2007-12-04 02:42:24 -
www.rtohq.org - The Association of Progressive Rental Organizations, the national trade association for the rent-to-own industry, released its findings from its 2007 statistical survey on the rent-to-own industry and reports an increase in revenue, customers and store count over the previous year. The industry topped $6.8 billion in revenue for 2006. APRO attributes this growth to the
evolution of products and store design, increased competition in the market place, improved pricing and services and public understanding and appreciation of the industry's flexible payment choices and no-debt transaction.
The survey results were conducted from data received from independent and franchisee rent-to-own businesses. APRO's reported findings include the two publicly traded companies, Rent-A-Center, Inc. (NASDAQ: RCII) and Aaron's Sales & Lease Ownership (NASDAQ: RNT) as well. The rent-to-own industry serves 3 million customers in 8,500 stores nationwide. This represents an increase of 200,000 new customers and an increase of 200 stores from the previous year. The combined revenue figures from annual reports of Rent-A-Center, Inc. and Aaron Rents, Inc., along with the figures from APRO's 17th annual statistical survey, show industry revenue growth of $100 million from the previous year.
Monthly gross revenue increased almost $7,000 in 2006 over the same monthly store revenue in 2005. The survey revealed more than a 4% growth in same store customers.
"We see substantial growth in electronic products, wheel rims and computers," says APRO President and Rent One Owner Larry Carrico from St. Louis, Missouri. Computer rentals alone rose 4% in the past year. An additional major factor cited by Carrico for store and industry growth is the trend of rent-to-own stores upgrading to a more upscale environment and better company branding across different communities. The two publicly traded companies have helped set these new standards.
"Growth in our customer base shows we are succeeding in our efforts to educate the public on the true value of the rental transaction," says APRO Executive Director Bill Keese. "The proof is in the pudding - growth in customers and store fronts is testimony that more Americans are realizing that rent-to-own can be a better option than traditional credit."
More detail of the results of the survey is available on APRO's Web site www.rtohq.org. The survey was a blind survey conducted by survey research firm Industry Insights, Inc. of Columbus, Ohio. Industry Insights has conducted the annual rent-to-own industry survey for the past 12 years.
Association of Progressive Rental Organizations
Richard May, 512-225-1051
rmay@aprovision.org 
