Avis buys Zipcar for $491M

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Wednesday, January 02, 2013

AP: Avis is buying Zipcar for $491.2 million, joining the expanding car sharing market.

Car sharing has become a popular alternative to traditional rentals in metropolitan areas and on college campuses, allowing members to get a vehicle quickly for short trips. Zipcar, which was founded in 2000, has more than 760,000 members. It went public in 2011 and posted net income of $850,000 in the first nine months of this year.

Bringing the Avis fleet into play will help Zipcar meet high demand on weekends, Avis said, when most people make a run to the grocery store or run other errands. It will also help Avis compete with Hertz Global Holdings Inc., which has its own car sharing service, Hertz on Demand.

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