Streetcar Acquisition Referred to Competition Commission

CAMBRIDGE, Mass. and LONDON, Aug. 10 /PRNewswire/ -- 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 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.

About Zipcar

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.

SOURCE Zipcar, Inc.