Residual value risk on used rental trucks
Fleet rotation relies on selling used vehicles to fund new purchases.
- Scope
- Truck fleet and fleet rotation program
- Materiality
- high
U-Haul Holding Co /NV/
U-Haul Holding Co. is a Nevada-based holding company whose main operating business, U-Haul, serves the do-it-yourself moving and storage market across the United States and Canada. Through company-operated retail stores, a large independent dealer network, and digital channels, it provides truck and trailer rentals, self-storage, portable moving containers, and related moving supplies and protection products.
26,8 %
95,9 %
1,4 %
+3,6 %
| % | |
|---|---|
| Truck and trailer rental | 45% Rental of U-Haul trucks, trailers, and specialty towing equipment for local and one-way moves. |
| Self-storage and portable storage | 30% Company-owned, managed, and affiliate self-storage plus U-Box portable storage units. |
| Moving supplies and ancillary retail | 10% Boxes, tape, pads, towing accessories, propane, and other moving-related retail items. |
| Protection products and roadside coverage | 8% Safemove, Safetow, Safestor, Safehaul, Safemove Plus, and Safetrip coverage products. |
| Network and service platform | 7% Moving Help, storage reservations, and dealer network services that connect customers and providers. |
U-Haul primarily serves do-it-yourself household movers who rent equipment and buy supplies to move their own goods...
- Do-it-yourself household moversprimary
Rent trucks, trailers, U-Box containers, and buy moving supplies for personal moves.
- Self-storage rentersprimary
Lease company-owned, managed, or affiliate storage units for household or commercial goods.
- Independent dealers and affiliatessecondary
Use U-Haul branding, reservation systems, and product access to serve local customers.
- Small commercial userssecondary
Rent equipment and storage for light business logistics and local transport needs.
- Insurance policyholderssecondary
Buy property/casualty and life, Medicare supplement, or annuity products through the insurance subsidiaries.
U-Haul’s core moving and storage operations are conducted throughout the United States and Canada, with a dense...
- •Core operations span the United States and Canada
- •Nearly 2,400 company-operated retail moving stores
- •More than 21,600 independent U-Haul dealers
- •Storage and rental demand is tied to local move patterns
- •Insurance activities add a separate North American exposure
U-Haul’s strategy centers on expanding its rental and storage footprint while keeping the self-service model convenient...
01
Expand owned self-storage capacitymedium-term
Storage adds recurring customer demand and leverages existing brand traffic.
02
Grow the affiliate storage networkmedium-term
Adds inventory and reservation coverage with lower capital intensity.
03
Optimize fleet utilization and rotationshort-term
Rental availability and used-vehicle monetization support the moving business model.
04
Increase digital and dealer convenienceshort-term
Broader access points improve lead generation and transaction volume.
U-Haul’s results depend on fleet availability, used-truck resale values, and access to new vehicles from a limited set...
Manufacturer supply concentration
Most rental trucks come from a limited number of OEMs, creating supply risk.
- Scope
- Fleet replenishment and expansion
- Materiality
- high
Operational liability exposure
Rental fleet, store operations, and product sales can generate claims and litigation.
- Scope
- Equipment rentals, locations, and protection products
- Materiality
- high
Regulatory and technology transition risk
Electric-vehicle mandates or travel restrictions could alter customer behavior and fleet economics.
- Scope
- Moving business demand and fleet strategy
- Materiality
- medium
Real estate execution and funding risk
Storage growth depends on acquisitions, development, labor, materials, and capital access.
- Scope
- Owned storage expansion
- Materiality
- high
Fleet depreciation and residual values
Can materially change moving segment earnings and cash generation
Insurance claims reserves
Affects insurance segment liabilities and earnings timing
Investment impairment and credit losses
Can create earnings volatility in the insurance subsidiaries
Deferred taxes
Influences reported tax expense and equity
Lease and storage property accounting
Affects operating assets, liabilities, and segment comparability
: 29.4.2026