AOL Co-Founder Purchases Stake in Flexcar
|
Written By Reprise Media | September 1, 2005 | Share This
|
|
Baby, you can drive his car. As long as you eventually return it.
AOL co-founder Steve Case announced yesterday that his investment firm has purchased a majority stake in Flexcar, a Seattle-based car-sharing service with a presence in six major US cities: Seattle, LA, San Diego, Chicago, Washington DC, Portland (what, no Detroit?).
In this press release Case outlines his plans to embark on a major expansion of the Flexcar business, along with the help of America’s favorite fireling, Lee Iacocca. Says Case:
“Car sharing is poised for explosive growth, as it enables consumers to save on the expense and hassle of car ownership, while reducing traffic and pollution. Based on recent national surveys and our analysis of the market, we believe Flexcar can grow to serve a million members, sharing 20,000 cars, five years from now. And Lee Iacocca’s leadership and wisdom will play an important part in helping Flexcar to achieve these goals.”
A Flexcar membership costs about $40 a year and members can reserve a car for anywhere from $7-10 per hour or $35-90 a day. The company also offers corporate programs and was recently lauded by the EPA and Dept. of Transportation as a Best Workplace for Commuters.
Topics: Investment, M&A |