Zipcar sold for almost $500 million

zipcarThe Boston Globe reported today that the local company, Zipcar, which has expanded rapidly over the past decade has been sold for nearly $500 million to Avis.  According to terms of the deal,  Zipcar will become an Avis subsidiary and and will continue with its planned move to new headquarters in Boston’s Innovation District. Zipcar CEO Scott Griffith as well as Mark Norman, president and chief operating officer, will stay with the company.

Will this successful, hip, young company lose it’s coolness factor now that they’ve been gobbled up by Avis?  I’ve asked a friend who works there if he was given an Avis name badge and clipboard when he walked into the office today.  It seems that many believe while this might make sense on paper, Avis is sure to destroy what made Zipcar so admired.  Check out the Washinton Post’s scathing blog post How Avis will ruin Zipcar.

One response to “Zipcar sold for almost $500 million

  1. I’m pretty certain they’ll kill it. They saw what an hourly rental market was doing to their bottom line and so they’ll reduce the number of spots where cars can be found and hike the rates.

    I mean, do they really WANT me to go and buy a car to be rid of the stupidity of the rental market?

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