Zipcar Closes $70mln ABS

Published May 26, 2010, 11:53 a.m. EDT

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Updated May 26, 2010, 12:41 p.m. EDT

1 Min Read

Zipcar has completed a $70 million ABS program led by Credit Agricole.

"Our asset-intensive business model requires ongoing access to capital to expand our fleet of Zipcars," said Scott Griffith, chairman and CEO at Zipcar. "This ABS facility is an important strategic step for our company. It increases the total credit available to Zipcar and it will enable us to transition away from lease line financing, ultimately reducing our cost of financing while improving our customer experience with a fresh, growing fleet of Zipcars."

Zipcar operates a global car sharing network for more than 400,000 members with over 7,000 vehicles in the U.S., Canada and the U.K.

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