Streetcar Acquisition Referred to Competition CommissionBy Zipcar Inc., PRNE
Monday, August 9, 2010
CAMBRIDGE, Massachusetts and LONDON, August 10, 2010 - Zipcar, Inc., the world's largest car sharing service, announced today
that the U.K.'s Office of Fair Trading had decided to refer the company's
acquisition of Streetcar (www.streetcar.com) to the Competition
Commission for additional scrutiny.
"Naturally, we're disappointed by the decision of the OFT, which imposes
a delay on a transaction from which consumers and the environment stand to
benefit enormously," said Scott Griffith, Chairman and CEO of Zipcar. "We
intend to cooperate fully with the Competition Commission and we are
confident that once a more detailed review is undertaken, the Commission will
conclude that the acquisition does not give rise to a substantial lessening
of competition. We will maintain our service levels and car availability as
we always have, because our members are our top priority."
Combining Zipcar and Streetcar would offer consumers access to more cars,
more locations both within London and in North America, more convenience and
enhanced technology while reducing car ownership and congestion. Such a
combination would also present a real alternative to auto manufacturers, car
sharing providers and car rental companies, a number of whom have already
entered or expressed interest in entering car sharing.
Zipcar is the world's leading car-sharing service with more than 400,000
members and 7,000 vehicles in urban areas and college campuses throughout the
United States, Canada and the United Kingdom. Zipcar offers more than 30
makes and models of self-service vehicles by the hour or day to residents and
businesses looking for an alternative to the high costs and hassles of owning
a car. More information is available at www.zipcar.com.
Zipcar and the Zipcar logo are trademarks of Zipcar, Inc. Other company
and product names may be trademarks of their respective owners.
Media, James Hillier, Weber Shandwick for Zipcar, from U.K.: +44-0844-875-1486, from U.S.: +44-844-875-1486, james.hillier at webershandwick.com
Tags: August 10, Cambridge, Massachusetts, Massachusetts And London, United Kingdom, Zipcar Inc.