Avis Buying Zipcar In $500 Million All-Cash Deal

Car rental company Avis says it will buy car-sharing company Zipcar for about $500 million in cash.

Car sharing has become a popular alternative to traditional rentals in cities and on college campuses, allowing people to use vehicles for quick trips.

Avis Chairman and CEO Ronald Nelson says combining with Zipcar will significantly increase the company’s growth potential. Avis also says bringing its fleet into play will help Zipcar meet high demand on weekends.

NBC News