JUST A SLIGHT LEAD FOR JOE BIDEN
F I WERE TO ASK YOU WHAT
BUSINESS COMES TO MIND WHEN I
SAY ARIZONA, WOULD YOU SAY
U-HAUL?
YOU PROBABLY SHOULD.
IT IS ONE OF THE BIGGEST IN THE
STATE, FOUNDED JUST AFTER
WORLD WAR II.
STILL RUN AS A FAMILY BUSINESS
BY THE CEO SHAWN.
HE HAS FAMILY STILL INVOLVED,
ONE IN HIGH SCHOOL AT THE
COMPANY’S TECHNICAL CENTER IN
TEMPE, WE STARTED OUR
CONVERSATION ABOUT THE IMPACT OF
COVID-19.
>> PEOPLE WANT TO MOVE BECAUSE
THEY HAVE A NEED.
SOMETHING HAS CHANGED IN THEIR
LIVES.
THEY WILL HELP A LOVED ONE.
THEY ARE GOING TO A NEW JOB.
THEY’RE RELOCATING OUT OF A
URBAN AREA INTO A LESS DENSE
AREA.
ALL THESE THINGS ARE GOING ON N
OUR BUSINESS IT IS INTERESTING
BECAUSE WE DEPEND ON INCOMING
CUSTOMERS TO SUPPLY THE
INVENTORY FOR OUTGOING
CUSTOMERS.
WHAT THIS DONE, RAN US OUT OF
EQUIPMENT MORE OR LESS IN THE
NORTHEAST AND THE ENTIRE WEST
COAST AS PEOPLE GRAVITATE
TOWARDS THE SOUTHEAST AND
TOWARDS THE CENTER OF THE
COUNTRY.
CONNELL: GOES WITHOUT SAYING IN
ANY BIG COMPANY YOU DID TAKE A
HIT AT THE BEGINNING OF THE
PANDEMIC, RIGHT?
>> YEAH.
CONNELL: WHAT IS THE PROGRESS
BEEN AS YOU WORK YOUR WAY
THROUGH?
>> THE FIRST COUPLE MONTHS WERE
A LITTLE ROUGH.
WE HANDLED THE STORM.
OUR CUSTOMERS RESPONDED.
AMERICA WANTED TO MOVE.
WE HAVE A CONTACT LIST RENTING
OPTION FOR RENTING TRUCKS.
WE HAVE A OPTION U-BOX, WE
DELIVER A CONTAINER, YOU LOAD
IT.
WE PICK IT UP.
DON’T HAVE TO DEAL WITH ANYBODY.
THE LAST COUPLE MONTHS WE
RETURNED PRETTY STRONG, TRYING
TO SUPPORT AMERICA GETTING BACK
TO WHERE IT NEEDS TO BE.
CONNELL: TALK ABOUT THE COMPANY
A LITTLE BIT.
OUR VIEWERS WILL FIND IT
INTERESTING.
TWO SONS.
YOU ARE IN HIGH SCHOOL?
YES.
CONNELL: IT’S A FAMILY BUSINESS
BUT I CAN TELL YOU COVERING
BUSINESS NEWS FOR 20 PLUS YEARS,
THIS IS THE FIRST STORY BELIEVE
IT OR NOT THAT I HAVE DONE ON
U-HAUL IN TERMS OF, ESPECIALLY
FROM AN INVESTOR PERSPECTIVE.
YOU HAVE A PARENT COMPANY THAT
IS PUBLICLY-TRADED BUT YOU KEEP
A LOW PROFILE.
I ASSUME THAT IS ON PURPOSE.
CAN YOU TALK, JOE A LITTLE BIT
ABOUT THAT, WHETHER THAT MIGHT
CHANGE AT SOME POINT?
>> WE VERY MUCH SPEAK WITH
ACTIONS, NOT WITH WORDS.
TREAT THE CUSTOMER RIGHT.
THE CUSTOMER IN CAPITALISM
DECIDES WHO SUCCEEDS.
NOT WALL STREET, NOT THE FINANCE
PEOPLE, THE CUSTOMER.
WE TRY TO HAVE A LONG-TERM
PERSPECTIVE AND GO BEYOND
QUARTER TO QUARTER.
IN FACT BEYOND YEAR TO YEAR.
MOST OF OUR INITIATIVES TAKE
THREE TO 10 YEARS TO REALLY
REACH WHERE THE FINANCE PEOPLE
ARE GOING TO REALLY LIKE IT.
SO WE ALWAYS HAVE AN INITIATIVE
BREWING.
HOPEFULLY IT GROWS AND BECOMES A
GOOD PRODUCT LINE.
CONNELL: YOU SET IT UP THE SONS
HAVE A COMPETITION, MAYBE BEAT
OUT YOUR BROTHERS TAKE OVER THE
COMPANY?
>> I PLAN TO KNOCK THEM BOTH
DOWN.
