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Rent-A-Center history
Rent-A-Center company history timeline
Devlin went into business for himself in 1973 with a single rent-to-own store.
T's, which by 1974 had grown to 14 stores.
1974: Talley sells Mr.
Mark Speese joined Rent-A-Center in 1979.
He had joined Talley in 1986 and had been instrumental in the company's growth.
1986 Mark Speese, a former employee of Rent-A-Center, started Vista Rent-To-Own with two partners, operating stores primarily in Puerto Rico and New Jersey.
In 1987 he sold the business for $594 million to British conglomerate Thorn EMI, which had been involved in the long established English rent-to-own industry.
1987: Talley and son start Talley Leasing.
Although the purchase would result in a $600,000 loss for 1993, Talley clearly knew how to make money in the rent-to-own business.
1993 Vista Rent-To-Own changed its name to Renters Choice, Inc.
In the fall of 1995 the chain added 135 stores by acquiring Pro Rental Inc. of Dallas for $38.5 million in cash and notes.
1996 Renters Choice acquired ColorTyme, a franchisor of rent-to-own stores.
Another ten new stores were also opened, bringing the total number of company-owned units by the end of 1997 to 504.
In addition, in late 1997 Renters Choice was sued in New Jersey court over a failure to provide certain disclosures in its contracts with customers.
Revenues for 1997 grew to $327.5 million and net income to $25.9 million.
Renters Choice closed down the longtime Wichita headquarters of Rent-A-Center, consolidated operations in Plano, then on December 31, 1998, changed its name to Rent-A-Center, Inc.
Investors showed some concern over Talley's ability to make the stiff debt payments taken on in 1998, and as a result the price of Rent-A-Center stock dropped.
The company could afford Madden's hefty fee and the requisite advertising budget because of a major jump in revenues ($1.4 billion) and net income ($59.4 million) in 1999.
Rent-A-Center did not acquire new stores in 1999 and focused on converting its recent additions to its way of doing business.
That trend would continue in 2000, as revenues rose to $1.6 billion and net income soared to $103 million.
Rent-A-Center renewed its plans for growth in 2000.
In October 2001 Talley announced his retirement.
2002 Rent-A-Center transferred all Wisconsin store operations to a newly founded subsidiary, Get It Now!, which generates installment credit sales through a retail transaction.
In February 2003, Rent-A-Center acquired 295 stores from Rent-Way, Inc.
In May 2004, Rent-A-Center completed the acquisitions of Rainbow Rentals, Inc. and Rent Rite, Inc.
2005 The first Acceptance Now kiosk opened in an Ashley Furniture HomeStore in Orlando, Florida.
Rent-A-Center completed its acquisition of competitor Rent-Way, Inc. on 15 November 2006, for a price of approximately $600.3 million.
Launched in 2006, under the brand name RAC Acceptance, Rent-A-Center, Inc. operates lease-to-own kiosks within third-party retail locations across the country.
2008 The first Home Choice store opened in Rockford, Illinois.
2010 Rent-A-Center enters Mexico with a store opening in Reynosa.
2013 Rent-A-Center Franchising International, Inc. was formed.
Mark Speese retired as Rent-A-Center CEO at the end of January 2014.
In January 2018, Mark Speese stepped down as CEO and was succeeded by former president Mitchell Fadel.
In August 2019, Rent-A-Center completed the acquisition of Merchants Preferred, a nationwide provider of virtual lease-to-own services.
With 123 Mexico stores as of December 2019, Rent-A-Center is continuing its expansion in Mexico.
See Store Manager for complete details. †"$1 Pays Your First Week" offer is valid on a new agreement for a single item entered 5/01/2022 – 5/30/2022 only.
^"$10 Pays Your First Week "offer is valid only on new agreements entered into through in-store or online transactions from 5/01/2022 to 5/30/2022.
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Rent-A-Center competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Vudu | 2004 | - | 180 | - |
| Sears Holdings | 2005 | $1.4B | 85,000 | 679 |
| The Home Depot | 1978 | $159.5B | 500,001 | 24,621 |
| Walgreens | 1901 | - | 210,500 | 19,333 |
| Aaron's | 1955 | $2.1B | 9,400 | 572 |
| Big Lots | 1967 | $4.7B | 22,900 | - |
| Rooms To Go | 1991 | $2.2B | 7,000 | 237 |
| Dollar General | 1939 | $40.6B | 143,000 | 7,031 |
| Kroger | 1883 | $147.1B | 465,000 | 8,666 |
| Staples | 1986 | $18.2B | 75,000 | 1,569 |
Rent-A-Center history FAQs
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Rent-A-Center may also be known as or be related to Rent-A-Center, Rent-A-Center Inc, Rent-A-Center, Inc, Rent-A-Center, Inc. and Rent-a-center.