The money will be used to support fleet growth. Zipcar operates a global car sharing network for more than 400,000 members with more than 7,000 vehicles in the U.S., Canada and the UK. The company offers more than 30 makes and models of self-service vehicles to its members, including BMW, Ford, Honda, Mazda, Nissan, Subaru, Toyota, Volkswagen and Volvo.
"Our asset-intensive business model requires ongoing access to capital to expand our fleet of Zipcars," said Scott Griffith, Chairman and Chief Executive Officer at Zipcar. "This ABS facility is an important strategic step for our company. It increases the total credit available to Zipcar and it will enable us to transition away from lease line financing, ultimately reducing our cost of financing while improving our customer experience with a fresh, growing fleet of Zipcars."
Zipcar vehicles are available by the hour or by the day to members, who can reserve a car online or via the phone or a mobile device. Hourly and daily rates include parking in the reserved spot, gas, insurance, mileage and 24/7 roadside assistance.
"Zipcar has become a mainstream transportation option in cities around the world, and we are pleased to be able to help them continue their growth," Sam Pilcer at Credit Agricole CIB, said in a release. "We look forward to supporting Zipcar as they expand and build the car sharing industry."
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