Zipcar Posts

RelayRides Buys P2P Car Sharing Company Wheelz

RelayRides + Wheelz

RelayRides is a marketplace where car owners can list their vehicles and people that need a ride can rent one by the hour or day.  RelayRides has acquired a competitor called Wheelz.  RelayRides will gain ownership of Wheelz’s assets and IP.  RelayRides is hiring Wheelz’s 10 employees also.  Based in San Francisco, RelayRides launched around 5 years ago and is available across the nation.

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Avis Acquires Zipcar For $500 Million

Avis Budget Group (Avis) is a vehicle rentals company that has acquired Zipcar for $12.25 per share.  This extrapolates to $500 million.  Avis is paying for the acquisition in cash.  Avis had around $554 million in cash and equivalents as of the end of September 30, 2012.  Avis’ market capitalization is at around $2.23 billion.

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Zipcar Announces Zipvan Cargo Van Service

Zipcar is the world’s largest car sharing network.  The company announced this week plans to expand the company’s Zipvan cargo van service.  Zipcar launched Zipvan in Seattle, L.A. Philadelphia, and Portland yesterday and it will roll out to the service to its remaining metro markets in North America over the next 12 months.

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Ford Motor Company and Zipcar Announces Partnership

Ford Motor Company (NYSE:F) and Zipcar Inc (NASDAQ:ZIP) has announced a partnership where Ford will become Zipcar’s largest source for the company’s Zipcar University program. The Ford and Zipcar alliance will last two years and will reach students across 250 university campuses.
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Zipcar Stock Price Increases 56% On First Day Of Trading

The stock price of car-sharing company Zipcar Inc (NASDAQ:ZIP) has increased 56% on the first day of trading after the company’s expanded IPO. Based in Cambridge, Massachusetts, Zipcar raised $174.3 million in their IPO earlier this week. Zipcar’s opening stock price increased $10, settling to $28, after climbing to a high of $31.50. Zipcar operates in 14 metro areas and they have about 8,000 cars in their fleet. Zipcar plans on expanding in the U.S. and other international markets. Now Zipcar has a market value of $1.21 billion. [Bloomberg]

Zipcar Raises $21 Million In Series G

Car sharing company Zipcar has raised $21 million in Series G funding. This may mean that the company is postponing their IPO. Zipcar has about 500,000 users. Zipcar filed for an IPO back in June and it is likely that they would have raised $75 million. The S1 also indicated the Zipcar would borrow $70 million under a one-year credit facility for purchasing new cars. Zipcar also recently bought their U.K. competitor Streetcar.
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Zipcar Files For $75 Million IPO

Zipcar has filed for a $75 million IPO according to an S-1 filed with the SEC. The number of shares and price range for the stock has not yet been announced, but the filing revealed the target of $75 million. The company plans to use the net proceeds to pay off debt after the IPO. The IPO is being managed by Goldman Sachs and JP Morgan. Revolution Living, Benchmark Capital, Smedvig Capital, General Electric, and Greylock Partners have invested in Zipcar in the past. Zipcar incorporated in Delaware in January 2000. Their headquarters is in Cambridge, Massachusetts. Zipcar has about 400,000 members and they operate in 13 major metro areas and on 150 college campuses. The company does not expect to be profitable until beyond 2011. [TechCrunch]

Zipcar Acquires U.K. Based Car Company Streetcar

Zipcar, the car-sharing company based in Cambridge, MA has acquired Streetcar, a U.K. car company that has a similar business model. “When considered along with our investment in the largest car sharing company in Spain in late 2009, this transaction gives us a very strong base from which to expand to additional European markets,” stated Zipcar chairman and CEO Scott Griffith. No word on how much the financial details were, but rumor has it that Zipcar spent about $50 million. [Xconomy]