PROG (NYSE:PRG)., formerly known as Aaron’s, is a North American provider of lease-to-own and consumer finance solutions. The company operates through two primary segments: Aaron’s Business Solutions and Progressive Financial Services. Through Aaron’s Business Solutions, PROG offers customers access to furniture, electronics, home appliances and technology products via lease ownership arrangements, serving both individual consumers and small businesses.
The Progressive Financial Services segment provides lease-purchase and retail point-of-sale financing programs to customers with limited credit histories. Under its Progressive Leasing brand, the company partners with a network of retail merchants, enabling consumers to obtain merchandise through affordable, short-term leases with the option to purchase. This segment leverages a proprietary credit technology platform to underwrite and manage customer accounts.
Originally founded in 1955 by R. Charles Loudermilk, the business was named after his son, Aaron. Aaron’s grew through a combination of company-operated and franchised locations, going public in 1982 and expanding its footprint across the United States and Canada. In 2020, the company restructured and rebranded as PROG Holdings to better reflect its dual focus on specialty finance and rent-to-own solutions while separating its technology and homeowner services businesses into a standalone entity.
Today, PROG Holdings serves consumers in nearly every U.S. state and Canada, operating over one thousand company stores alongside a broad franchise network. The company also maintains an e-commerce platform that complements its brick-and-mortar presence, allowing customers to shop and manage their lease agreements online. PROG’s combination of flexible payment options and accessible financing is designed to meet the needs of customers who may not have traditional credit profiles.
