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updated: 5/28/2013 1:33 PM

Enterprise to acquire IGO CarSharing business

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Associated Press

ST. LOUIS -- Enterprise Holdings said Tuesday that it's acquiring the business of IGO CarSharing, a nonprofit car-sharing program based in Chicago.

The acquisition represents further expansion of traditional car-rental companies into the car-sharing business.

The move follows rival Avis Budget Group Inc.'s acquisition of car-sharing service Zipcar Inc. for $491.2 million, which expanded its offerings to include car-sharing. Fellow rental car company Hertz Global Holdings Inc. also operates its own car-sharing service.

Financial terms of the deal, set to close Tuesday, were not disclosed.

The Chicago-based non-profit car sharing program has more than 15,000 members and 200 locations across the city.

St. Louis-based Enterprise Holdings operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands, in addition to its own car-sharing service.

Under the agreement announced Tuesday, IGO's services will continue to operate under their current name as part of Enterprise's car sharing network.

In addition, IGO CEO Sharon Feigon and her team will help manage the new car-sharing division. All of IGO's current employees have been offered jobs, Enterprise said.

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