Avis to buy car-sharing business

No. 3 rental firm’s deal for Zipcar worth $491.2 million

Posted: January 3, 2013 at 1:12 a.m.

FILE - In this April 14, 2011 file photo provided by Zipcar.com, Zipcar Chairman and CEO Scott Griffith stands with a Zipcar Mini-Cooper before the opening bell at the NASDAQ Market Site in New York. Avis is buying Zipcar for $491.2 million, expanding its offerings from traditional car rentals to car sharing services. The boards of both companies unanimously approved the buyout. (AP Photo/Zipcar.com, Craig Ruttle, File)

Avis is leaping into the car-sharing service business by buying Zipcar for $491.2 million, aiming to capture a new type of customer and technology that will expand its car-rental options.

This story is only available from our archives.

Business, Pages 21 on 01/03/2013


« Previous Story

U.S. growth, new models expected to fuel auto...

A healthier economy and more new model introductions should push U.S. auto sales above the 15 million mark this year, predicts an auto-industry research firm. Read »

Next Story »

LR Stephenses sell maker of high-end ranges V...

Members of the Jack and Witt Stephens families sold Viking Range Corp. of Greenwood, Miss., for $380 million on Monday. Read »