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Article updated: 1/2/2013 6:56 AM

Avis buying Zipcar in deal worth nearly $500 million

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In this April 14, 2011 photo Zipcar Chairman and CEO Scott Griffith stands with a Zipcar Mini-Cooper before the opening bell at the NASDAQ Market Site in New York.

Associated Press

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Avis is buying Zipcar for $491.2 million, expanding its offerings from traditional car rentals to car sharing services. Car sharing has become a popular alternative to traditional rentals in metropolitan areas and on college campuses, allowing members to quickly procure a vehicle for quick trips. Zipcar, which was founded in 2000, has more than 760,000 members. It went public in 2011.
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