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Heard a report on WCBS-AM this morning that Zipcar is being purchased by Avis for $500 million. Didn't say when deal would close but did say that this would be good for both companies, they're not so sure about the customers though. Avis will be able to use their daily rental cars on weekends for Zipcar when they run short and if Avis runs short they can use some of Zipcar's fleet to meet the need.
Avis is trying to get to the more affluent, urban customer and has realized it's just easier to buy Zipcar than to start their own short term rental service as Zipcar is the leader.
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