Rent-A-Center
 |
|
| Public | |
| Traded as |
NASDAQ: RCII S&P 600 Component |
| Industry |
Home furnishings Rent-to-own |
| Founded | 1973 1986 (incorporated) Wichita, Kansas, U.S. |
| Headquarters | Plano, Texas, U.S. |
|
Key people
|
Robert D. Davis (CEO) Christopher Korst (Chief Administrative Officer, Executive Vice President and General Counsel) Guy Constant (CFO and Executive Vice President) Jeff White (Executive Vice President) Joel Mussat (Executive Vice President, Strategic Planning and Business Development) Ricardo Cordon (Executive Vice President, Mexico) Fred Herman (Executive Vice President Accounting/Global Controller) |
| Products | Provides furniture, electronics, computers and household appliances available under rent-to-own agreements |
| Revenue |
 US$3.27 billion (2015) |
 US$-1.007 billion (2015) |
|
|
US$-866.62 million (2015) |
|
| Total assets |
US$1.98 billion (2015) |
| Total equity |
US$470.48 million (2015) |
|
Number of employees
|
22,200 (2014) |
| Website | www.rentacenter.com |
Rent-A-Center (commonly referred to as RAC, Rent-A-Centre in Canada) is an American public furniture and electronics rent-to-own company based in Plano, Texas. The company was incorporated in 1986 and as of 2014 operates approximately 2,972 company-owned stores in the United States, Canada, Puerto Rico and Mexico, accounting for approximately 35% of the rent-to-own market in the United States based on store count.
Rent-A-Center's operations include 28 retail installment stores called Get It Now (based in Wisconsin); 17 Home Choice stores in Minnesota; 15 rent-to-own stores in Canada that go by Rent-A-Centre and Better Living; and approximately 1,359 Acceptance Now kiosks housed within retail partner stores throughout the United States. Its subsidiary, Rent-A-Center Franchising International Inc. (RACFI), formerly known as ColorTyme Inc., is America's first franchisor of independently owned-and-operated rent-to-own stores. Its franchisees operate 162 rent-to-own stores in 31 states under the Rent-A-Center and ColorTyme brand names, and the company's wheels-and-tires franchise brand, RimTyme, operates 31 stores in 13 states.
In 2014, Fortune Magazine listed Rent-A-Center at number 711 on the Fortune 1000 list of the largest U.S. corporations, based on revenues alone. Competitors include Aaron’s, Inc., easyhome, Best Buy Co. Inc., and Wal-Mart Stores.
The rent-to-own business was started by Ernie Talley in Wichita, Kansas during the 1960s when he told customers of his store, Mr. T’s Rental, that they had rented a washer and dryer for a long enough duration that they had paid for it in full and now owned it. Thomas Devlin, a former employee of Mr. T’s rental, recognized the potential of renting name-brand products and partnered with W. Frank Barton and founded the Rent-A-Center brand in Wichita, Kansas in 1973.
Mark Speese joined Rent-A-Center in 1979. In 1986, Mr. Speese and a colleague left Rent-A-Center and started a competing business known as Vista Rent-To-Own. Ernest Talley then joined Vista Rent-To-Own as Chairman of the Board of Directors in 1989 and remained Chairman through Vista’s transition to Rent-A-Center. In 2001, Talley retired and Speese was appointed as Rent-A-Center’s Chairman and CEO. Vista Rent-To-Own changed its name to Renters Choice, Inc. in December 1993, in connection with the acquisition from DEF Investments, Inc. and certain related entities of an 84 store rent-to-own chain operating in 12 states. Mark Speese retired as Rent-A-Center CEO at the end of January 2014. He continues to hold his position as Chairman of the Board, and Rent-A-Center CFO Robert Davis now serves as CEO. Michael S. Wilding, Rent-A-Center’s current Senior Vice President – Accounting and Global Controller, will serve as Interim Chief Financial Officer, effective February 1, 2014.
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Wikipedia