Rental Car Company Avis Buys Zipcar
Media Platforms Design TeamToday rental car giant Avis Budget announced its entry into the world of car sharing: It’s buying Zipcar. Although Zipcar has yet to turn a profit in its 12-year history, reporting a net loss of over $7 million in 2011, Avis plans to purchase the company and its fleet of more than 10,000 cars for approximately $500 million in cash, a 49 percent premium over the company’s closing stock price at year’s end....