U-Haul 2008 Annual Report Download - page 3

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Dear Fellow Shareholders,
We finished fiscal 2008 amidst great uncertainty in the marketplace. In addition to the expected challenges
we faced from our usual slate of moving and self-storage competitors, this year we operated against a
backdrop marked by a slowing economy, a distressed housing market, record levels of residential foreclosures,
and impending green house gas regulation. We were still able to slightly increase the number of moving
transactions completed for the year.
Revenue from the U-Move part of our business was down. Improving our revenue is the clear path to improving
earnings. I believe our success is determined by how well we execute our plans.
Through the years I have communicated to you that we are making decisions with a focus on long-term value.
Actions we are taking today will reward us in the future. We are positioning ourselves strongly behind the
sustainability movement. Rentals (shared use) allows consumers to reduce the environmental consequences
of their choices while maintaining their standard of living. U-Haul’s broad network of rental outlets has allowed
customers to reduce the average miles traveled in an In-Town move. Our aerodynamic van boxes, fuel saving
side skirts and exclusive fuel economy gauge are enabling customers to stretch their fuel dollar. Rental trailers
are the ultimate way to reduce the Greenhouse Gas Emissions during a move. We are re-emphasizing trailers.
All of this contributes to lowering Greenhouse Gas Emissions. We intend to add economic value to both
customers and shareholders while minimizing the impact of our activities on future generations.
Consumers have choices in our industry, it is our job to communicate to them our value proposition and then
live up to these expectations. We have over 18,000 AMERCO System members committed to delivering
outstanding customer service.
Thank you for your continued support and patronage of our products and services.
Sincerely,
E.J. “Joe” Shoen
Joe Shoen, Chairman of the Board