U-Haul settles U.S. claims it tried to fix prices

U-Haul International Inc. has settled charges that it tried to fix truck rental prices with rival Avis Budget Group Inc., the Federal Trade Commission said Wednesday.

U-Haul, which is owned by Amerco, had publicly and privately reached out to Budget several times from 2006 to 2008 to try to push up rates for one-way truck rentals, the FTC said.

The FTC said U-Haul Chief Executive Edward Shoen learned in 2006 that Budget was pushing down some rental rates, prompting him to try to collude with rivals on prices.

In its statement, the FTC quoted a companywide memo that Shoen wrote in 2006: “Budget continues in some markets to undercut us on One-Way rates. Either get below them or go up to a fair rate. Whatever you do, LET BUDGET KNOW.”

Shoen also told dealers to talk to Budget and Penske dealers to tell them that U-Haul had raised one-way rates and that they should follow suit.

The proposed settlement bars collusion or invitations to collude on prices. The 20-year order includes monitoring and compliance provisions.

It did not include a monetary penalty.

The company agreed to the settlement without admitting it broke the law, Jennifer Flachman, a U-Haul spokeswoman, said in a statement. “The proposed consent order has been entered into for settlement purposes only,” she said.