Streetcar rebranded after buyout
04 May 2010
Car sharing club Streetcar will rebrand as Zipcar after being bought by the US rival for around £11m.
Founders Andrew Valentine and Brett Acker still own a third of the company and will remain in control of UK operations.
Since starting the company in 2004, Streetcar has built a fleet of 1400 cars across eight British cities including London.
Zipcar said the deal will "benefit Streetcar and Zipcar members by offering more vehicles, a greater variety of hybrid and other green cars, and more locations".
Streetcar members will also have access to Zipcar's global network of vehicles located in the United States and Canada. Andrew Valentine said: "We founded Streetcar with a vision of being the leading car club operator in Europe and joining forces with Zipcar will help us realise that goal much more quickly."
He added: "We look forward to continuing to deliver great service to our members."
The pay-as-you-go club added BMW 1- and 3-Series models to its offering of VW Polo, Golf, Touran and Transporter in January.
Streetcar has around more than 2000 corporate clients, up from 900 in December 2008, with business accounting for around 10% of the company's members.
The firm can help organisations optimise their transport usage by cutting out the overheads of maintaining a fleet of pool cars and only paying as and when they need a vehicle, said Akker.
"As well as the environmental benefits, companies tell us that the scheme affords them both financial and significant administrative savings, with