Rent-A-Center, Rent-Way leave RTO group
By Michael J. Knell -- Furniture Today, October 13, 2004
Austin, Texas — Rent-A-Center and Rent-Way, the top two rent-to-own merchants, have left the Assn. of Progressive Rental Organizations, saying the industry group no longer meets their needs.
Ron DeMoss, vice president and general counsel for the Erie, Pa.-based Rent-Way, said APRO isn't structured to serve a company Rent-Way's size.
"Rather than being a direct result of any single concern, issue or disagreement, we see this as an evolutionary process made inevitable by reason of the significant difference in the size of the largest rental companies as compared to all the others," he said in a letter of resignation sent to APRO President Shannon Strunk and Executive Director Bill Keese.
Rent-Way operates 754 stores. Plano, Texas-based Rent-A-Center has 2,863 company-owned stores, plus 311 franchise stores under the ColorTyme banner.
The two companies account for about 50% of U.S. rent-to-own stores.
Calls to Rent-A-Center were not returned before press time. APRO confirmed that the company did not renew its membership.
RTO Online, a rental industry e-zine, said that together, Rent-A-Center and Rent-Way account for about $800,000 in APRO membership dues, 40% of its $2 million annual budget.
APRO's Strunk said the organization's board is holding its annual strategic planning meeting in Austin this week and is revising its budgets and goals. This will ensure the association can continue to serve its remaining 348 members, who operate a total of about 2,800 rental locations, he said.
"The board has been able to make budget revisions without making any significant changes in member services," he said.
Rent-A-Center's profits surge 25%
10/26/2009Rent-A-Center, Rent-Way leave APRO
10/13/2004Easyhome to buy Insta-Rent
08/17/2008APRO dropouts spur changes
10/23/2004
