Zipcar buys stake in Spain’s Avancar
Zipcar Inc. is now the majority owner of a Spanish known as Avancar.
Zipcar Inc. is now the majority owner of a Spanish company it had previously invested in, Catalunya Carsharing S.A., known as Avancar.
According to a release from Cambridge-based Zipcar, the company exercised an option it had from its initial 2009 investment in Avancar to buy a majority stake in the Barcelona business. Zipcar now has a 60 percent ownership stake in Avancar, described as the first car sharing operator in Spain. Scott Griffith, chairman and CEO of Zipcar, said that the company looks forward to expanding its penetration in the Barcelona metro area.
In addition to Barcelona, Avancar operates a fleet of vehicles in Sant Cugat del Valles. The company, founded in 2005, takes reservations both online or by phone. Zipcar said in the release that it now has approximately 650,000 members and 9,000 vehicles in urban areas and college campuses in the U.S., Canada and the U.K.
In August, Zipcar announced a two-year deal with Ford Motor Co. to supply college students with the company’s car-sharing service. Ford is supplying an initial 650 vehicles that Zipcar (Nasdaq: ZIP) will make available to more than 250 college campuses in the United States.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.