The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Zipcar Announces the Exercise of its Option to Purchase a Majority Stake in Barcelona-based Avancar


zipcar

Avancar is Spain's Largest Car Sharing Operator

CAMBRIDGE, MA and BARCELONA, Spain--Dec. 14, 2011:  Zipcar, Inc. , the world's leading car sharing network, today announced the exercise of its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing S.A., known as Avancar.  The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles. 

The transaction is expected to be completed in early 2012, and builds on Zipcar's initial equity investment in Avancar in December 2009.  With this transaction, Zipcar increases its percentage ownership in Avancar to a controlling stake of 60 percent.

"We are excited to increase our position in Avancar which maintains a leadership position in the attractive Barcelona market," said Scott Griffith, Chairman and CEO of Zipcar.  "We expect Barcelona to be a top tier car sharing city in the years to come and a key part of our developing network of European cities.  With the integration of our acquired U.K. operations completed, we have shifted our focus to expanding our European reach.  Overall car sharing adoption remains strong, and we look forward to entering new markets in both Europe and North America while also continuing to drive member growth and usage in existing metro areas and universities."   

About Avancar
 Avancar Carsharing was the first car sharing operator in Spain, and has been offering cars per hour or per day in Barcelona and its metropolitan area since 2005. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles. The service is available 24 hours a day, 365 days per year, allowing reservations to be made online or by telephone up to five minutes before the start of one's trip. 

About Zipcar
 Zipcar is the world's leading car sharing network with approximately 650,000 members and 9,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car.