U-Haul has been a household name in the moving and storage industry for decades. As one of the largest and most well-known companies, it’s hard to imagine anyone else quite like them.
However, in 2023, many other companies are making strides in the moving and storage industry, and they’re worth paying attention to.
In this article, we’ll explore some top companies similar to U-Haul, examining their business models, products, and services. Whether you’re planning a move or just curious about the movers and shakers of the industry, this article will give you a glimpse into the movers making waves in 2023.
Table of contents
What is U-Haul?
U-Haul is a truck and trailer rental service specializing in moving and storage. Leonard Shoen founded it in 1945 and grew it through franchising to become the go-to service provider.
U-Haul, headquartered in Phoenix, Arizona, is synonymous with the moving and storage industry. U-Haul is an AMERCO subsidiary that employs approximately 19,500 people. U-revenue Haul’s for 2020 was $4.23 billion, up from $3.66 billion in 2019. Rental revenues for self-moving equipment increased by 15%, while self-storage sales increased by 14%.
Since its inception, U-Haul has distinguished itself by providing high-quality, all-inclusive moving services, including labor. It also sells moving supplies such as boxes, bags, hitches, bike and wheelchair carriers, and other items. Customers who require additional days to move can purchase extra mileage at $0.40/mile.
The rental trucks offered by the company come in a variety of sizes. Customers with small loads can rent eight ft., nine ft., and 10 ft. moving trucks, while large loads are transported by 15 ft., 20 ft., and 26 ft. trucks.
What are other companies like U-Haul in 2023?
#1. Penske & Co.
Year established: 1969
Penske provides truck rental and logistics services in North America, South America, Europe, Asia, and Australia. It also offers truck leasing and fleet management. Penske reported earnings of $164.5 million for the fiscal year 2020, up from $142.4 million in 2019.
The company employs approximately 36,000 people worldwide, which is nearly double the workforce of U-Haul. Penske has over 2,500 locations in North America and a fleet of over 300,000 vehicles, including rental trucks measuring 12 feet, 16 feet, 22 feet, and 26 feet.
The company’s portfolio is identical to U-moving Haul’s services. Penske’s full-service offering, like U- Haul’s, includes moving supplies and labor. Customers pay $59.99 to $99.99 per day, or $0.79-$0.99 per mile, which is more expensive than U-Haul.
Penske is a subsidiary of the Penske Automotive Group, with more than $20 billion in annual revenues. Thanks to the Group’s support, Penske now has the resources to compete with U-Haul and take its market share.
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#2. Rush Enterprises, Inc.
Year established: 1965
Rush Enterprises, aka Enterprise, is a commercial vehicle company that operates one of North America’s largest car dealerships. In addition to truck leasing and rental services, the company competes with U-Haul. Rush’s annual revenue was $4.7 billion in 2020, with a net income of $114.9 million.
Rush Truck Leasing, like U-Haul, is a franchise business. More than 8,800 trucks are available to customers through 45 Pac-Lease and Idea-Lease franchises. In addition, Enterprise has over 1,000 trucks under contract maintenance agreements.
Rush Enterprises’ lease and rental revenues increased by 7.2% in the first half of 2021. The company’s massive rental fleet and growing revenues place it among U-main Haul’s competitors.
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#3. Budget Truck Rental
Year established: 1998
Budget Truck Rental is a rental company with 2,800 locations across the United States. Budget is the second-largest truck rental company in the United States, with over 32,000 trucks. Avis Budget Group, one of the market leaders in car rental services, owns the company. Budget Truck Rental employs approximately 1,100 people and has a $374 million annual revenue.
Budget Rental Truck, like U-Haul, provides all-inclusive moving services, including moving supplies. It offers leasing and rental of 10 ft., 12 ft., 16 ft., and 24 ft. trucks. Budget Rentals’ primary competitive advantage over U-Haul is its low prices.
For rentals under 100 miles, customers pay $27.61 + $0.47/mile, while U-Haul charges $38.70 + $0.99/mile. It costs about $10 less than U-Haul. Budget Rental Truck is a more affordable alternative to U-Haul.
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#4. Home Depot Truck Rental
Year established: 1993
With over 2,200 stores nationwide, Home Depot is the largest home improvement retailer in the United States. The company also rents out trucks. This service was to assist customers in transporting their purchases home, but it has since evolved into a stand-alone moving company. Home Depot’s revenue increased by 19.85% to $132.11 billion in fiscal 2021.
Home Depot Truck Rental recently expanded its services and competed with U-Haul on all fronts. In contrast to U-Haul, Home Depot’s service includes unlimited mileage. It charges by the hour rather than by the mile. Home Depot, on the other hand, does not provide one-way rentals. Flatbed pickups, cargo vans, and moving box trucks are among Home Depot’s fleet vehicles.
The cargo van costs $19 for the first 75 minutes, and box truck rentals begin at $29. After the first 75 minutes, customers must pay $5 for every 15 minutes. Renting a cargo van from HD for two hours will cost $24, less than U-$38.70 Haul’s + $0.99/mile. Home Depot Truck Rental is a strong competitor to U-Haul and the best option for hourly truck rentals.
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#5. Hertz
The year established: 1918.
Hertz is one of the world’s largest car and truck rental companies. Thrifty and Dollar are two of the company’s competitors to U-Haul. Hertz earned more than $7.5 billion in revenue in 2019. However, the healthcare crisis wiped out demand for car rentals, threatening the company’s survival.
