Zipcar Secures $20 Million in Vehicle Financing From GE Commercial Finance Fleet Services

CAMBRIDGE, MA – GE Commercial Finance Fleet Services has green lighted $20 million in lease line financing to support significant expansion of Zipcar’s service. Zipcar has had market expansion and 100-percent growth over the past 12 months. Zipcar aims to double its fleet over the next 12 months, while accelerating plans to bring its service to many new urban markets within the next five years. Earlier this month, Zipcar introduced service in Toronto, the company’s first venture into markets outside the United States.

Zipcar has more than 55,000 active members and 1,500 cars — including more than 20 different makes and models — in 11 states and provinces. GE Commercial Finance Fleet Service’s financial support and fleet management expertise, along with advances in Zipcar technology, will enable Zipcar to source and roll out new vehicles more quickly and cost-effectively than any company in the category.

Recent studies by Zipcar and other government transportation agencies indicate that each Zipcar takes more than 20 privately owned vehicles off the road. Forty percent of Zipcar members stated that had Zipcar not been a viable and economically sound transportation solution, they would have kept their privately owned vehicle or purchased a primary or secondary vehicle. Zipcar members also report they save an average of $435 per month, drive less each year compared to owning a vehicle, and increase usage of public transportation resources by more than 47 percent.

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

Five Business Model Trends for 2017

As new forms of mobility take flight, the borders with traditional car rental are starting to erode.

Are Commercial Drone Deliveries Eminent in the U.S.?

Amazon just delivered its first package by drone in England. Will U.S. delivery fleets be able to take advantage soon?

Autonomous Vehicles and the Changing Role of the Fleet Manager

With fewer drivers and substantially longer fleet lifecycles, fleet managers will pivot to new job functions.

Job Finder: Access Top Talent. Fill Key Positions.