Veterans lead rent-to-own firms long criticized for targeting troops
The rent-to-own industry has long drawn criticism for how it markets to troops, but Military.com reports a growing number of veterans now sit in the owner's chair, running the same stores once accused of targeting service members.
Snapshot
Military.com profiles several veteran owners and executives in the $11.8 billion rent-to-own sector, including leaders at Lebakkens Rent to Own, Ace Rent To Own and Leopard Mobility. They describe military training as directly transferable to running these businesses, even as the industry continues to face scrutiny over high effective interest rates for consumers.
Key points
- Industry scale: according to the Association of Professional Rental Organizations, rent-to-own generates about $11.8 billion annually across roughly 5,445 stores and 34,000 employees nationwide.
- Veteran ownership: Jeff Lebakken, a Gulf War veteran and retired Army captain, runs his family's Wisconsin business and said it gives discounts and hiring preference to veterans.
- Hiring pipeline: retired Marine Corps officer Mark Connelly said military veterans, including a Navy SEAL he hired, fit well into RTO work because of their training.
- Career growth: retired Navy veteran Frank Rotert rose from account manager to co-owner of Ace Rent To Own over 31 years, growing it to 24 Nebraska locations.
- Ongoing criticism: consumer advocates have called the industry's military marketing predatory, citing purchase prices that can run double or triple retail value.
Quick take
The veterans quoted in this piece describe their service experience as good preparation for leadership in rent-to-own, and some point to discounts and hiring preferences for military customers and employees. That doesn't erase the industry's reputation among consumer advocates, who continue to flag the cost structure as a concern for service members weighing these agreements.
Read the full story: military.com