The UK’s fastest car club, Streetcar, has been bought out by US rival, Zipcar.
The world’s largest car sharing service provider announced the acquisition of Streetcar as the club looks to expand its UK presence. All of the firm’s cars will now be rebranded as Zipcar vehicles.
Streetcar founders and executives Andrew Valentine and Brett Akker are expected to retain their leadership positions in co-operation with Zipcar. US firm first came to the UK in July, 2009 when it secured its first deal with Westminster Council to provide twenty hybrid vehicles for hire. The firm has since expanded its UK fleet but wants the buyout of its rival to help it increase further and will use its UK stronghold as a foundation for increasing its network across Europe.
"In the near term, the more than 400,000 members of both companies will benefit from more cars, more convenience and enhanced technology," said Scott Griffith, Chairman and CEO of Zipcar. "In the longer term, when considered along with our investment in the largest car sharing company in Spain in late 2009, this transaction gives us a very strong base from which to expand to additional European markets."
The deal will mean that Streetcar and Zipcar members will have access to more vehicles and a greater variety of hybrid and other green cars across more locations. Streetcar members will even benefit from having access to Zipcar’s global network of vehicles located in cities in the United States and Canada.
"We are thrilled to be part of Zipcar," said Andrew Valentine, co-founder of Streetcar. "We founded Streetcar with a vision of being the leading car club operator in Europe, and joining forces with Zipcar will help us realize that goal much more quickly. We look forward to continuing to deliver great service to our members."
In the coming months, the companies will begin the process of transitioning the Streetcar brand, parking locations, technology and operations to the Zipcar brand and platform, and will be communicating directly with members, partners and other groups on developments that impact them.
Zipcar is the world’s leading car-sharing service with 360,000 members in urban areas and college campuses throughout 28 North American states and provinces and Europe.
Launched in April 2004, Streetcar was one of the leading forces behind the car club revolution in the UK. Its service has a presence in more than 1,100 locations across eight cities, including London, Brighton, Cambridge, Southampton, Guildford, Maidstone, Oxford and, most recently, Bristol.
