Who hasn't had a U-Haul experience? Several times, I rented a U-Haul while in college – and many times since. It's really a brilliant idea and also a great story of American entrepreneurialism on par with McDonald's Corporation (NYSE: MCD)'s Ray Kroc or Wal-Mart Stores, Inc. (NYSE: WMT)'s Sam Walton. And now there is a new book on the U-Haul story, called A Noble Function: How U-Haul Moved America.
The author, Luke Krueger, covers the first 20 years of the company's history. To bring the story to life, he interviewed dozens of the key players who built the company. "They welcomed me into their homes, fed me, and most importantly, shared their memories with me," writes Krueger.
Right Idea, Right Time
Sam Shoen, along with his wife Anna Mary, launched U-Haul in 1945. They were struggling financially, having to live with Anna Mary's parents. But their idea was quite innovative: one-way trailer rentals.
Moreover, the timing was spot-on. With the end of the Great Depression and World War II, America was anxious for economic growth. It would mean that millions would move across the nation, setting up their homes and businesses. For example, there were 69,500 new car sales in 1945. Five years later, there were 40.3 million registered cars on the highways.
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