Zipcar, America's Largest Car Sharing Service, Launches Midwestern Hub in Chicago

Chicago Neighborhoods to Enjoy the Economic and Environmental Benefits of Car Sharing Through Cost-Effective Alternative to Car Ownership

CHICAGO, July 11 -- As dozens of its new cars hit the street today, Zipcar, North America's largest provider of self-service cars for use by the hour, officially embraces the 'City of Neighborhoods' and makes Chicago the center of its Midwestern operations. By joining Zipcar, Chicago residents and businesses now can have access to a fleet of fuel-efficient, cost effective vehicles in convenient neighborhood locations. Zipcar's low rates include gas, insurance, reserved parking and other benefits such as XM Satellite radio. Zipcar is currently taking applications for membership in Chicago at http://www.zipcar.com/ .

"Chicago is ready for Zipcar. When it comes to key initiatives that improve urban life and the environment, Chicago is at the forefront," said Jerry Roper, President and CEO of the Chicagoland Chamber of Commerce. "With the cost of fuel skyrocketing, more and more consumers and businesses are feeling the pain at the pump. Zipcar offers anyone who lives or works in the city a proven alterative to the high cost of vehicle ownership and puts those savings back into our local communities. Zipcar will transform our collective thinking on urban transportation."

As the cost of car ownership continues to rise, new members are joining Zipcar at the rate of over 3,000 per month. Studies show that each Zipcar is responsible for taking more than 20 privately owned vehicles off the road while also increasing use of public transit by 47%. Members also report that belonging to Zipcar saves them over $435 per month when compared to car ownership, with those savings generally going back into the local community.

"As we have shown in other recently launched markets, Zipcar's premier car sharing service will expand transportation alternatives in Chicago, and improve the lifestyle of all urban residents," said Scott Griffith, Zipcar CEO. "We expect that our variety of vehicles, accessible locations, award winning technology and outstanding member service will encourage Chicago drivers throughout the city to consider Zipcar a superior and greener alternative to car ownership."

Zipcar has realized a 100%+ increase in the number of new members and vehicles over the past year alone. It is the first car sharing service in North America to attain profitability in all of its established markets, which include New York City, Boston and Washington, D.C.. Zipcar has the largest fleet and largest membership base of any North American car sharing service, with over 60,000 members having access to 1600 vehicles across the country and in Canada.

In May, Zipcar announced it had secured $20 million in vehicle lease financing from GE Capital. This new lease financing, coupled with an equity investment by Benchmark Capital, has enabled Zipcar to immediately expand its network and service into Chicago. Currently operating in 12 states and provinces, Zipcar plans to further expand into additional major metropolitan markets in the near future.

Chicagoans can now join Zipcar at http://www.zipcar.com/ for only $75. To celebrate its Chicago launch, Zipcar is also crediting every new account in Chicago with $25 in free driving, so that urbanites can experience first-hand why car sharing is a superior alternative to car ownership. Zipcar's all-inclusive rates in Chicago start at $9.00 per hour. With Zipcar, there are never any monthly fees, costly deposits or per-mileage-charges. To join, members need only be 21 or older. Zipcar also provides 125 free miles per reservation. Special business rates are available for small-to-large-sized companies seeking a more convenient and cost-effective way to provide transportation for employees.

About Zipcar

With 60,000 consumer and business drivers, Zipcar is North America's largest car sharing service. The company currently operates over 1,600 vehicles in 12 states and provinces, including metropolitan New York, Boston, Chicago, San Francisco, Minneapolis, Toronto and Washington, DC. With Zipcar's award-winning 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 any Zipcar across North America using a "Zipcard" to simply unlock the door and drive away. With Zipcar, gas, parking and insurance are always included. For more information, visit http://www.zipcar.com/ .