PHOENIX -- U-Haul International Inc. announced it has added 3,000 10-foot moving trucks to its existing rental fleet. These new trucks represent a second installment that completes a $90 million truck purchase to help the company keep pace with growing demand.
"Financing for these new trucks is in addition to the $550 million in exit financing announced by our parent company AMERCO today," said U-Haul Executive Vice President John Taylor. "Customer support for the 2,000 10-foot moving trucks we introduced this past summer has exceeded our expectations at every level. These 3,000 additional units not only increase revenues, but also reduce costs through efficiencies and economies in servicing and repair costs."
AMERCO announced it has reached an agreement in principle with Wells Fargo Foothill Inc., part of Wells Fargo & Company, on the terms for $550 million in exit financing. AMERCO said the financing will support the company's emergence from Chapter 11 bankruptcy protection, pending a future definitive agreement.
Donlen Corp., based in Northbrook, Ill., is providing the financing for U-Haul's 3,000 additional units. The new trucks, based upon a GMC chassis, will become available for rentals starting in December.
"We are experiencing an increase in moving activity all across the country, which is a clear indicator to us that the economy is improving," Taylor said. "These new trucks will be a welcome addition to our rental fleet and for our customers."
Based in Phoenix, Arizona, U-Haul has served the do-it-yourself household-moving customer for 58 years. U-Haul trucks and trailers can be rented from more than 14,000 independent dealers and 1,200 company-owned moving centers.