Zipcar Eyeing IPO.
Wednesday, June 10th, 2009

Zipcar Lot

Zipcar, the world’s largest car-sharing company, is gearing up for an initial public offering (IPO) in 2010 as it fends off rivals such as Hertz Global Holdings Inc.

The company, which now has a fleet of 6,500 autos, will post its first profit in the third quarter, Chief Executive Officer Scott Griffith said. Zipcar’s success has prompted Hertz to announce its own sharing service with 1,000 vehicles in New York City by year’s end, up from 100 in May.

Zipcar is aiming for an initial public offering at a time when smaller companies have been shut out of the market by the industry’s worst drought in at least 38 years.

“We’re succeeding and we’re growing in a year where flat is the new up,” said Griffith, 50, referring to the global economic recession. Sales will reach $120 million this year and grow to $1 billion within a decade, he said. Read More.

Tags: "Show It Or Tow It", "Zipcar IPO", Hertz, showitortowit.com, Zipcar
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