Zipcar sold to Avis for nearly $500 million

Ann McClure's picture

Rental car giant Avis Budget Group is buying the Zipcar car-sharing service for almost half a billion dollars in cash, according to a report in the Detroit News.

The acquisition is seen by the Detroit News’ Bryce Hoffman as further proof that younger Americans care less about car ownership than their parents and grandparents did. Zipcar’s service has more than 750,000 members, many of them located in or around college campuses.

The deal could bring the Avis fleet into play as Zipcars as well as offer a possible outlet for Avis to dispose of their high-milage newer vehicles.

Read more