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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.

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Business, Pages 21 on 01/03/2013

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