Zipcar expects profits in third-quarter, will go public by 2010

Zipcar Mini Cooper

The world’s leading car-sharing service Zipcar Inc. said it will post its first profit in the third quarter and will go public in early 2010. Zipcar said it expects revenues to reach $120 million this year and to hit $1 billion within a decade.

Since its inception in 1999, Zipcar has signed more than 300,000 consumer and business members/drivers to share 6,500 vehicles.

Members of the service can reserve a Zipcar online or by phone, 24 hours a day, seven days a week. The company charges as low as $6 per hour or $60 per day including gas, parking, insurance and maintenance. Zipcar members have automated access to Zipcars using a “Zipcard” to simply unlock the door and drive away.

Zipcar members can choose from more than 30 different makes and models. Zipcars also includes gas/electric hybrids such as the Toyota Prius as well as pickup trucks, sedans, SUVs and high-end vehicles like the MINI Cooper and BMW 325i.

– By: Mo Eladawy