ZIPCAR COMPLETES INTEGRATION OF STREETCAR INTO GLOBAL CAR SHARING NETWORK
Zipcar extends its seamless global network with more cars, more members and industry leading technology in the UK
CAMBRIDGE, Mass., Nov. 1, 2011 /PRNewswire/ -- Zipcar, Inc. (Nasdaq: ZIP), the world's leading car sharing network, today completed its final step in the acquisition of Streetcar, the largest car club in London, by integrating Streetcar's vehicles and members into the Zipcar platform. As a result, Zipcar UK members now can access more cars across the UK, utilize industry leading technology and benefit from the Zipcar global network of over 9,000 vehicles. The integration comes at a time of growth for Zipcar UK and provides a solid foundation for continued expansion across Europe. According to research by Frost & Sullivan, the market for car sharing in Europe could reach 5.5 million members and 3 billion euros.
"The idea behind bringing the two companies together was to offer a superior service to our members while achieving profitable growth. With this important milestone in our rear view mirror, we are ready to continue the journey toward our vision of a world in which car sharers outnumber car owners in cities around the world," said Scott Griffith, Chairman and CEO of Zipcar. "Furthermore, the fact that we have grown membership and revenue in the UK during this period of transition and in this difficult economy is a testament to both the value that Zipcar offers its members as well as a reflection of the strength of our brand."
With integration complete, members now have access to over 1,700 vehicles across London, Cambridge, Oxford, Brighton, Bristol and Edinburgh, and more than 9,000 vehicles including the US and Canada. UK vehicles are available by the hour or the day for a simple fee (as low as 5 pounds Sterling per hour and 49 pounds Sterling per day) that includes parking, insurance, petrol, 40 free miles, the Congestion Charge and 24/7 roadside assistance.
Zipcar's industry-leading technology platform simplifies the member experience with fewer steps needed to access a vehicle, while its suite of award winning mobile apps allows members to easily find, reserve and unlock a Zipcar, as well as extend or cancel a reservation via their mobile device. As of October 31, 2011, UK members also have access to Zipcar's industry-first "Reserve a Zipcar" Facebook app, enabling members to reserve a car, check availability and manage existing reservations without leaving Facebook.
During the course of the past month, Zipcar coordinated a complex and comprehensive migration of more than 1,000 vehicles and tens of thousands of members from the Streetcar network into the Zipcar network. The process went smoothly and as of today, every vehicle is now part of the Zipcar network and can be reserved via the Zipcar.co.uk website. Every member has been assigned a Zipcar account, and all members need to do is register online at https://zipcar.co.uk/streetcar/account/login to finalise the conversion and activate their new Zipcard.
Zipcar is the world's leading car sharing network with more than 605,000 members and more than 9,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car. More information is available at www.zipcar.com.
Photos and b-roll footage are also available.
Zipcar and the Zipcar logo are trademarks of Zipcar, Inc. All other trademarks used herein are the property of their respective owners.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to the potential car sharing market in Europe, our continued growth in Europe and our vision of a world where car sharers outnumber car owners. Among the factors that could cause our actual results to differ materially from those indicated by such forward-looking statements include our ability to profitably attract new members and retain existing customers, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which we operate, our ability to compete effectively, our ability to expand into new geographic markets, and our ability to manage growth and other risks detailed in our publicly available filings with the Securities and Exchange Commission. All forward-looking statements reflect our expectations only as of the date of this release and should not be relied upon as reflecting our views, expectations or beliefs at any date subsequent to the date of this release.
SOURCE Zipcar, Inc.