I’VE BEEN WORKING AT A CENTER ON
84th AND HAYDEN FOR A LONG
TIME.
AT PANDEMIC, RIGHT AT THE
BEGINNING WE HAD TO JUMP UP
QUALITY OF CLEANING TO MAKE THE
CUSTOMER FEEL CONFIDENT IN WHAT
WE’RE PROVIDING THEM.
WHEN THEY’RE CONFIDENT WE CAN BE
CONFIDENT TO RENT THEM OUT.
WE CAN INCREASE RENTALS.
THAT IS EXACTLY WHAT HAPPENS.
CONNELL: SOUNDS LIKE YOU HAVE A
PRETTY GOOD GRASP OF THE COUNTRY
AT A YOUNG AGE.
WE ARE HERE COVERING BUSINESS
ALSO THE POLITICAL CLIMATE IN
ARIZONA AND WE’VE BEEN TRAVELING
AROUND THE COUNTRY.
WHAT WOULD YOU SAY MAYBE YOU
START, SAM, ON THIS, WHERE THE
COUNTRY IS?
YOU DEAL WITH LOT OF PEOPLE IN
TERMS OF ATTITUDE, COMEBACK,
RESURGENCE.
WHAT DO YOU THINK IN TERMS OF
WHERE PEOPLE ARE RIGHT NOW?
>> I’VE BEEN LUCKY TO TRAVEL
WITH JOE.
JOE TRAVELS MOST WEEKS.
I HAVE SEEN A NICE SLICE OF
OPINIONS ACROSS THE COUNTRY.
I SEE PEOPLE WHO WANT TO GET
BACK TO WORK.
I SEE PEOPLE WHO WANT, WHO
UNDERSTAND THAT PART OF THEIR
FREEDOM IN THIS COUNTRY IS THE
FREEDOM OF MOBILITY.
U-HAUL, THAT IS WHAT WE DO.
THAT IS WHAT WE’RE GOOD AT.
THAT IS THE ROLE WE PLAY IN
AMERICA.
SO THAT IS THE JOB WE’RE TRYING
TO DO.
I SEE AN AMERICA THAT ISN’T
AFRAID.
THAT WANTS THEIR FREEDOMS BACK.
I THINK WE CAN GIVE IT TO THEM.
CONNELL: POLICY, HOW THAT
CONNECTS TO THAT, JOE, SAY ABOUT
IT IN TERMS OF POLITICAL POLICY
AND YOUR BUSINESS?
>> CLEARLY THE PRESIDENT IS VERY
PRO-AMERICAN, VERY PRO-BUSINESS,
AND THAT HAS HELPED US.
OF COURSE AS WE CAME INTO THIS
PANDEMIC WITH THE LOW
UNEMPLOYMENT AND EVERYTHING, IT
WAS AN EXCITING TIME FOR ME.
MY WHOLE BUSINESS LIFE I HAD
NEVER SEEN THIS WE WERE HAVING
TO COMPETE FOR UNSKILLED LABOR,
WHICH MEANT WAGES WERE RISING.
THIS WAS A POSITIVE THING.
I WAS VERY EXCITED.
I THINK WE CAN GET BACK THERE.
WE WENT TO, WE WENT, INCURRED A
LOT OF EXPENSE TO KEEP OUR TEAM
INTACT THROUGH ALL THINK, YOU
DIDN’T CUT MANY JOBS?
>> WE STILL HAVE 95% OF THE
PEOPLE WE STARTED WITH AND WE
INTEND TO KEEP THE TEAM
TOGETHER.
WHEN THE COUNTRY COMES BACK WE
WANT TO BE ON THE BALL READY TO
HELP.
CONNELL: A FINAL THING ON THAT
NOTE, THE QUESTION IS, IF THE
PRESIDENT DOES NOT WIN
RE-ELECTION WHAT IS THE IMPACT
ON YOUR BUSINESS?
EITHER ONE WANT TO TAKE THAT?
>> I WILL TAKE IT.
I THINK ON OUR BUSINESS THAT THA
A GOOD QUESTION.
BUSINESS IN GENERAL WHAT I’M
MORE CONCERNED ABOUT.
U-HAUL WILL PERSEVERE I HAVE NO
DOUBT ABOUT THAT.
AMERICA WILL PERSEVERE BUT I
THINK IN TERMS OF BUSINESS IN
GENERAL WE NEED TRUMP TO GET
REELECTED, THAT IS THE LONG AND
SHORT OF IT.
CONNELL: AGREEMENT ACROSS THE
BOARD.
>> IF TRUMP DOES NOT GET ELECTED
IT WILL HURT MY HEART.
WHETHER IT HURTS U-HAUL, THERE
MAY BE SO MUCH ACTIVITY MAYBE
WE’LL MAKE MONEY ON IT.
BUT IT WILL HURT THE COUNTRY.
IT WILL HURT BUSINESS IN
GENERAL, AND THAT HURTS
EVERYBODY WHO IS WAGE EARNER,.