November 2022, Virtual
21 November 2022, Hilton London Metropole
Avis Budget Group has agreed a deal to purchase car-sharing firm Zipcar for $500 million.
Zipcar, which targets both the corporate and leisure travel sectors, has more than 760,000 members in North America and Europe offering more than 10,000 vehicles and is planning to expand rapidly in major cities around the world.
Ronald Nelson, CEO of Avis Budget Group, said: "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.
“We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company.”
Zipcar currently operates in urban areas and university campuses in the US, Canada, UK , Spain and Austria. Zipcars are available in UK cities including London, Bristol, Cambridge and Oxford.
The deal to buy Zipcar, which is listed on the Nasdaq stock market in the US, is subject to approval from Zipcar’s shareholders and is expected to be completed by spring 2013.
Zipcar CEO Scott Griffith said: “We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations.
"As the leading global provider of car sharing services, with a brand that is synonymous with the category, we remain committed to the values and vision that have driven us forward for many years, grounded by our passion for delivering a superior experience to every member for every trip, every day.”