The 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.