U-Haul Holding Company Investor Day 2026

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 provided 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 startup costs and no capital costs.

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. 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. This is magnified by the local knowledge from hundreds of area field managers who support our existing independent dealers and additionally recruit new ones. Today, I'd like to introduce you to one of our hardworking area field managers and a dealer on his route.

Today, we're at Prescott's Laundry, a U-Haul dealer in Tempe, Arizona, and I have with me Ron Belak, who is what we call an area field manager. He's the person who works with this independent U-Haul dealer. Ron, how long have you been an area field manager?

Going on 10 years. How did you find Prescott's Laundry?

Did you have your eye on this particular area of town?

Yes. Why? What motivated you to think this area of town was going to be productive?

Prescott's Laundry is a small local business.

Correct. Then you've brought additional income to it.

Yes, sir. Our hope is that makes this whole business more resilient.

Yes. Everybody in business knows they are struggling to make a living.

Yes, they are. Every dealer you have has to work every day hard.

Yes, they do. to make a living.