Rent-to-own News

Rent-to-own News - American Rental, Colorama acquire Zion's Rental Purchase stores

February 26, 2009

David P. David, American Rental.

Bloomington, Indiana, based American Rental recently acquired four of five Zion's Rental Purchase stores in a deal finalized late yesterday that will raise the company's total store count to 54.

David P. David, owner of American Rental, said part of the arrangement, which originally involved purchase of all five stores, included selling Zion's Barbourville store to Colorama -- a Lexington, Kentucky based rental chain which can now claim 23 stores.

Zion's was put up for sale by owner Larry Goad last month.

David, whose company has acquired seven independent stores from two company's -- Giant and Chappy Rentals -- over the last two years, said part of the deal negotiated was to keep Zion's staff at the four stores, a term he was glad to meet.

"He's (Goad) done a great job," David said. "I hate to see someone leave the business, especially someone who was such a great asset to the industry and APRO."

Bill Esenbock, COO Colorama.

American Rentals controller, auditor and human resources directors all visited the stores yesterday to begin the conversion process, David said.

Two of the four Zion's stores acquired by American Rental are located in Kentucky with the balance located in Tennessee and Virginia.

Larry Goad.

Zion's has been in business for 32 years and Goad was a part of the operation for the past 21.

"My current career plan is that I have been called into the ministry," said Goad, who is a former Association of Progressive Rental Organizations board member and president of the Tennessee Rental Dealers Association. "I will miss my friends in the industry and my APRO family tremendously."

mevans@rtohq.org

About APRO
The Association of Progressive Rental Organizations is the official voice of the rent-to-own industry and the most accurate and trustworthy source of rent-to-own news in the industry. Founded in 1980, APRO is the national, nonprofit trade association advocating and representing the rent-to-own industry before the U.S. Congress, state legislatures, courts, media and the public.

For more information, visit www.rtohq.org.

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A New Rent-to-Own Experience

by Neil Ferguson

Here’s the lowdown on APRO’s 2012 Convention and Trade Show, July 24-26 in Memphis. The RTO industry’s big event will offer many valuable experiences, including insights on how to turn your stores into “experiences”–the good kind for consumers

Who Is Your Competition?

by Bill Keese

In order to expand your customer base, you can learn a lot by observing your competitors. But first, you need to figure out just who they are. If you think your only competition is the rent-to-own store down the street, you’re not considering the bigger picture. APRO’s executive director offers a big-picture perspective.

A Review of Online Customer Complaints

by Ed Winn III

While rent-to-own companies have not cornered the market on negative reviews posted on consumer complaint websites, it’s no surprise that there are cyberspace beefs against RTO. APRO’s general counsel reviews some of them in search of a pattern and he considers appropriate response to online complaints.

Rent-to-Own Families, Part VIII

by Kristen Card

Our series of family-run rent-to-own businesses continues with profiles of the Homeiers in Kansas and two Texas-based sets of kindred colleagues, the Spangles and the Weisblatts.

Future issues of APRO's magazine will be available in this same new format. Click here to access past issues that are not yet archived in the new interface.

Association of Progressive Rental Organizations
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