Zipcar, a regional car-sharing service in New England and NY, announced it has achieved record sales, member growth and profitability in 2004.
The company projects revenues to increase again by more than 100% in 2005. Based on this success, Zipcar announced it plans to aggressively expansion into a national brand.
Zipcar has realized a 100% increase in members in 2004 thus far, the company's fifth year of operation. With approximately 30,000 members, Zipcar claims to have the largest active membership base of any car-sharing service. On average, 1,500 new customers join Zipcar's service each month. Recent growth has been fueled by several new partnerships with major universities and corporations, frequent driver pricing plans, record business- to-business sales and expansion of the Zipcar fleet to include luxury sedans, hybrids and SUVs.
Zipcar's operating revenues are expected to grow by 100% in 2004 to approximately $7 million. Projected revenues for 2005 are expected to exceed $15 million. Since July, Zipcar has operated profitably in all of its markets. On the heels of this success, Zipcar plans to roll out service to at least three new major U.S. metropolitan areas in 2005, with the first rollout in January. Plans are being developed to be in 25 North American markets within the next five years.
Zipcars are conveniently located throughout 7 states and 21 cities including metro Boston, New York, and Washington, DC. With Zipcar's technology, accessing and using a Zipcar is as easy as getting cash from an ATM. In minutes or up to a year in advance, members can reserve Zipcars online or by phone, 24 hours a day, seven days a week. Zipcar members have automated access to Zipcars using a "Zipcard" to simply unlock the door and drive away. Rates start at $8.50 per hour and $60 per day, with gas, parking and insurance included. Zipcar offers over 20 different makes and models, including the Toyota Prius gas/electric hybrid, Mini Cooper, BMW 325i and Scion xB.
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