The rent-to-own industry lost another one of its founding fathers on January 3, 1999. Joe Parsons helped lay the groundwork for the Association of Progressive Rental Organizations and was a charter member who pushed for national regulations to protect the industry. Parsons loved the rental-purchase business and believed that the only way the industry would survive into the future was to weed out the bad operators and professionalize the industry.
After retiring from the United States Air Force in the early 1960s, Parsons and his two brothers, John and George, founded one of the first rent-to-own companies in the country. Starting with one small store in San Antonio, the company grew to 14 outlets in 10 years. The company, ABC and El Charro Rental Centers, served as a model for other stores for years and still exists today.
By 1976, the company had exceeded all of Parsonโs expectations. He decided to retire. What he didnโt realize was that RTO was in his blood forever, as he would say, โretirement is only for the old or rich people.โ So, in 1978, at the age of 58, Parsons and a friend decided to start a new chain of RTO stores in El Paso, TX. When Parsons left Amigo Rentals five years later, they had five stores and were doing more volume in their markets than any other RTO store.
Parsons was 78 years old. He will be missed by many.
