Zipcar Invests in Avancar

Car sharing service Zipcar today announced they decided to finance the existing owners of Catalunya Carsharing, a Spanish limited liability company, also known as Avancar. Under the terms of the agreement, Zipcar has a minority interest in Avancar, a Zipcar executive will join Avancar's board, and during the next year, Zipcar has the option to increase its ownership stake.

"We are impressed with the progress Avancar has made during their start-up phase in Barcelona," stated Scott Griffith, Chairman and CEO of Zipcar. "We are looking forward to working with Avancar to help Barcelona realize the full economic and environmental benefits of car sharing."

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.

Reportedly more than 3,500 clients (20 percent of them businesses and administrations) use the service for private or business trips and take advantage of having a car without buying one. Avancar Carsharing has more than 120 vehicles of different types, in 39 locations.

ZIpcar on the other hand, has approximately 350,000 members and 6,500 vehicles in urban areas and college campuses throughout 28 North American states and provinces as well as in London, UK. Zipcar 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.

Furthermore, Zipcar also started a pilot project to promote plug-in hybrid vehicles in its fleet in the San Francisco Bay Area, with a Toyota Prius as the highlight of the range.