Could NYC Bike Sharing Program Hurt Zipcar (ZIP)?
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Traders have their eye on Zipcar, Inc. (NASDAQ: ZIP) following news of a Bike sharing program in New York City.
The program will start May 2013 with at least 5,500 bikes implemented at 293 stations in Manhattan and Brooklyn. The program will work to extend to 7,000 bikes by end of 2013 and 10,000 at a later date.
While Zipcar - as the name implies - focus on cars, New York is a huge market for the company and having increased access to bikes in the city could hurt car sharing memberships.
The company notes in its SEC filings, "the majority of our members are located in major metropolitan areas such as Boston, New York City, Washington, D.C., London and the San Francisco Bay Area."
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The program will start May 2013 with at least 5,500 bikes implemented at 293 stations in Manhattan and Brooklyn. The program will work to extend to 7,000 bikes by end of 2013 and 10,000 at a later date.
While Zipcar - as the name implies - focus on cars, New York is a huge market for the company and having increased access to bikes in the city could hurt car sharing memberships.
The company notes in its SEC filings, "the majority of our members are located in major metropolitan areas such as Boston, New York City, Washington, D.C., London and the San Francisco Bay Area."
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