Zipcar Forecast $130 Million In Revenue for 2009

Innovative car sharing/rental company Zipcar has recorded profits despite of the current economic situation affecting the car rental business.

Zipcar has forecasted revenue of about $130 million across its 13 worldwide locations.

The company plans to open a further two outlets in London and Vancouver, Canada in 2010, and predicts its per-hour scheme will become the ‘future of car rentals’.

Zipcar say that the business of car sharing or per hour car hire could become a $12.5 billion industry, and predict a rise of 15 to 25 percent in the next five years as consumers look for better value.

The company has more than 300,000 members in its books, and is not the only company to have introduced car sharing and rental by the hour, as many other companies are beginning to see the benefits and the demand for cheaper and more environmentally friendly options.

Car sharing initiatives are easy to use, by initially becoming a member at a cost of $50 per year.  Once a member, a swipe card is issued that can be used to open the car or start the engine, and an hourly charge of $5 to $20 is charged depending on the car and company used.  Insurance is included, but there is a limit on mileage.