Zipcar Launches Midwestern Hub in Chicago

Zipcar, a provider of self-service cars for use by the hour, recently announced its decision to make Chicago the center of its Midwestern operations.

To celebrate its Chicago launch, Zipcar is crediting every new account in Chicago with $25 in free driving and rates in Chicago starting at $9.00 per hour.

Zipcar offers consumers an alternative mode of transportation that avoids the high costs of vehicle ownership and fuel. Rates include gas, insurance, reserved parking and other benefits such as XM Satellite radio.

New members are joining Zipcar at the rate of over 3,000 per month. The company reports that each Zipcar is responsible for taking more than 20 privately owned vehicles off the road while also increasing use of public transit by 47%. Members also report that belonging to Zipcar saves them over $435 per month when compared to car ownership.

In May, Zipcar announced it had secured $20 million in vehicle lease financing from GE Capital. This new lease financing, coupled with an equity investment by Benchmark Capital, has enabled Zipcar to immediately expand its network and service into Chicago.

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