals. But since it is a worldwide phenomenon, super high revenue and profit figures are a given. Its headquarters lie in Reading, PA, and it is still run by the founder, Roger Penske, as its Chairman. Including its international branches, Penske employs over 60,000 people around the globe.
Penske forms a still smaller part of the rental industry with only trucks and trailer rentals in its repertoire, but it makes a huge mark. It may have evolved from Penske Corporation, but Penske Automotive Group and Mitsui & Co. also contributed to its inception and expansion. On the side, it deals in the sale of used trucks as well.
The Home Depot Truck Rental
Simply called The Home Depot Rental, it rents out trucks and cargo vans for moving purposes. For long-term rentals, it collaborates with Penske to finalize a good deal for its renters. The company is headquartered in Atlanta, GA, but it provides its services throughout the US and Canada. It generates revenue of nearly $1 billion.
The Home Depot Rental is a small part of the massive home improvement company, The Home Depot. Since moving is somewhat related to home improvement, the company recently started this venture. If you’re on a budget, you should check out their Load ‘N Go rates. They offer flatbed trucks and cargo vans, so if you are looking at a huge move, then The Home Depot isn’t the right choice for you.
Enterprise Truck Rental
Enterprise Truck Rental is a part of Enterprise Rent-a-Car, the multinational car rental agency. However, its truck rental services are focused only on the US. This division of Enterprise was founded in 1999, and its headquarters are located in Clayton, MO. It has hired over 870 employees over the years, between whom it generates revenue of $543 million.
Enterprise’s Rent-a-Car service brings in a major part of the total revenue ($22 billion), but Truck Rental is slowly and steadily catching up. It offers all kinds of trucks, right from commercial-grade pickups to cargo vans. You can book those for daily, weekly, or monthly use. Short or long-term service, they have it all. Their customer service is one to look out for, with 24-hour roadside assistance and free pick-up.
Budget Truck Rental
The name says it all! Budget Truck Rental is the go-to service for when you are on a tight budget. It is the second-largest company in terms of the number of locations (2800) in the US. However, since it rents out trucks and moving supplies at an affordable cost, its revenue of $374 million falls far short of the other competitors on this list. The company was founded in 1998 with its current headquarters in Parsippany-Troy Hills, NJ.
Owned and operated by the Avis Budget Group, Budget Truck Rental has a fleet of 32,000 trucks throughout the US. It assembles its own trucks through contracts with Ford, Navistar International, GMC, etc. Did you know that a Budget truck was used to transport deciding ballots for the 2000 Presidential Elections from Palm Beach to Tallahassee? Apart from renting out trucks, the company also rents moving supplies and accessories.
The Top 4 U-Haul Competitors: Penske, The Home Depot Truck Rental, Enterprise Truck Rental, Budget Truck Rental. U-Haul ranks second in terms of overall revenue. The combined revenue of these five companies is $14.86 billion. Their total employee count stands at 82,471.
|Penske||1969||Reading, PA, US||60,000|
|The Home Depot Truck Rental||2013||Atlanta, GA, US||1000|
|Enterprise Truck Rental||1999||Clayton, MO, US||871|
|Budget Truck Rental||1998||Parsippany-Troy Hills, NJ, US||1100|