Zipcar Bought For $500 Million by Avis Budget Group
Zipcar has been bought for $500 million by Avis Budget Group Inc.
“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,” Avis Chief Executive Ronald Nelson said.
Zipcar controls about 75 percent of the $400 million car-sharing industry in the United States. The total market is projected to reach $10 billion over the next several years, Nelson said on a conference call with analysts.
The deal will position Avis as the market leader in car-sharing services in the United States, he added.
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