Politics, Weather, Photography, and the Dog
Wednesday 2 January 2013

Sigh. Zipcar, short-term rental car service that has occasionally made my life a lot easier, just got swallowed by Avis:

Zipcar Inc. has been growing as more people in urban areas forgo owning a car and instead tap car-sharing and hourly rental services when they need a vehicle. The company’s third-quarter sales grew 15% to $78.2 million while its membership (renters) grew 18% to more than 767,000. Zipcar earned $4.3 million in the three-month period and has said it expected 2012 to be the first full year for which it posts a profit.

Avis Budget, the nation’s third-largest car rental company -- after Enterprise Holdings and Hertz -- will pay $12.25 a share in cash for Zipcar, a 49% premium over the stock's closing price Monday.

Avis believes it can whittle $50 million to $70 million of expenses out of the combined operations of the companies by eliminating duplication of functions such as the cost of maintaining Zipcar as a publicly traded company.

Just once I'd like to see a cool, niche company grow to a sustainable size without being acquired by a huge corporation.

Wednesday 2 January 2013 16:29:16 CST (UTC-06:00)  |  | Business#
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David Braverman and Parker
David Braverman is the Chief Technology Officer of Holden International in Chicago, and the creator of Weather Now. Parker is the most adorable dog on the planet, 80% of the time.
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