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Avis buys Zipcar and grows car-sharing capabilities internationally

Zipcar, a car-sharing company that specializes in renting cars by the hour or day, announced Wednesday it will be acquired by Avis Budget for $491 million, or $12.25 a share. The action will help Avis compete against Hertz Global Holdings, which became the world's second largest car-rental company in 2012 following its purchase of Dollar Thrifty car-rental company for $2.6 billion, according to a Bloomberg report. “By combining with Zipcar, we will significantly increase our growth potential -- both in the U.S.

Time Warp Volvo 340 To Sell At Auction

IF you’re not a fan of modern cars then a ‘time warp’ Volvo 340 that’s surfaced after years of inaction could be the car for you. On the bill at a forthcoming classic car sale at Anglia Car Auctions on Saturday April 5th, this 132 mile Volvo hasn’t even been run in and, according to the auction house, comes complete with that distinctive new car smell. The car was bought brand new from Lancaster Volvo and was barely used by the original owner.

BMW to supply engines to Saab, reports say

Saab and BMW AG have agreed on a deal that allows the Swedish carmaker to use engines made by BMW, according to a person with direct knowledge of the matter. Saab will initially purchase BMW engines for the 9-3 model that is scheduled for release in late 2012, said the person, who asked not to be identified before a contract is signed. The carmakers plan to sign and announce the pact in Trollhattan, Sweden, on Wednesday, the person said.