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Zipcar buying U.K. car-share firm

NEW YORK - The car-sharing service Zipcar is buying a similar company in the U.K called Streetcar, boosting its presence even further overseas.

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NEW YORK - The car-sharing service Zipcar is buying a similar company in the U.K called Streetcar, boosting its presence even further overseas.

Financial terms were not disclosed Wednesday.

Zipcar, the City of Philadelphia's rental-car supplier, invested in a Spanish car-sharing service last year.

Both European companies will operate under the Zipcar brand.

Zipcar is based in Cambridge, Mass., and Streetcar is based in London.

The Philadelphia city government's car-sharing program has 430 approved drivers, a city representative said, and has spent $24,000 so far in 2010.

The city expects to spend about $35,000 in all of 2010, which it contrasts with the $160,000 it would expect to need for the year if other means were used to provide at least one passenger vehicle for each department, according to the city representative.