Zipcar, Inc. (Nasdaq: ZIP), the very successful car sharing network, continues to grow.
The company, which went public last year, has over 650,000 members and 8,900 vehicles in urban areas and college campuses throughout the US, Canada and UK.
Over the past year, they’ve added service to 45 college campuses. The program offers cost-effective, convenient transportation to students, while alleviating congestion and reducing greenhouse gas emissions.
Last year, Zipcar launched a strategic alliance with Ford Motor, a ‘Students with Drive’ grant program, an Android mobile application and an industry-first ‘Reserve a Zipcar’ Facebook application.
Ford offers its fuel-efficient Focus and Escape models as part of the University fleet along with discounted rates on those vehicles and on Zipcar membership fees.
Ford and Zipcar are providing $300,000 in grants for student organizations through the "Students with Drive" grant program.
The company’s second annual Millennials study showed once again that this generation thinks differently about personal mobility, and they are heavily influenced by technology, social networks and collaborative consumption – all of which are hallmarks of the Zipcar model.
As an alternative to the high costs and hassles of owning a car, the Zipcar hourly and daily rates include gas, 180 miles of travel per day, insurance, reserved parking spots and roadside assistance.
This year, as part of Zipcar’s alliance with Ford, the annual membership fee for individuals at participating universities is $25, and vehicle rates start as low as $7 per hour and $66 per day, which includes access to more than 30 vehicles models.
Car sharing is becoming an effective option for campuses looking to reduce parking demand and congestion, as well as the carbon footprint of transportation and parking infrastructure. Studies have shown a single Zipcar can replace up to 15 personally owned vehicles, while also increasing the use of public transit, walking and biking.
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