Wednesday, September 17, 2014
Inquirer Daily News

Zipcar turns profitable, seeks IPO: report

Zipcar, the for-profit "carshare" rental company that's been battering PhillyCarShare and other nonprofit urban rent-a-rides, says it expects to make money in the third quarter, and investors could cash out in an intial public offering next year

Zipcar turns profitable, seeks IPO: report

General Motors will close its plant near Wilmington, Del., idling the region´s last 450 auto workers. (Michael Wirtz / Staff Photographer)
General Motors will close its plant near Wilmington, Del., idling the region's last 450 auto workers. (Michael Wirtz / Staff Photographer)

Zipcar, the for-profit "carshare" rental company that's been battering PhillyCarShare and other nonprofit urban rent-a-rides across the country, says it expects to make money for the first time in the third quarter, and its investors could cash out in an intial public offering next year, says Bloomberg News here

Carshares can rent cars at low prices because they use software and neighborhood parking spaces instead of expensive local offices to match vehicles and drivers. But Hertz and other mainstream rentals are getting into the business. Selling the company, either in an IPO or to a competitor like Hertz, will allow backers like Silicon Valley's Greylock Partners, Benchmark Capital, and AOL founder Steve Case to cash out.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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