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Found 4 results

  1. When Fiat Chrysler Automobiles unveiled their latest five-year plan last year, it mentioned about launching a subscription program for Jeep owners that would launch sometime in 2019. This program appears to be moving forward along with a new peer-to-peer car-sharing program. Bloomberg reports that FCA will be launching two pilot programs, while Motor Authority has learned about a third pilot. All of the programs will take place in Boston and last for about three months. Here are the three programs in detail, The first program will see FCA team up with peer-to-peer car sharing service Turo and allow owners to rent out their vehicles to help "offset their car payments," when they are not using it. Jeep is inviting owners in the Boston area over email to sign up and will be limited to the first 100. Program two will have FCA and car rental firm Avis working together on a subscription service that will allow Jeep owners to swap into other FCA products like a Dodge Charger or Ram 1500. Again, it will be limited the first 100 people who sign up. Program three that was brought to light by Motor Authority is known as Car "Borrowing". Teaming with Avis, FCA will be offering Jeep owners the ability to "purchase six "Jeep Coins" that entitles them to a one-day rental" of most products from the FCA lineup. The coins will be good for a year, and owners can either pick up the vehicles or have them dropped off. “All these people who are casually going, ‘Is it for me or not for me?,’ I can then get them as potential prospects to sell them a brand-new Wrangler. We’ll find out what’s good and what’s bad, what customers like and what they don’t like, and ultimately from that we’ll decide if we want to do this as something we promote to our dealerships at the time of sale,” said Tim Kuniskis, head of the Jeep in North America to Bloomberg. “We know all the pluses and minuses of subscription services, we’ve seen some challenges. Let’s step our toe in, let’s see if this is, No. 1, right for the brand. If it makes sense, let’s try it.” The first two programs have already launched, while the third program is expected to launch sometime later this year. Source: Bloomberg , Motor Authority
  2. When Fiat Chrysler Automobiles unveiled their latest five-year plan last year, it mentioned about launching a subscription program for Jeep owners that would launch sometime in 2019. This program appears to be moving forward along with a new peer-to-peer car-sharing program. Bloomberg reports that FCA will be launching two pilot programs, while Motor Authority has learned about a third pilot. All of the programs will take place in Boston and last for about three months. Here are the three programs in detail, The first program will see FCA team up with peer-to-peer car sharing service Turo and allow owners to rent out their vehicles to help "offset their car payments," when they are not using it. Jeep is inviting owners in the Boston area over email to sign up and will be limited to the first 100. Program two will have FCA and car rental firm Avis working together on a subscription service that will allow Jeep owners to swap into other FCA products like a Dodge Charger or Ram 1500. Again, it will be limited the first 100 people who sign up. Program three that was brought to light by Motor Authority is known as Car "Borrowing". Teaming with Avis, FCA will be offering Jeep owners the ability to "purchase six "Jeep Coins" that entitles them to a one-day rental" of most products from the FCA lineup. The coins will be good for a year, and owners can either pick up the vehicles or have them dropped off. “All these people who are casually going, ‘Is it for me or not for me?,’ I can then get them as potential prospects to sell them a brand-new Wrangler. We’ll find out what’s good and what’s bad, what customers like and what they don’t like, and ultimately from that we’ll decide if we want to do this as something we promote to our dealerships at the time of sale,” said Tim Kuniskis, head of the Jeep in North America to Bloomberg. “We know all the pluses and minuses of subscription services, we’ve seen some challenges. Let’s step our toe in, let’s see if this is, No. 1, right for the brand. If it makes sense, let’s try it.” The first two programs have already launched, while the third program is expected to launch sometime later this year. Source: Bloomberg , Motor Authority View full article