In April 2020, Hertz failed to make lease payments on its fleet. The company had more than $18 billion in debt by May 2020 and had filed for Chapter 11 bankruptcy protection. Despite the obstacles, Hertz was able to rally its supporters and investors throughout the second half of 2020.
Hertz raised $5.9 billion from its new investor group by selling 180,000 cars on its fleet and $29 million in stock. After over a year in bankruptcy, Hertz emerged in July 2021 with enough financial resources to reclaim its market share. Hertz is a worthy rival to U-Haul.
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#6. Ryder Truck Rental
Year established: 1933
Ryder is a transportation and logistics firm focusing on fleet and supply chain management. The company’s fleet of commercial rental trucks competes with U-moving Haul’s services. Ryder had 39,900 employees and a revenue of $8.42 billion in 2020.
The firm is dealing with declining demand as a result of the healthcare crisis. Ryder reported a loss of $122.3 million for the fiscal year 2020. Its losses grew by nearly $100 million from $24.4 million in 2019.
Two of Ryder’s three business segments reported significant revenue declines in 2020. When economies reopened in 2021, Ryder should regain profitability, compete more aggressively, and increase its market share. Ryder is one of the most experienced U-Haul competitors, having been in the industry for over 85 years.
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#7. Alamo
Year established: 1974
Alamo is a vehicle and truck rental company. The company’s car rental business (Alamo Rent a Car) has more offices worldwide than its moving services. Alamo’s global revenue should be around $22.5 billion in 2020.
Alamo truck rentals, unlike U-Haul, only offer pickup trucks or small cargo vans. It has few options, which may drive some customers to U-Haul. However, the company has over 1,000 locations in the United States and offers more deals and discounts than most U-competitors. Haul’s
Alamo’s website was recently redesigned with new features that streamline the rental process and improve user experience. Online check-ins and reservations are possible with this integrated platform.
Customers loyal to Alamo can become Alamo Insiders, which comes with cost-cutting perks and benefits. Alamo is the most cost-effective U-Haul alternative for moving small loads.
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#8. Avis Budget Group, Inc.
Year established: 1946
Avis is a car rental company based in the United States that owns Budget Truck Rental, one of U-top Haul’s five competitors. It also provides truck rentals through franchises and company-owned locations. Avis’ company-operated locations generated $3 billion in revenue in 2020.
Commercial customers contributed approximately $1.4 billion, while airport car rentals contributed $1.6 billion.
Avis is similar to Alamo and has fewer truck rental options than U-Haul. Their primary competitive advantage over U-Haul is its diverse portfolio. Avis realigned its fleet following the healthcare crisis to capitalize on more profitable rental sectors. As economies return to normalcy in the second half of 2021, the company will focus on leisure customers. Because of this unique strategy, its daily revenue is increasing by 12%.
Avis is one of U-most Haul’s innovative competitors.
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#9. SIXT
Year established: 1912.
SIXT is a global mobility service provider that specializes in vehicle rentals (SIXT rent), car-sharing (SIXT share), ride-hailing (SIXT ride), and subscription services (SIXT+). The company has approximately 2,100 locations in over 110 countries. SIXT’s revenue fell 38.8% in 2020, from $2.9 billion (EUR 2.5 billion) to $1.8 billion (EUR 1.53 billion).
Despite revenue declines, SIXT remains one of the most technologically advanced mobility services. To cut costs and mitigate the effects of the health crisis, the company reduced its fleet by 25% in 2020.
SIXT launched the Van & Truck segment in January 2021 to capitalize on this growing market. It plans to use its technological expertise to establish a market-leading position in the truck rental industry. SIXT already has a presence in the United States and has the resources to take over U-market Haul’s share.
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#10. Thrifty
Year Established: 1958
Like Dollar Car Rental, Thrifty is a car rental company Hertz owns. It rents trucks and vans through its 340 company-owned locations and 1,500 franchises in the United States.
After Hertz declared bankruptcy and restructured in May 2020, Thrifty lost a portion of its fleet. However, the company still has a sizable fleet of pickup trucks, vans, and minivans to compete with U-Haul. The support of Hertz and Dollar Car Rental strengthens Thrifty’s competitive position.
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Frequently Asked Questions
Similar companies like U-Haul include Penske Truck Rental, Budget Truck Rental, and Enterprise Truck Rental.
Several companies, such as Green Moving, Go Mini’s, and PODS, prioritize eco-friendliness.
Some companies have expanded their offerings to include home cleaning, furniture assembly, and virtual organizing services. One example is Bellhops, which offers both moving and home services.
Some companies offer more affordable pricing than U-Haul, especially for smaller moves or short-term storage needs. However, it’s always important to compare pricing and services before deciding.
It depends on the company. Some, like U-Haul and Penske, operate nationally, while others are regional or local. It’s always a good idea to check availability in your area before making a reservation.
Conclusion
While U-Haul remains a dominant player in the moving and storage industry, other companies are worth considering in 2023. From up-and-coming startups to well-established businesses, these movers offer innovative products and services to meet customers’ needs in a changing world.
Whether you’re looking for more affordable options, more environmentally-friendly solutions, or a different approach to moving and storage, these companies provide a range of options.
As the industry continues to evolve, it’s exciting to see the growth and diversity of these companies, and we can expect them to continue making an impact in the years to come.
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