Revolution acquired a controlling interest in car-sharing pioneer Flexcar in August 2005 to help the company build a revolutionary car-sharing network that changes the way millions of us use personal transportation. With Revolution's investment and guidance, Flexcar expanded to new markets, more than doubled its fleet and greatly increased its membership base.
In November 2007, the company merged with market-leader Zipcar to create the world's largest car-sharing operator, and adopted the Zipcar brand. The decision to combine with Zipcar was fueled by a determination to accelerate the industry and scale operations much more quickly by operating as a single company. In April, 2010, Zipcar acquired London-based Streetcar, the largest car sharing operator in the United Kingdom. And in March 2013, Zipcar was acquired by Avis Budget Group.
By giving consumers a viable alternative to the private automobile, car-sharing offers a cost-effective and convenient way to access the mobility they need, but in an economically- and environmentally-friendly manner.
In giving members access to a clean, new car without the attendant cost and hassles of ownership or daily rental, this industry alters how people think about automobile ownership. Zipcar parks thousands of cars and trucks in convenient locations in 15 major urban centers and on more than 150 college campuses in the United States, Canada and the United Kingdom. Members reserve vehicles online, via touchtone phone or even a mobile device like an iPhone or Blackberry. A simple hourly or daily rate includes gas, insurance, 180 free miles per day, parking, maintenance, and 24-7 emergency service.
The collective results of this access are fewer cars on the road, reduced emissions and increased use of public transit. Individuals, their communities and the planet all benefit. We will continue to play an active role in the combined company as we further extend car-sharing across the country and around the world.