U-Haul 2006 Annual Report Download - page 90
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Competition
Moving and Storage Operating Segment
The moving truck and trailer rental industry is large and highly competitive. There are two distinct users of rental
trucks: commercial and “do-it-yourself” residential users. We focus primarily on the “do-it-yourself” residential
user. Within this segment, we believe the principal competitive factors are convenience of rental locations,
availability of quality rental moving equipment, breadth of essential products and services, and price. Our major
competitors in the moving equipment rental market are Budget Car and Truck Rental Company and Penske Truck
Leasing.
The self-storage market is large and highly fragmented. We believe the principal competitive factors in this
industry are convenience of storage rental locations, cleanliness, security and price. Our primary competitors in the
self-storage market are Public Storage Inc., Extra Space Storage, Inc., and Sovran Self-Storage Inc.
Insurance Operating Segments
The highly competitive insurance industry includes a large number of life insurance companies and property and
casualty insurance companies. In addition, the marketplace now includes financial services firms offering both
insurance and financial products. Some of the insurance companies are owned by stockholders and others are owned
by policyholders. Many competitors have been in business for a longer period of time or possess substantially
greater financial resources and broader product portfolios than our insurance companies. We compete in the
insurance business based upon price, product design, and services rendered to agents and policyholders.
Corporate Governance
Corporate governance is typically defined as the system that allocates duties and authority among a Company’ s
stockholders, board of directors and management. The stockholders elect the board and vote on extraordinary
matters; the board is the Company’ s governing body; and management runs the day-to-day operations of the
Company.
Our current AMERCO Board members are William E. Carty, John M. Dodds, Charles J. Bayer, John P. Brogan,
Daniel R. Mullen, M. Frank Lyons, James P. Shoen and Edward J. Shoen.
Board Responsibilities and Structure
The primary responsibilities of the Board of Directors (the “Board”) are oversight, counseling and providing
direction to the management of the Company in the long-term interests of the Company and its stockholders.
The Board and its committees meet throughout the year on a set schedule, and also hold special meetings and act
by written consent from time to time as needed. The Board has delegated various responsibilities and authority to
different Board committees as generally described below. Committees regularly report on their activities and actions
to the full Board.
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