When Wayland Russell, co-owner of APRO member Jaguar Holdings LLC dba Eagle Rental-Purchase, reflects on his journey for Episode 6 of the RTO Legends Series, he brings forward a lifetime of lessons that continue to shape the rent-to-own (RTO) profession. From his earliest days in Youngstown, Ohio, to building one of the industry’s most influential companies, the story of RTO Legend Wayland Russell is one of conviction, innovation, and leading with purpose.
As part of APRO’s 45th anniversary celebration, the RTO Legends Podcast Series honors the pioneers who built the rent-to-own industry – founders, advocates, and innovators whose conviction, collaboration, and care transformed a business model into a movement. Produced by APRO and Wow Brands in partnership with Pete Shau from The RTO Show Podcast, the series preserves the voices that defined rent-to-own and continues their legacy for future generations.
Inside the Journey of RTO Legend Wayland Russell
Russell’s career began in 1977 with Chuck Sims and Remco, during a time when rent-to-own stores resembled pawnshops more than modern retail environments. Even then, Russell was drawn to the industry’s potential to serve people with dignity. That long-standing belief drove the founding of Rainbow Rentals in 1986, when Russell and his partners opened six stores in one month and built the company with a clear purpose: treat every associate as a partner, serve customers with integrity, and eventually go public so employees could share in the company’s success.
Rainbow Rentals grew quickly, not through acquisition, but through vision, discipline, and a culture founded on Judeo-Christian values. Russell and his team fought for elevated product quality at a time when limited, low-end furniture defined available options. After years of persistence, they secured a direct manufacturing partnership that reshaped furniture distribution models and helped pave the way for just-in-time delivery systems later adopted by major brands such as Ashley Furniture Industries.
Innovation didn’t stop with furniture. Russell also saw an opportunity to bring technology to underserved households. Rainbow Rentals became the first rental company in the world to offer rear-projection TVs and one of the earliest to deliver computers with bundled, user-friendly software. This allowed low- to moderate-income families to access the internet years before it became commonplace. The move quickly grew to represent up to 15% of store income – but more importantly, it aligned with Russell’s belief that rent-to-own should be “the advantage to the disadvantaged.”
A Purpose-Driven Leader Through Trials and Triumphs
Russell’s history is also defined by resilience. Rainbow Rentals weathered difficult loan terms, leadership transitions, and even bank note calls triggered by external failures in the financial sector. They pressed forward during federal scrutiny under Henry B. Gonzalez’s hearings, which threatened the industry’s legal foundation. Through it all, Russell relied on faith, teamwork, and what he describes as a relentless refusal to walk away from the mission the company was built on.
That commitment carried into Rainbow Rentals’ 1998 public offering. When underwriters urged Russell to drop the company’s pledge to donate 10% of earnings to good works, he refused – even at the risk of the IPO collapsing. Instead, Rainbow Rentals launched at its target price, doubled soon after, and doubled again upon its sale in 2004.
The sale itself reflected Russell’s values. Associates at every level, including part-timers, received stock benefits, and proceeds helped build a new high school for Youngstown Christian School. “We weren’t there to see how much we could acquire,” Russell says. “We wanted to build something special.”
A Legacy Centered on People, Service, and Integrity
Russell’s story also underscores the critical role of APRO in protecting the industry. A member for 48 years, he emphasizes how leaders such as Ed Winn III and Wayne Chambers fought to preserve rent-to-own during periods of legal, IRS, and regulatory threat. Supporting APRO, he explains, was not optional – it was essential to safeguarding businesses, customers, and livelihoods nationwide.
Asked how he hopes to be remembered, Russell offers a humble answer that reflects the heart of the RTO Legends Series: “A simple man who trusted God and did his best to bless others.” He believes his greatest role was not being the loudest or tallest leader, but empowering others to be great. It is this people-first philosophy that continues to guide his work with Eagle Rental-Purchase and remains an enduring contribution to the industry.
Listen to the full episode of The RTO Legends Series – produced by APRO and Wow Brands in partnership with Pete Shau and The RTO Show Podcast – on Spotify or watch it on YouTube.
