Zipcar Rolls Into D.C. With Support From Real Estate Developer

    BOSTON--Sept. 27, 2001--After a successful summer market test in Washington D.C., Zipcar, the Cambridge, Mass.-based company that has revolutionized the way in which urban Boston area drivers view automobile transportation, is rolling into the nation's Capitol. Zipcar provides "wheels when you want them"(TM), and has one car in Arlington, VA, and three in the District with immediate plans for at least 10 more vehicles in the next two weeks.
    Washington area real estate developer Charles E. Smith Residential Realty, Inc. has partnered with Zipcar by providing multiple parking spaces because Zipcar will be a valued tenant amenity benefiting both residents and their communities.
    The Smith partnership mirrors dozens of similar corporate joint ventures between Zipcar and Boston area businesses, health care institutions and universities that see Zipcar as a viable alternative for their employees when public transportation is inconvenient to attend meetings and appointments around town. Corporate partners site Zipcar's state-of-the-art, wireless technology and convenience as the primary reasons for their support.
    Within the next two weeks, Washington area Zipcar locations will include: Court House Plaza; Crystal Plaza; Parc Vista; Lincoln Towers; and London House, all in Arlington; St. Elmo's Coffee in Alexandria; Lauriol Plaza, 18th Street/Adams Morgan; 3rd Street NE; Marriott/Woodley Park; Porter Street, NW; and Windsor House, Rhode Island Ave., all in the District.
    The Zipcar fleet is comprised primarily of new Volkswagen Beetles, Golfs and Jettas.
    Zipcar individual and corporate members can reserve a car from any location, inquire about current availability and obtain membership information by logging onto www.zipcar.com. or by calling 1-866-4ZIPCAR, toll free.
    With more than 1,200 active members and 60 cars in the Boston and Washington areas, Zipcars have proven to be a smart alternative to the expense and hassle of automobile ownership and usage in metropolitan communities. Zipcars are conveniently located in reserved parking spaces in urban neighborhoods and can be used by members, 24 hours a day and seven days a week, for as little as one hour or as long as several days at a time. Reservations are made online or by phone, and an onboard computer tracks all the details, from mileage to time of use. Zipcar pays for parking, maintenance, insurance and even gas.
    Prices in the Washington area begin at $6/hour plus $0.40 per mile with maximum daily rates from $65. There are several pricing plans including one with a $75 annual membership fee or another with a $30 minimum monthly fee, depending on the driver's usage.
    According to national studies, monthly costs for car ownership in urban areas breaks down as follows: $300, vehicle depreciation or lease costs; $110, insurance; $250, parking; $50, gasoline; $40, maintenance for a monthly total of $750.
    In comparison, Zipcar data confirms a typical monthly member bill for 15 hours of driving during three sessions is $100.
    "Zipcar offers three unique advantages to city dwellers and companies who need a car or a second car from time-to-time," explained Robin Chase, founder and CEO of Zipcar. "First is convenience. Your Zipcar is usually right around the corner and you can use it for as little as an hour at a time. In other words, you use it and pay for it only when you need it. Second is the cost. If you use a car 15 hours a month, your cost with Zipcar will be about $1,500 a year, less than most people pay for car insurance in urban areas. And lastly, it takes cars off the road, reducing both air pollution and traffic congestion."
    According to a recent study conducted in Switzerland where more than 40,000 people take advantage of this type of service, each shared vehicle replaces up to 10 privately owned cars and helps people to drive only when necessary.
    "We're very pleased to partner with Zipcar here in Washington," said Matt McCormick, executive vice president of residential services for Charles E. Smith. "We think this service will be a great amenity for our urban residents."
    Charles E. Smith Residential Reality is a leader in providing urban living solutions in selected American cities. The company is a self-managed real estate investment trust that develops, acquires, owns, leases and manages multifamily residential properties. The Company owns or has a material interests in a portfolio of over 30,000 apartments in the Washington D.C. metro area, Chicago, Boston and Southeast Florida.
    Zipcar plans to continue its expansion in New York City later this fall.