Zipcar Purchases a Majority Stake in Barcelona-based Avancar

Zipcar Inc. announced Dec. 14  that it is exercising “its option to purchase a majority ownership interest” in Barcelona-based Catalunya Carsharing S.A., known as Avancar. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles. 

The transaction is expected to be completed in early 2012, and builds on Zipcar's initial equity investment in Avancar in December 2009. With this transaction, Zipcar increases its percentage ownership in Avancar to a controlling stake of 60%.

"We are excited to increase our position in Avancar which maintains a leadership position in the attractive Barcelona market," said Scott Griffith, chairman and CEO of Zipcar. "We expect Barcelona to be a top-tier, car-sharing city in the years to come and a key part of our developing network of European cities. With the integration of our acquired U.K. operations completed, we have shifted our focus to expanding our European reach.”

Avancar Carsharing was the first car-sharing operator in Spain, and has been offering cars per hour or per day in Barcelona and its metropolitan area since 2005. More information is available at www.avancar.es

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Understanding The Fleetification of Everything

As fleet miles increase exponentially, and as new stratum of fleet enter both consumer and business use cases, the "founding fathers" who gathered at Fleet Forward in Miami last week have some work to do.

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Job Finder: Access Top Talent. Fill Key Positions.

>