  3. January 2, 2013 By Drew Dowdell Managing Editor - CheersandGears.com Avis Budget Group and Zipcar, Inc. have announced an agreement where Avis Budget will aquire Zipcar for $12.25 a share or about $500 million total. Zipcar has about 760,000 members (including yours truly) across 20 metro markets in the U.S., Canada and Europe with locations at over 300 university campuses. Car sharing is now a $400 million per year business in the U.S. market alone. Avis Budget expects to gain $50 million to $70 million in savings by combining the two companies. Zipcar gains access to Avis Budget's fleet to supplement their own in times of high demand while Avis Budget gains an increased utilization of its fleet. From my own perspective, I believe this is a good move for both companies. As a frequent Zipster, I regularly run into times when no Zipcars are available for the time slot I need. Having more cars available as well as additional locations is a win for the Zipcar's customers. Press Release on Page 2 Drew Dowdell is Managing Editor of CheersandGears.com and can be reached at Drew.Dowdell@CheersandGears.com or on Twitter as @cheersngears Avis Budget Group To Acquire Zipcar For $12.25 Per Share In Cash - Combined company will be the global leader in car sharing and mobility solutions. - Combination expected to produce $50-70 million in annual synergies. - Transaction targeted to close in spring 2013. - Avis Budget re-affirms its prior estimates of full-year 2012 results. Jan 2, 2013 PARSIPPANY, N.J. and CAMBRIDGE, Mass., Jan. 2, 2013 /PRNewswire/ -- Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP), the world's leading car sharing network, today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction. Car sharing has grown to be a nearly $400 million business in the United States and is expanding rapidly in major cities around the world. Zipcar has led this industry, leading in innovation and world-class service. Zipcar now has more than 760,000 members, known as Zipsters, with a market-leading presence in 20 major metropolitan areas in the United States, Canada and Europe, and fleet positioned at over 300 college and university campuses. Zipcar has combined leading-edge technology, an outstanding customer experience, and clear brand messaging to develop strong loyalty and advocacy among its customers. "By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer. "We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company. We expect to apply Avis Budget's experience and efficiencies of fleet management with Zipcar's proven, customer-friendly technology to accelerate the growth of the Zipcar brand and to provide more options for Zipsters in more places. We also expect to leverage Zipcar's technology to expand mobility solutions under the Avis and Budget brands." Avis Budget expects to generate $50 to $70 million in annual synergies as a result of the transaction. In particular, Avis Budget expects significant cost reductions across the fleet life cycle (from procurement to operations and maintenance to disposition, as well as financing), in addition to savings from eliminating Zipcar's public-company costs. Avis Budget also plans to achieve substantial cost savings by increasing fleet utilization across the two companies. Significant revenue growth opportunities exist, including by leveraging Avis Budget's fleet to meet more of Zipsters' weekend demand, which is currently constrained by fleet availability. These synergies, combined with the expected growth and rising profitability of Zipcar, are expected to make the transaction accretive to Avis Budget's earnings per share in the second year following the acquisition, excluding certain items and purchase-accounting effects. "We are delighted to announce our intention to join the Avis Budget Group family of companies, and we believe this combination is a win across the board for our members, shareholders and employees. We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations," said Scott Griffith, chairman and chief executive officer of Zipcar. "As the leading global provider of car sharing services, with a brand that is synonymous with the category, we remain committed to the values and vision that have driven us forward for many years, grounded by our passion for delivering a superior experience to every member for every trip, every day. By combining Zipcar's expertise in on-demand mobility with Avis Budget Group's expertise in global fleet operations and vast global network, we will be able to accelerate the revolution we began in personal mobility." "Avis Budget's existing infrastructure, scale and experience with managing multiple brands make us uniquely positioned to accelerate the growth and profitability of Zipcar," Mr. Nelson added. "At the same time, we are committed to retaining the elements of the Zipcar brand and culture that have allowed Zipcar to achieve such rapid growth and success over the last twelve years." Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with its planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, president and chief operating officer, will continue to set the overall direction and run day-to-day operations of Zipcar. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash. As of September 30, 2012, Avis Budget Group had cash and marketable securities of approximately $554 million, and Zipcar had cash and marketable securities of approximately $82 million, or approximately $2 per Zipcar share. Citigroup is acting as financial advisor, and Kirkland & Ellis LLP is acting as legal counsel, to Avis Budget Group. Morgan Stanley is acting as financial advisor, and Latham & Watkins LLP is acting as legal counsel, to Zipcar.
