U-Haul Holding Company (UHAL) Analyst/Investor Day Transcript

Today, we're going to talk a little bit about U-Haul independent dealers. In our earliest decades, U-Haul products were offered exclusively through neighborhood dealers. These dealers were primarily service stations with industrious proprietors. They kept long hours, acted with economy and effectiveness and had pride in the service they provide to their community. Today, U-Haul has a presence within 5 miles of 90% of the U.S. population. We have roughly 23,000 dealers today. Combined with over 2,000 U-Haul stores, this makes U-Haul the largest interconnected network of truck and trailer sharing in the world. By partnering with small businesses, U-Haul supports the buy local, shop local philosophy, increasing both the profitability and therefore, the resilience of our dealers. On the average, we pay a 21% commission across all our product lines. The dealer has no start-up costs and no capital cost. Additionally, the U-Haul business model supports municipal or government objectives of reducing congestion, energy consumption and vehicle miles traveled. We know by survey that over 50% of our customers will utilize alternative transportation modes to access our equipment, which optimizes existing public transportation infrastructure. And of course, conveniently located U-Haul dealers simply increase this connectivity. Presently, we're on a drive to add 3,000 new dealers. We possess a large variety of electronic tools to identify where the population is growing and which neighborhoods would benefit from a U-Haul presence. Then this is magnified by the local knowledge from hundreds of area field managers, who support our existing independent dealers and