Zipcar, Inc. is booming since it’s 2000 launch with more than 760,000 members, known as Zipsters, a market-leading presence in 20 major metropolitan areas in the United States, Canada and Europe, and fleet positioned at over 300 college and university campuses. Zipcar has become a popular form of transportation for people living in large cities. You simply find a Zipcar pick-up spot, sign up, swipe and the car is yours for a certain period of time. It’s become the easier-to-rent-a-car system; you can have a car for a few hours rather than having to pay a daily rate.
Now Avis Budget Group, Inc. is getting in on the action at the cost of $500 million.
“By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs,” said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer.
Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with its planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, president and chief operating officer, will continue to set the overall direction and run daytoday operations of Zipcar.