  4. January 2, 2013 By Drew Dowdell Managing Editor - CheersandGears.com Avis Budget Group and Zipcar, Inc. have announced an agreement where Avis Budget will aquire Zipcar for $12.25 a share or about $500 million total. Zipcar has about 760,000 members (including yours truly) across 20 metro markets in the U.S., Canada and Europe with locations at over 300 university campuses. Car sharing is now a $400 million per year business in the U.S. market alone. Avis Budget expects to gain $50 million to $70 million in savings by combining the two companies. Zipcar gains access to Avis Budget's fleet to supplement their own in times of high demand while Avis Budget gains an increased utilization of its fleet. From my own perspective, I believe this is a good move for both companies. As a frequent Zipster, I regularly run into times when no Zipcars are available for the time slot I need. Having more cars available as well as additional locations is a win for the Zipcar's customers. Press Release on Page 2 Drew Dowdell is Managing Editor of CheersandGears.com and can be reached at Drew.Dowdell@CheersandGears.com or on Twitter as @cheersngears Avis Budget Group To Acquire Zipcar For $12.25 Per Share In Cash - Combined company will be the global leader in car sharing and mobility solutions. - Combination expected to produce $50-70 million in annual synergies. - Transaction targeted to close in spring 2013. - Avis Budget re-affirms its prior estimates of full-year 2012 results. Jan 2, 2013 PARSIPPANY, N.J. and CAMBRIDGE, Mass., Jan. 2, 2013 /PRNewswire/ -- Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP), the world's leading car sharing network, today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction. Car sharing has grown to be a nearly $400 million business in the United States and is expanding rapidly in major cities around the world. Zipcar has led this industry, leading in innovation and world-class service. Zipcar now has more than 760,000 members, known as Zipsters, with a market-leading presence in 20 major metropolitan areas in the United States, Canada and Europe, and fleet positioned at over 300 college and university campuses. Zipcar has combined leading-edge technology, an outstanding customer experience, and clear brand messaging to develop strong loyalty and advocacy among its customers. "By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer. "We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company. We expect to apply Avis Budget's experience and efficiencies of fleet management with Zipcar's proven, customer-friendly technology to accelerate the growth of the Zipcar brand and to provide more options for Zipsters in more places. We also expect to leverage Zipcar's technology to expand mobility solutions under the Avis and Budget brands." Avis Budget expects to generate $50 to $70 million in annual synergies as a result of the transaction. In particular, Avis Budget expects significant cost reductions across the fleet life cycle (from procurement to operations and maintenance to disposition, as well as financing), in addition to savings from eliminating Zipcar's public-company costs. Avis Budget also plans to achieve substantial cost savings by increasing fleet utilization across the two companies. Significant revenue growth opportunities exist, including by leveraging Avis Budget's fleet to meet more of Zipsters' weekend demand, which is currently constrained by fleet availability. These synergies, combined with the expected growth and rising profitability of Zipcar, are expected to make the transaction accretive to Avis Budget's earnings per share in the second year following the acquisition, excluding certain items and purchase-accounting effects. "We are delighted to announce our intention to join the Avis Budget Group family of companies, and we believe this combination is a win across the board for our members, shareholders and employees. We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations," said Scott Griffith, chairman and chief executive officer of Zipcar. "As the leading global provider of car sharing services, with a brand that is synonymous with the category, we remain committed to the values and vision that have driven us forward for many years, grounded by our passion for delivering a superior experience to every member for every trip, every day. By combining Zipcar's expertise in on-demand mobility with Avis Budget Group's expertise in global fleet operations and vast global network, we will be able to accelerate the revolution we began in personal mobility." "Avis Budget's existing infrastructure, scale and experience with managing multiple brands make us uniquely positioned to accelerate the growth and profitability of Zipcar," Mr. Nelson added. "At the same time, we are committed to retaining the elements of the Zipcar brand and culture that have allowed Zipcar to achieve such rapid growth and success over the last twelve years." Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with its planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, president and chief operating officer, will continue to set the overall direction and run day-to-day operations of Zipcar. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash. As of September 30, 2012, Avis Budget Group had cash and marketable securities of approximately $554 million, and Zipcar had cash and marketable securities of approximately $82 million, or approximately $2 per Zipcar share. Citigroup is acting as financial advisor, and Kirkland & Ellis LLP is acting as legal counsel, to Avis Budget Group. Morgan Stanley is acting as financial advisor, and Latham & Watkins LLP is acting as legal counsel, to Zipcar. View full article

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