May 24, 2006
Zipcar secures US$20 million in vehicle financing
Cambridge, Massachusetts – Zipcar, North America’s largest car sharing service, has announced that GE Commercial Finance Fleet Services has approved US$20 million in lease line financing to support significant expansion of Zipcar’s service. The company recently opened nine pick-up and drop-off centres in Toronto, its first venture into markets outside the United States.
The company currently has over 55,000 active members and 1,500 cars in eleven states and provinces, the largest membership base of any car sharing service. Unlike car rental services, which primarily serve out-of-town visitors, Zipcar’s members use the vehicles locally; at a pickup centre, they open the vehicle with a “Zipcard”, and use the vehicle anywhere from a few hours to a day, with gas, insurance and satellite radio included. For more information, visit www.zipcar.com.